Victory Metals (ASX: VTM) has commenced drilling at the North Stanmore Heavy Rare Earth Elements (HREE) project in Western Australia.
Key Highlights:
- 5,000m AC drilling program at North Stanmore has commenced with drilling scheduled to be completed by the end of September 2024
- Drill targets range up to 9km north of the existing Mineral Resource Estimate (MRE) giving Victory potential to become one of the largest heavy rare earth discoveries globally
- Drilling of two further RC holes 8km south of the existing MRE area with the target displaying similar magnetic characteristics to the North Stanmore alkaline intrusion is advancing with the progression of regulatory approvals
- The project boasts a substantial combined MRE of 235 million tonnes, including 79,200 tonnes of Total Rare Earth Oxides (TREO) and 28,000 tonnes of Heavy Rare Earth Oxides (HREO).
“We are thrilled to have commenced our drilling program at North Stanmore, which comes at a crucial time in the global rare earths market. With China’s recent announcement on potential REE export restrictions and the recent subsequent rise in rare earth prices, Victory Metals is uniquely positioned to become a key player in the global supply of these critical materials,” CEO and Executive Director Brendan Clark, said.
“Our focus remains on rapidly advancing the existing world class heavy rare earth and critical metals resource announced in July whilst driving shareholder value by exploring the global scale of North Stanmore.”
North Stanmore
The approximate 5,000m aircore drilling programme at North Stanmore was designed to significantly expand the existing MRE, which is already recognised as one of Australia’s largest clay-hosted HREE deposit.
The focus areas of this program are immediately adjacent to the existing North Stanmore MRE, which remains open in all directions. The focus areas are also all within the North Stanmore alkaline intrusion, and aggregate to approximately the same areal scale as the existing MRE.
The project boasts a substantial combined Mineral Resource Estimate (MRE) of 235 million tonnes, including 79,200 tonnes of Total Rare Earth Oxides (TREO) and 28,000 tonnes of Heavy Rare Earth Oxides (HREO”).
Southern Drill Targets
The drilling program will also include two Reverse Circulation (RC) holes to be drilled approximately 8km south of the North Stanmore MRE. These two discrete targets exhibit similar magnetic characteristics to the North Stanmore alkaline intrusion, which generated the overlying regolith-hosted world-class heavy rare earth deposit.
Either or both holes could potentially reveal new areas of significant REE mineralisation, further enhancing the potential of the broader North Stanmore Project area.
