New assays confirm thick, widespread clay hosted mineralisation grading up to 2,414ppm TREO at Victory Goldfields’ North Stanmore discovery in WA.

These remaining assays have increased the strike of this system by over 750m from the initial assays first reported in July.

This 1km2 discovery – which currently includes anomalous REE concentrations from surface down to 72m depth – remains open in all directions, Victory Goldfields (ASX:1VG) says.

Notable new hits include:

  • 4m @ 2414ppm TREO from 28m
  • 8m @ 1876ppm TREO from 24m
  • 8m @ 892ppm TREO from 8m
  • 4m @ 1745ppm TREO from 64m, and
  • 12m @ 1319ppm TREO from 24m

The results continue to display a high ratio (26%) of valuable and rare magnet REE metals NdPr and DyTb, 1VG says.

Importantly, these latest REE results extend the REE bearing saprolite clay system in the direction of Victory’s alkaline ultramafic intrusion 3.5km to the north:

Victory Goldfields asx 1vg
Map showing the location of the clay rare earth discovery and the alkaline intrusion at North Stanmore. Pic: Supplied.

This is a big deal. Alkaline intrusions are the “engine rooms” for REE transport by melts from the Earth’s mantle into crustal mineral deposits.

The word on the street

“Victory is very excited to confirm the significant extension of a high grade rare earth element mineralisation that now covers an area approximately 1km,” 1VG exec director Brendan Clark says.

“Victory’s technical team believes the Company’s discovery could become a large, rare earth system based on the latest assay results and confirmation that the alkaline intrusion has the same ratios of HREO/TREO as the clay hosted system 3.5km to the south”.

“The outlook is very promising as the Company also anticipates that the reported assay results will improve from future drilling activities as both the drilling and sample collection method for this program were initially designed for gold exploration and not for the collection of rare earth element-bearing samples”.

Next steps at North Stanmore

After processing and interpreting recently completed aerial magnetic data, IVG plans to commence a gravity survey and initiate metallurgical studies on the discovery at North Stanmore.

It would also design an infill and extensional drilling program both for the clay-hosted system and Victory’s alkaline intrusion.

 

 

 

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.

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