Victory Goldfields (ASX:1VG) confirms REE discovery at WA project

• Victory Goldfields (1VG) highlights a “high value” rare earth element (REE) discovery at its Mafeking and North Stanmore project in Western Australia
• Re-assayed composite samples from a recent aircore drilling program show rare earth oxide values of up to 3872 ppm and heavy rare earth oxides up to 419 ppm
• The samples, which previously returned anomalous light REE values, were collected over a one-kilometre strike which is 200 metres wide and remains open in all directions
• Victory Goldfields says the results indicate a high HREO:TREO ratio of 40 per cent which may present an opportunity in the critical rare earths market with a focus on magnets
• 1VG shares are up 50 per cent to trade at 20 cents at 11:50 am AEST

Victory Goldfields (1VG) has highlighted a “high value” rare earth element (REE) discovery at its Mafeking and North Stanmore project in Western Australia.

The company completed a 4400-metre drilling program in May and earlier this month announced anomalous light rare earth element (LREO) values of up to 964 parts per million (ppm) yttrium, up to 559 ppm lanthanum and cerium of up to 475 ppm.

Following this, Victory Goldfields selected 25 four-metre composite samples with elevated levels of yttrium for re-assaying for the full suite of REEs.

The samples were collected over a one-kilometre strike which is 200 metres wide and remains open in all directions.

Victory Goldfields said new results showed total rare earth oxides (TREOs) averaging 1020 ppm, with the highest TREO concentration being 3872 ppm. Heavy rare earth oxides (HREOs) averaged 419 ppm, and the highest gold intersection was 0.5 grams per tonne (g/t).

Victory Goldfields also reported “significant” levels of scandium, averaging 60 ppm.

According to 1VG, the results indicated a high HREO:TREO ratio of 40 per cent which it said was important because HREOs were reportedly in demand for the production of magnets for electric vehicles and wind turbines.

“What a significant moment for Victory and its shareholders with this incredible exploration success from our recent drilling program, with results representing high TREO grades that are comparable to several global saprolite deposits that also contain the critical metal scandium,” Executive Director Brendan Clark said.

Mr Clark also said there was increased potential within the discovery as the value of global magnet rare earth oxide consumption is forecast to triple to $46.2 billion by 2035.

Victory Goldfields is now waiting on the remaining 1086 samples from the aircore drilling program at the Mafeking and North Stanmore project.

The assays are intended to confirm the potential size of the REE-yttrium and scandium mineral system.

Victory Goldfields shares were up 50 per cent to trade at 20 cents at 11:50 am AEST.