Victory Metals Limited (ASX: VTM) has announced a significant milestone in its North Stanmore Heavy Rare Earth Elements (HREE) Project in Western Australia, confirming it as the largest Indicated Mineral Resource of Australian HREE-dominant deposits.
The updated Mineral Resource Estimate (MRE) reveals a total resource of 235 million tonnes, with 149 million tonnes (63 per cent) in the indicated category.
This indicated resource contains 79,200 tonnes of Total Rare Earth Oxides (TREO) and 28,000 tonnes of Heavy Rare Earth Oxides (HREO), including 3,010 tonnes of the highly sought-after dysprosium and terbium oxides.
A key feature of the North Stanmore Project is its near-surface high-grade domain, comprising 45.9 million tonnes at 1,050 ppm TREO.
This supports a rapid development strategy for new HREE supply.
The resource boasts a premium HREE ratio of 35 per cent HREO/TREO, positioning it as a significant potential source of these critical materials.
The project also offers additional value through the presence of hafnium, a crucial element for defence and aerospace applications.
Furthermore, initial beneficiation tests have demonstrated the potential to upgrade the higher-grade domain material to an average of 1,662 ppm TREO, representing a 60 per cent feed-grade uplift.
Victory Metals’ CEO and Executive Director, Brendan Clark, expressed enthusiasm about the project’s potential, stating: “Our July 2024 MRE serves as confirmation of our superb mineral endowment and spotlights our significant potential to deliver future Australian production of high-value, critical materials required for the energy transition, national defence and beyond.”
The company’s North Stanmore Project is strategically positioned to enhance the global supply of ethically sourced heavy rare earths, benefitting from Australia’s political stability and numerous attractive funding initiatives.
Looking ahead, Victory Metals plans to use this updated MRE to underpin the completion of a Scoping Study, expected in Q3 2024.
The study will support a Mining Licence application and accelerate strategic partnerships and offtake discussions.
With 92 per cent of the tenement area still unexplored and mineralisation open in all directions, the North Stanmore Project presents significant potential for further resource growth.
As the global demand for rare earth elements continues to rise, Victory Metals appears well-positioned to play a crucial role in the supply of these critical materials.