Victory Metals sets another heavy rare earth exploration target for North Stanmore

Victory Metals lays a combined REE and scandium exploration target for up to 230Mt at 600ppm
Current resource already one of Australia’s biggest heavy rare earth assets
Scoping study due this quarter as partnership and offtake talks continue

Special Report: Victory Metals has laid out a rare earth and scandium exploration target of up to 230Mt as it begins new drilling over the North Stanmore project in Western Australia.

Victory Metals’ (ASX:VTM) 6600m, 110-hole aircore campaign is focused on one of four exploration areas noted for their potential to add significant weight to its current 247.5Mt at 520ppm TREO resource.

The target outside that resource is now slated for an additional 100 to 230Mt, grading between 330 and 600ppm combined total rare earth and scandium oxide.

The last resource update, reared from a relatively small amount of infill drilling, placed a majority in the indicated category and highlighted a shallow high-grade zone to flow into a soon-expected scoping study.

Victory Metals CEO and Executive Director Brendan Clark said the company was excited to begin resource definition drilling targeting more high-grade zones identified in the existing resource estimate.

“North Stanmore represents a significant opportunity to establish one of the world’s largest clay-hosted projects for heavy rare earth elements, scandium, and hafnium in a Tier one mining jurisdiction. We expect this drilling program to be instrumental in advancing that goal,” Clark said.

“With demand for heavy rare earth elements like dysprosium and terbium, as well as critical defence metal scandium and hafnium, all forecasted for significant growth, this program marks another key step in strengthening Victory’s position as a future rare earth and critical mineral supplier to the global market and having a diversified basket.”

Drilling is expected to take about a month with assays to follow, and a much-anticipated scoping study over North Stanmore remains on track for this quarter.

The company is also continuing studies to compliment a mining licence application and discussions over strategic partnerships and offtake to capitalise on what it notes is surging global demand for heavy rare earths, scandium and hafnium.

International interest

While prices remain volatile, actions of world governments reinforce the notion of escalating rare earth demand.

The US is extending its tendrils over untapped resources in Ukraine and Greenland, while China’s are notably moving closer to our home in Australia.

Chinese interests have been restrained from exerting influence over Northern Minerals (ASX:NTU) and its strategically important source of heavy rare earths at Browns Range.

Iluka Resources (ASX:ILU) boss Tom O’Leary accused the world’s dominant critical minerals player of brandishing supply and pricing like a weapon, and the Australian government seemed to agree by ponying up a $400m lifeline to its rare earth refinery plans.

These moves put a premium on a potential future source of heavy rare earths like North Stanmore, the deposit hosting large concentrations of Dy and Tb, where production in ~ 99% concentrated in a supply chain that runs through China and neighbouring Myanmar.

Scandium has similar demand drivers under the Middle Kingdom’s near monopoly, potentially making it a very lucrative resource for Victory as it drills towards an upgrade.

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.