Victory Metals will commence an air core drilling program at its North Stanmore Heavy Rare Earth Elements Project, aimed at significantly expanding the existing MRE.
The approximately 5,000m air core drill program is set to commence in September and will focus on areas of the North Stanmore tenure adjacent to the existing MRE and up to 9km north.
The drill program target area is similar in scale to the existing North Stanmore MRE. Victory Metals said significant MRE growth potential exists, with mineralisation open in all directions and 92 per cent of the North Stanmore tenement area unexplored.
Based on the large-scale existing MRE, the North Stanmore Project is rapidly advancing, with the recent submission of a mining lease application on top of the scoping study advancing.
Binding commitments have been received for $1.5 million equity placement to fund these drilling activities.
Victory’s CEO and Executive Director, Brendan Clark, said the company is delighted to recommence drilling at North Stanmore soon.
“This relatively low-cost program delivers us clear potential to substantially expand what is already a world-class HREE deposit. In terms of delivering long-term output scale with multi-generational life potential, and strategic supply implications, this is too good an opportunity not to pursue. In short, success in this program could place Victory towards the absolute forefront of global HREE industry significance.”
Mr Clark said the activity would be undertaken in parallel with Victory’s current base-case advancement of the North Stanmore Project.
“The recently updated MRE confirmed our already superb mineral endowment there. We recently lodged a Mining Licence application based on this MRE, and the near-surface high-grade domain it contains.
“We believe the scoping study currently in progress will enunciate the clear potential of this resource to deliver future Australian production of high-value, critical materials required for the global energy transition, defence industries and beyond.”
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