Victory Metals Limited (ASX: VTM) has successfully produced a mixed rare earth carbonate (MREC) test product from clay samples taken from its North Stanmore Rare Earth Element Project. North Stanmore is located approximately 10km north from the town of Cue, Western Australia with direct access to the Great Northern Highway.
Victory’s CEO and executive director Brendan Clark commented: “I am incredibly proud to announce that our dedicated team has successfully produced a high value and high grade heavy rare earth enriched carbonate from 50kg of material from North Stanmore exploration drilling. Importantly, we have produced and shared the chemistry for a MREC test product from an Australian ionic clay REE deposit, which showcases Victory’s technological strengths and demonstrates the potential value in North Stanmore.”
The MREC test product was successfully produced at laboratory scale from North Stanmore drilling samples. The assays have confirmed valuable heavy rare earth oxide (HREO) to total rare earth oxide (TREO) ratio of 96.4% in the MREC test product.
The test product reportedly has a very high TREO concentration of 12.46% weight (124,600ppm). Currently, the high indicative basket price for MREC test product is at A$114/kg. The test also produced high contents of critical metals nickel, cobalt, and copper recovered as by-products.
Victory is the first Australian company to report assay results for rare earth and impurity levels for a MREC test product from an Australian ionic clay – regolith project.
“Our assays have reported an impressive HREO to TREO ratio of 96.4%, comprising a high percentage of the highly sought-after REE Dysprosium and Terbium augmenting our potential premier position in the non-Chinese rare earth market with these two elements forecast to be in at a 70% deficit by 2030.”
“We are also excited about the presence of key lithium-ion battery metals, nickel and cobalt in the liquor which provides further potential economic benefits in the production stage.” “The production of MREC test product with minimal ammonium sulphate leach times and acid usage supports our commitment to sustainable practices, and further substantiates North Stanmore’s position as a strategically valuable and important ionic clay hosted REE discovery. Added Brenden.
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