Priority assays for rare earth elements and platinum group metals are underway. Pic: RichVintage / E+ via Getty Images.
Mining
Victory Goldfields has discovered an alkaline intrusive complex at its bullseye magnetic anomaly at North Stanmore, with nickel and rare earth elements (REE) bearing minerals.
Initial assays include up to 1022ppm nickel, up to 127ppm cobalt and up to 244ppm copper, which have been confirmed by petrology and mineral chemistry to be associated with pentlandite (nickel-iron sulphide).
Discovering an alkaline intrusion is a big deal as these are the engine rooms for rare earth elements and critical metals.
Victory Goldfields (ASX:1VG) says the discovery generates a potential 10km diameter exploration zone for REE, nickel, cobalt and scandium- as well as for gold and Platinum Group of Metals (PGMs).
“With this latest discovery confirming that Victory has identified a previously unknown alkaline intrusion which are the engine rooms for formation of rare earth element mineral deposits, the company is rapidly emerging as a multi commodity exploration company,” executive director Brendan Clark said.
“Victory has strengthened its technical team with the appointment of one of Australia’s leading REE and Critical Metal experts, Emeritus Professor Kenneth Collerson, to ensure the company is well equipped to manage the further exploration for this outstanding discovery.
“The company considers the outlook from further exploration of being favourable considering the type of mineralogy that has already been intercepted.”
Priority fusion assay and fire assay programs have commenced for REE, PGMs and gold.
This article was developed in collaboration with Victory Goldfields, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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