Victory Metals has announced the acquisition of two tenements that are contiguous with the company’s North Stanmore Rare Earth Element Project in Western Australia.
Tenements P20/2345 and P20/2346 are situated on the southern border of the North Stanmore rare earth element project and border Victory’s granted tenements E20/1016 to the north and east, and P20/2402 situated on the west.
With these new tenements, the exploration area at North Stanmore is now approximately 72km2, with approximately 34km2 within this area mineralised with an average assay grade of 992ppm Total Rare Earth Oxides (TREO) and a valuable Heavy Rare Earth Oxide HREO/TREO ratio of 34 per cent.
Victory’s Chief Executive Officer and Executive Director, Brendan Clark, said, “I am pleased with the progress of our activities and that our maiden metallurgical testwork program is well ahead of schedule with the initial results anticipated to be reported to the market by the end of April 2023.
“The latest tenement acquisitions continue to expand Victory’s already substantial footprint in the Cue region and specifically at North Stanmore. The recently acquired tenements surround Victory’s already granted tenements on three boundaries and we believe the tenements are highly prospective to host rare earth element mineralisation with AC drilling assay results approximately 1km to the north already confirming the presence of anomalous rare earths.”
Ms Clark said Victory is waiting for final assays and interpretation from the recent reverse circulation (RC) drill program and the diamond drill program at the Alkaline Intrusion which are also anticipated to be reported by the end of April 2023.
“Both the initial metallurgical study results and RC assay results will be incorporated into the Mineral Resource Estimate (JORC) work which is currently in progress and on schedule to be reported by the end of Q2, 2023,” Mr Clark said.
