Victory Metals Limited (ASX:VTM) has obtained promising final assay results from an air core (AC) drill programme at the company’s North Stanmore REE project located near Cue, Western Australia.
The final assay results have extended the Total Rare Earth Oxides (TREO) area to 34sq. km with mineralization open in all directions.
The average grade from an impressive data set of 1.0m samples across 192 holes received by the company (cut-off greater than 500ppm TREO) across the mineralized area is 992ppm TREO with a valuable Heavy Rare Earth Oxide (HREO) ratio of 34% and a very valuable NdPr + DyTb ratio of 24.02% of TREO.
“Victory is very pleased to report the complete data set for the AC drilling programme completed in late 2022 which confirms market leading average grades of rare earth element mineralization at North Stanmore,” Executive Director, Brendan Clark, said.
“The majority of Victory’s anomalous rare earth results are negative cerium enriched giving the company great confidence in the metallurgical testwork that is underway as negative cerium enriched deposits are typically known to host significant ratios of Heavy Rare Earth’s and generally achieve high rates of metal recovery.
“It is outstanding that North Stanmore’s ratios plot in similar and some cases advanced ranges to international rare earth deposits.
“With this impressive data set the Company is now able to focus on the initial JORC mineral resource estimate work and metallurgical testwork which we anticipate will both be reported during Q2 2023.”
Assays from the latest AC drilling programme are now 100% reported with the recent RC drilling program results anticipated to be reported in late April 2023. The data will be incorporated into the mineral resource estimate (JORC 2012) work by RSC Mineral Exploration.
The key geochemical ratios indicate that the North Stanmore Intrusion is part of a large mantle plume generated alkaline magmatic complex. This interpretation is supported by the definitive elevated mean Nb/Ta ratio of 15.2 from samples with >500ppm TREO which is identical to the ratio of plume generated alkaline igneous intrusions and volcanics.
The company recently announced an additional part of the North Stanmore discovery that identified high-grade rare earth mineralisation at depth in the bedrock (saprock) below the clay component of the system totalling 1.01% (10,100ppm) Total Rare Earth Oxides (TREO) with a significant Heavy Rare Earth Oxide (HREO) to TREO ratio of 79%.
For further information please visit: https://www.victorymetalsaustralia.com/