Victory raises $2m to drive REE exploration at North Stanmore

Investors have highlighted their support for Victory’s plan to carry out rare earths exploration at its North Stanmore project by oversubscribing for a $2m placement.

Initial portable XRF analysis of aircore extensional drilling at the project had indicated ‘encouraging’ thickness of clays intersected from surface and positive REE trace element vectors consistent with its existing REE ionic clay discovery 3km away.

While pXRF is not a replacement for laboratory analysis, the results are still an encouraging sign that the system is both significant and important.

Victory Goldfields (ASX:1VG) assays from initial reported discovery confirm REE mineralisation in over 1km² and open in all directions.

The funds will be raised through the placement of 10 million shares priced at 20c each – a 0.1% discount to its last traded price.

Additionally, one free unlisted option exercisable at 30c and maturing in 24 months will be issued for every two shares subscribed under the placement.

“This placement will assist the company to accelerate its emergence as a WA-based multi-commodity explorer and continue its fresh direction into the rare earth element sector via the discovery at North Stanmore,” executive director Brendan Clark said.

Proceeds will be used to fund exploration and drilling at the North Stanmore REE discovery.

Funds will also pay for the continuation of exploration on the company’s other projects including an initial Resource estimate at the Coodardy project.

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.