Victory Metals initial metallurgical studies for it’s rare earth discovery in WA ahead of schedule 

Victory (ASX:VTM) expects to announce a maiden resource in the coming quarter for its find near Cue, located in what has historically been gold country in WA’s Mid-West.

Its pick-up of tenements P20/2345 and P20/2346 from Golden State (ASX:GSM) will boost its total exploration package at North Stanmore to 72km2.

That bounds a mineralised area of 34km2 with an average assay grade of 992ppm total rare earth oxide and a high valuable heavy rare earth oxide ratio of 34%.

Located 10km north of Cue with the Great Northern Highway to the east, both tenements are at the southern border of the North Stanmore rare earth element project, bordering Victory’s granted E20/1016 tenement to the north and P20/2402 to the west.

The acquisition, which will involve issuing $30,000 worth of shares (150,000) to GSM, a 1% net smelter royalty over the tenements and a further 66,666 options, comes ahead of several key milestones for VTM at North Stanmore.

All guns blazing

Along with the maiden resource, VTM’s initial metallurgical testwork on its rare earth project, a key step in outlining the processing pathway for the discovery, is ahead of schedule.

Executive director Brendan Clark, recently appointed CEO of VTM, says initial results are expected to be reported to the market by the end of April.

“The latest tenement acquisitions continue to expand Victory’s already substantial footprint in the Cue region and specifically at North Stanmore,” he added.

“The recently acquired tenements surround Victory’s already granted tenements on three boundaries and we believe the tenements are highly prospective to host rare earth element mineralisation with AC drilling assay results approximately 1km to the north already confirming the presence of anomalous rare earths.

“The company is waiting for final assays and interpretation from the recent reverse circulation (RC) drill program and the diamond drill program at the Alkaline Intrusion which are also anticipated to be reported by the end of April 2023.

“Both the initial metallurgical study results and RC assay results will be incorporated into the Mineral Resource Estimate (JORC) work which is currently in progress and on schedule to be reported by the end of Q2, 2023.”

Victory Metals ASX VTM
The new licences take North Stanmore’s land package to 72km2. Pic: Victory Metals

New leadership

The appointment of Clark as CEO also marks a step up in activity for the firm as its North Stanmore discovery emerges into a find of significance.

While no ionic clay rare earths deposits have been developed yet in Australia, they will be a valuable source of rare earths for emerging technologies like wind turbines and electric vehicles as demand for commodities like neodymium and praseodymium surges in the decade ahead.

Clark’s start on a full-time basis today signals a step up in commitment and position from the director, as progress hastens on the path to a key maiden resource announcement.

“Brendan has been instrumental in progressing the company’s rare earths and gold exploration programs since the company listed,” VTM chairman Trevor Matthews said.

“On behalf of the board we congratulate Brendan on his appointment as CEO and we look forward to continuing success with the development of the company’s North Stanmore rare earth element project in the Midwest region of Western Australia.”

Clark said he was honoured to be appointed by the VTM as CEO.

“I am excited to advance the North Stanmore rare earth project and lead the company into the next growth and development phase for our shareholders,” he said.

 

 

 

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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