Victory Metals has received commitments of an additional $895,227 via the exercise of options from non-executive chairman Trevor Matthews and a group of founding shareholders – placing the company in a strong cash position for exploration at its North Stanmore Rare Earth Element (REE) project in WA.

“I am thrilled to announce that Victory has received commitments of an additional $895,227 via the exercise of options, providing the company with further funding support for future project exploration activities,” Victory Metals (ASX:VTM) CEO and executive director Brendan Clark said.

“This influx of capital is a testament to the confidence that our non-executive chairman Trevor Matthews and the founding shareholders have in our vision and company strategy.”

The company has also just completed a heritage survey with the Wajarri Yamaji Aboriginal Corporation across the newly granted and acquired tenements E 20/971, P 20/2007 P 20/2468 and P 20/2469, an area of approximately 25km2.

Mineral resource estimate expected this month

Once the survey report has been received, VTM will commence the next phase of exploration drilling at North Stanmore, with drilling anticipated to commence this quarter to extend the REE mineralisation past the known anomalous areas and complete further resource definition drilling.

In addition, the maiden JORC Mineral Resource Estimate (MRE) for North Stanmore is also on track to be delivered this month.

“I am pleased to confirm that our heritage survey has been successfully completed over several recently acquired tenements at North Stanmore, adhering to WA’S latest heritage legislation,” Clark said.

“Victory remains on track to report the maiden MRE for the North Stanmore project by the end of July, and by prioritising our cultural heritage obligations, we not only demonstrate our respect for the past but also further advance the company as an ethical explorer, values which we remain strongly committed to.”

 

 

 

This article was developed in collaboration with Victory Metals Limited, 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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