• A small-scale infill drill campaign further buoys the rare earth numbers at North Stanmore
  • Company says update highlights robust, continuous mineralisation and potential as one of the world’s largest HREO deposits
  • Australian government spending big to support a national rare earth industry

 

Special Report: Victory Metals’ infill drilling campaign has further raised the bar on what was already established as a topflight heavy rare earth resource near the town of Cue in Western Australia.

Though the Victory Metals (ASX:VTM) program was small, it has placed the majority of the resource in the indicated category along with confirming market leading heavy rare earth ratios, an increase in overall tonnage.

The July 2024 mineral resource was already enough to place North Stanmore as Australia’s largest contiguous indicated heavy rare earth clay resource and this upgrade takes it to a new level.

The latest resource highlights a shallow high-grade zone over 53Mt of heavy rare earth enriched material that provides excellent metrics that will flow into the advanced scoping study.

The resource now stands at an overall 247.5Mt at 520ppm TREO, with 71% indicated and a 38% heavy ratio which further establishes VTM’s sector position.

Victory CEO and executive director Brendan Clark said the updated numbers demonstrate North Stanmore’s potential of becoming one of the world’s largest contiguous clay-hosted heavy rare earth enriched deposits.

“This updated MRE reinforces North Stanmore’s status as a globally significant rare earth resource,” Clark said.

“With mineralisation remaining open in all directions, the project’s growth potential is significant.

“This update strengthens our strategic position and highlights our ability to deliver sustainable, ethically sourced high-value critical minerals for the global clean energy and defence sectors.

“Also exciting is the significant scandium resource, with scandium having a strong outlook and scandium oxide currently having a price in excess of $1300 per kg.”

Clark added the results will now be incorporated into a well-advanced scoping study, anticipated for insights into the economic and technical feasibility of North Stanmore in the first quarter of this year.

 

Heavy metal mathematics

A grab bag of rare earth can often be opaque for investors, buoyed by elements which are really not rare at all.

But VTM’s project has an endorsement from the Geological Society of WA as a world-class ionic clay-hosted heavy rare earths and scandium discovery at its back .

The heavy component of the rare earth suite is valued for a role in the clean energy transition, with dysprosium, terbium, and neodymium notable standouts for use in permanent rare earth magnets.

That trio represents the bulk of value in VTM’s heavy rare earth basket, with scandium and its valued role in solid oxide fuel cell technology an interesting kicker to add to the mix.

 

West Australian production

Victory believes a high-grade, near-surface zone now standing at 53Mt at 1012ppm TREO offers a robust foundation for development at North Stanmore.

And the Australian government has likewise shown its dedication to building a rare earth industry, with Iluka Resources (ASX:ILU) raking in nearly half a billion in taxpayer cash to develop a rare earth refinery at Eneabba.

Product from Eneabba is slated to go out through the Port of Geraldton, with Victory itself linked to Gero by way of the Great Northern Highway.

VTM sees heady exploration upside in the 13.5km of strike lying at North Stanmore, but the upcoming scoping study should shed some light on developing its resources already in the bag.

 

 

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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