Expansion Victory for ‘world class’ rare earths deposit

Victory Metals’ recently declared ‘world class’ North Stanmore heavy rare earth elements (HREE) project in Western Australia is in for a major expansion.

An approximately 5000m aircore drill program is set to commence in September, with more drilling on the horizon.

The program will focus on areas of the North Stanmore tenure adjacent to the existing mineral resource estimate (MRE), which was recently increased to 235 million tonnes, and up to nine kilometres north.

Victory is confident significant MRE growth potential exists for the area, with mineralisation open in all directions and 92 per cent of the North Stanmore tenement area currently unexplored.

Recently declared a ‘world class’ discovery by the Geological Survey of Western Australia, Victory hopes the project will form a key part of the global drive to identify new, ethically sourced HREE supply option.

“This relatively low-cost program delivers us clear potential to substantially expand what is already a world-class HREE deposit,” Victory executive director and chief executive officer Brendan Clark said.

“Success in this program could place Victory towards the absolute forefront of global HREE industry significance.”

The North Stanmore project progressing at pace, with the recent submission of a mining licence application and an advancing scoping study underway.

“(Drilling) will be undertaken in parallel with our current base-case advancement of the North Stanmore project,” Clark said.

“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.”