Victory Goldfields (ASX:1VG) has discovered Rare Earth Elements (REE) – including critical Heavy Rare Earth Elements (HRE) – from follow up assays that initially reported significant anomalous values of Yttrium (Y) at the Mafeking and North Stanmore project, situated approximately 15kms from Cue township in Western Australia.
“What a significant moment for Victory and its shareholders with this incredible exploration success from our recent drilling program with results representing high Total Rare Earth Oxide grades that are comparable to several global saprolite (‘ionic’ clay) deposits that also contain the critical metal scandium,” Executive Director, Brendan Clark, said.
“The company is very pleased with its initial assay results that include a high percentage of HREs that are critical in conjunction with some LRE for the efficiency of electric vehicles, along with many other new technology applications.
“Adamas Intelligence forecasts that the value of global magnet rare earth oxide consumption will triple from $15.1bn in 2022 to $46.2bn by 2035 which affirms the potential opportunity with this discovery.”
Mr Clark said Victory has systematically built a portfolio of assets in the Cue goldfields. Cue is located in the mid-west region of Western Australia, 665 kilometres north-east from Perth. The Cue goldfields are regarded as one of the most prestigious mining districts of Western Australia with a long and successful history of gold exploration and production.
He said the company’s strategy is to undertake best practice exploration and development of the Victory tenements to identify Mineral Resources and Ore Reserves within its tenement land holding.
Leveraging its land holding position, Victory also aims to acquire additional gold opportunities within the Cue goldfields district, either through joint venture or tenement acquisition.
The company has another 1086 samples from a 4,400m air core drilling programme at Victory’s North Stanmore project being re-assayed by fusion ICPMS to confirm the potential size of the REEY and Sc mineral system defined by the latest drilling programme.
For further information please visit: https://www.victorygoldfields.com.au/
