Gold and yttrium anomalies unearthed at Mafeking and North Stanmore a definite doubles Victory
Around 4,400m of air core drilling at the North Stanmore and Mafeking Project has identified more than 600m of anomalous gold mineralisation with hits up to 4m at 1.74 g/t gold.
The identification of this significant gold anomaly has prompted Victory Goldfields (ASX:1VG) to plan follow-up reverse circulation (RC) drilling to determine if the quartz vein-hosted gold mineralisation persists at depth.
1VG also plans to assay for the full suite of REE’s to investigate the yttrium and other REE anomaly identified in the air core drilling.
Victory’s executive director Brendan Clark says the company is now adding rare earth elements to its radar due to the very anomalous yttrium values that have been reported from our recent exploration activities.
“We are also pleased with the gold anomaly situated parallel to a significant fault – this will become a priority to drill at depth with follow up exploration to begin immediately,” he says.
Initial logging of air core drilling by Victory identified abundant pegmatite in drill chips and granite in several holes – Victory then assayed for both lithium pathfinder elements and a selection of the Rare Earth Elements (REEs).
Assays were anomalous for the REEs including yttrium, cerium, and lanthanum with ytrrium values of up to 4m at 964ppm, lanthanum up to 4m at 559ppm and cerium up to 4m at 475ppm.
These results require follow up assays and expert interpretation.
Given the length of the anomalous zone of quartz hosted gold mineralisation, an RC drilling program will be planned to test the potential mineralisation.
Victory will engage an expert geochemist to interpret the results from the completion of the full suite of REEs, which include 1m samples.
Assays are pending from the diamond core hole drilled into the potential IOCG target, and petrological studies of the core have commenced with results expected imminently.
The mineral resource estimate (MRE) for Coodardy is awaiting assays from the RC drilling recently completed in June.
These results will be incorporated into the initial MRE.
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.