Victory lays claims to North Stanmore being Australia’s largest heavy REE clay resource
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Victory has defined what it describes as Australia’s largest heavy rare earth enriched ionic-clay/regolith-hosted resource at its North Stansmore project in WA’s Cue region.
Valuable heavy rare earths make up 33% of the 250Mt resource grading 520 parts per million (ppm) total rare earth oxide (TREO), or 130,000t of contained TREO, which positions it as one of Australia’s most enriched HREO deposits.
Other notable takeaways include the 54% of the resource being classified as critical metals by the US Government and valuable magnet rare earths dysprosium and terbium making up 3.6% of the total REE content while neodymium and praseodymium make up another 21%.
Victory has also reported a massive Exploration Target for the remaining of the area drilled that hosts REE mineralisation with the estimation reporting between 700Mt and 1,100Mt grading 300ppm to 500ppm TREO.
Importantly for Victory Metals (ASX:VTM), metallurgical test work conducted to date has identified a low cost REE metal recovery process as well as the potential to increase the recoverable TREO grade through increased mining selectivity and implementation of proven beneficiation techniques to target enriched size fractions.
Metallurgical beneficiation test work on samples has suggested a potential to increase plant feed grades by up to 148%, which could reduce processing and capital costs.
Adding further interest, the resource covers just 18% of the drilled area with confirmed REE mineralisation, indicating that there’s plenty of potential for resource growth.
“We are extremely proud to report one of Australia’s largest heavy rare earth enriched ionic clay/regolith- hosted Inferred mineral resource estimates with imminent potential to rapidly increase these market-leading results with infill drilling over a large area of North Stanmore where previous drilling has identified rare earth element mineralisation,” chief executive director Brendan Clark noted.
“This significant milestone solidifies our position as a frontrunner in the Australian rare earth mining industry for ionic clay/regolith discoveries and underscores our commitment to unlocking the immense potential of our country’s natural resources.
“No rare earth project can be looked at the same. Victory has proven North Stanmore to be a unique and premium system with outstanding grades of heavy rare earth elements that include dysprosium and terbium which are predicted to face a supply deficit of 70% by 2030, creating favourable product market conditions for Victory.”
North Stansmore is located just 10km from the Cue township and is accessible via the Great Northern Highway.
The initial Inferred resource is calculated using a 400ppm cut-off which the company justifies due to its hosting valuable basket price and high percentages of HREO.
Additionally, while the Exploration Target is conceptual in nature, it is based on previously reported assays from a mix of aircore and reverse circulation drillholes.
This indicates that further drilling could allow Victory to convert these volumes into resources.
As such, the combination of logistical advantages, high ratio of valuable MREOs and HREOs, high metallurgical recoveries, feed grade beneficiation upside and favourable tenement holding conditions, make North Stansmore a ‘premium’ discovery in Australia.
The company’s team of experts has meticulously analysed and assessed the geological data available and plan to carry out exploration over the next two quarters to unlock the potential of REE reserves.
This work will further extend the mineral resource base, enhance the company’s value, and solidify Victory’s position in the market.
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.