The results will contribute to a North Stanmore REE project scoping study planned for early 2024. Pic via Getty Images
Mining
Victory Metals has kicked off a 13,300m drill program at North Stanmore, Australia’s largest ionic/regolith clay-hosted heavy rare earth discovery, ahead of a scoping study planned for early 2024.
Victory Metals’ (ASX:VTM) North Stanmore project represents a valuable discovery due to its logistical advantages, high metallurgical recoveries, high ratios of heavy rare earth elements (HREO/TREYO), and location on Crown land.
Valuable heavy rare earths make up 33% of the existing 250Mt @ 520ppm total rare earth oxide (TREO) resource for 130,000t of contained TREO at North Stanmore.
Importantly for VTM, about 54% of the resource is classified as ‘critical metals’ by the US Government, with valuable magnet rare earths dysprosium and terbium making up 3.6% of the total REE content.
Dysprosium and terbium are facing a predicted supply deficit of 70% by 2030.
This creates favourable product market conditions for VTM, which, with $3.25m in the bank, is embarking on its most advanced exploration program since listing on the ASX in July 2021.
Victory’s program incorporates 11,500m of infill drilling, 700m of diamond drilling, and 1,100m of aircore drilling 7km north of the existing JORC resource, where the explorer is targeting extensions to REE mineralisation.
VTM says these campaigns are designed to elevate the mineral resource estimate from the inferred to indicated category, potentially increasing the REE grade due to resource modelling more aligned with eventual mining selectivity using close spaced drilling patterns.
The results will ultimately contribute to a North Stanmore scoping study planned for early 2024.
Victory has engaged Orlando Drilling, a subsidiary of Dynamic Group Holding (ASX:DDB), for the aircore drilling program. It’s also contracted Seismic Drilling for the diamond drilling campaign.
To minimise the environmental impact, any diamond work will leverage a solid removal unit (SRU).
“This is an exciting milestone,” VTM CEO and executive director Brendan Clark says.
“We are at a critical stage where the growing demand for heavy rare earth elements is driven by global initiatives to reduce greenhouse gas emissions.
“This places Victory in a strategic position to contribute to a greener future.
“In parallel, our metallurgical consultant Core is making excellent progress in the production of a mixed rare earth carbonate (MREC) product, which supports the flow sheet design to process North Stanmore mineral resources into a saleable product.”
Core expects to finalise the MREC product next month — a key step towards solidifying Victory’s conceptual flow sheet design.
This article was developed in collaboration with Victory Metals, 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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