Victory Goldfields (ASX:1VG) has discovered Rare Earth Elements (REE) including critical Heavy Rare Earth Elements  (HRE) from follow up assays at its 100% owned Mafeking and North Stanmore project in WA.

The stock is up over 50% after word spread on Wednesday morning of the latest results from follow up assays that initially reported ‘significant’ anomalous values of Yttrium (Y) at the project in the Cue goldfields, about 650km due north-east of Perth.

Fusion-ICPMS assays for Rare Earth Element and Yttrium (REEY) from 25 air core 4 metre composite samples report high concentrations of Total Rare Earth Oxides (TREO) that exhibit a high ratio of Heavy Rare Earth Oxides (HREO) and Gold (Au):

  • Average (HREO) of 419ppm
  • Average (TREO) of 1020ppm
  • Highest (TREO) concentration of 3872ppm
  • Intersections up to 16m and remain open
  • Current strike length over 1km and a width of 200m that remains open
  • Highest Gold intersection of 0.5 g/t

1VG says the results indicate a High HREO/TREO ratio of 40% with reported magnet REOs (Pr), (Nd), (Tb), and (Dy) totalling 24.6%.

A delighted executive director Brendan Clark described the discoveries as a significant moment for Victory and its shareholders.

Rare and significant

Victory’s recent 4400m air core drilling program confirmed significant values of both heavy rare earth oxides (HREO) and light rare earth oxides (LREO).

Yttrium, Lanthanum and Cerium were originally identified, leading Victory to commission REE specialists and geochemists who subsequently reported an average Total Rare Earth Oxide (TREO) grade of 1020ppm and a Heavy Rare Earth Oxide (HREO)of 419ppm, with the highest TREO  concentration reaching 3872ppm.

“This incredible exploration success from our recent drilling program (represents) high TREO grades that are  comparable to several global saprolite(”ionic” clay) deposits that also contain the critical metal scandium.”

Scandium is a critical component of military aircraft, aerospace industry and Hydrogen fuel cells, and it is present at significant concentrations, up to 94ppm (Sc2O3).

1VG reports the REE and Sc anomalism is interpreted to be hosted in a saprolite clay  mineral system that overlies a mafic to ultramafic igneous source intrusion.

Some REE patterns reflect the chemistry of this intrusive source.

With REE’s supporting approximately half the worlds advanced technologies, Victory  is pleased with its initial exploration results that includes magnet REOs Neodymium  (Nd),Praseodymium (Pr), Terbium (Tb) and Dysprosium (Dy) totalling 24.6%, all being  essential elements for high tech devices.

North Stanmore REE find

The 25 samples occur over a strike length of 1km and a width of 200m that remains open in all directions. Refer to Appendix 1 for a full  table of results.

Significant levels of Scandium (Sc2O3) of an average of 60 ppm have also been  reported. Refer to Appendix 1 for a full table of results.

To date, the Company has received 25 samples as reported.

Clark says the team are now eagerly awaiting the remaining 1086 samples from the 4,400m aircore drilling at Victory’s  Mafeking and North Stanmore project which are currently being re-assayed by fusion ICPMS to confirm the potential – dizzying – size of the REEY and Sc mineral system.

A review of the basket content of magnet REOs at North Stanmore indicates a high  proportion of strategically important critical HREOs.

Victory Goldfields ASX 1VG REE
Here’s a look at North Stanmore vs Makuutu REO proportions


Victory notes the similarities in the basket content of magnet and HREO product  between Victory’s North Stanmore discovery and Ionic Rare Earths Limited (ASX:IXR) Makuutu project located in Uganda.

The Company says due to the sample size, the basket content of magnet and HREOs at the North Stanmore discovery is likely to change, once further, extensive exploration and drilling programmes have been dusted off and the results reported.

North Stanmore REE Composition as it stands:


And here’s Victory Goldfields North Stanmore project with a magnetic image showing  the locations of significant REE, Sc and Y drill holes (they’re the red dots) occurring close to a significant bullseye magnetic anomaly located approximately 5km north from the REE discovery.

Image supplied: The bullseye magnetic anomaly was diamond drilled back in April 2022.

“The Company is very pleased with its initial assay results that include a high percentage of HREs that are critical in conjunction with some LRE for the efficiency of  electric vehicles, along with many other new technology applications,” Clark said

Rare earth elements are essential

From electric car motors, mobile phones, electric car motors, military jet engines, to satellites, lasers, wind turbines and more, China commands 90% of global refining of rare earths and more than 50% of rare  earth mining.

Andin view of pending Chinese supply constraints, the Australian government is committed to securing our own supply chain.

An example of this strategy was the recent announcement by the US Department of Defense signing a US$120m deal with  ASX listed Lynas (ASX:LYC) to facilitate the construction of a HRE separation facility in the USA.

Next Steps

Clark says that a follow up fusion assay program on existing aircore samples is first up – which will include the full suite of REEs is imminent  on existing aircore samples

North Stanmore and Victory’s surrounding tenements have been included in the upcoming  detailed aerial magnetic and radiometric survey.

His geochem and REE expert team is on standby to interpret the incoming petrology report for the rocks intersected in the diamond drill core from the bullseye magnetic anomaly north of the REE  discovery.

And finally, Victory’s technical team will then design an “aggressive exploration program” to confirm the scale of what is – for Victory and Australia’s critical resources security  – an encouraging critical metals discovery.

Adamas Intelligence forecasts that the value of global magnet rare earth oxide  consumption will triple from $15.1bn in 2022 to $46.2bn by 2035 which affirms the  potential opportunity with this discovery.





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.