AUSTRALIA — Victory Metals Limited (ASX: VTM) has announced the commencement of a new air core drilling program at its North Stanmore Heavy Rare Earth Elements (HREE) Project in Western Australia.
The 5,000-metre program, set to begin in September, aims to significantly expand the project’s already substantial Mineral Resource Estimate (MRE).
With 92 per cent of the North Stanmore tenement area yet to be explored, the project holds significant growth potential.
The new drilling campaign will target areas adjacent to the existing MRE and include two Reverse Circulation (RC) holes approximately eight kilometres south of the current resource.
Areas with magnetic characteristics similar to the North Stanmore alkaline intrusion will be of particular interest.
The North Stanmore Project is rapidly advancing, with a recent Mining Licence application submitted and an ongoing Scoping Study underway.
As global demand for ethically sourced HREEs continues to grow, driven by clean energy transition and defence industries, North Stanmore is positioning itself as a significant player in the market.
To support this ambitious drilling campaign, Victory Metals has secured binding commitments from professional and sophisticated investors for a $1.5 million equity placement.
This funding will ensure the company maintains a strong financial position as it advances the North Stanmore Project.
Brendan Clark, CEO and Executive Director of Victory Metals, expressed enthusiasm for the project’s potential: “This relatively low-cost program delivers us clear potential to substantially expand what is already a world-class HREE deposit. In terms of delivering long-term output scale with multi-generational life potential, and strategic supply implications, this is simply too good an opportunity not to pursue.”
Clark further emphasised the project’s strategic importance, stating: “We believe the Scoping Study currently in progress will enunciate the clear potential of this resource to deliver future Australian production of high-value, critical materials required for the global energy transition, defence industries and beyond.”
As Victory Metals embarks on this new phase of exploration, the company remains focused on advancing its base-case development of the North Stanmore Project.
With recent metallurgical test work showing promising results, including leach recoveries of up to 93 per cent, the project continues to demonstrate its potential as a world-class HREE deposit.
The upcoming drilling program represents a significant step forward for Victory Metals and the North Stanmore Project, potentially cementing its position as a key player in the global HREE industry.
