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Victory Goldfields (ASX:1VG) enters trading halt ahead of capital raise

The Market Online Deal Room
ASX:1VG
20 September 2022 16:59 (AEST)

Drill rig at E20/871. Source: Victory Goldfields

Victory Goldfields (1VG) has entered a trading halt while it plans a capital raise.

The company has not yet announced how much it plans to raise nor how it will spend the money, but it is currently focused on drilling at the North Stanmore project in Western Australia.

Victory announced yesterday it had commenced a 9000-metre aircore drilling program to test an extension of an ionic clay rare earth element (REE) discovery at its North Stanmore project.

Prior to this program, the company said it encountered “thick and high-grade” intersections which reportedly confirmed the continuity of REE mineralisation over at least one kilometre.

Highlighted results included four metres at 2414 parts per million (ppm) total rare earth oxides (TREO) from 28 metres and eight metres at 1876 ppm TREO from 24 metres.

Victory said this program woud generate samples to be used for metallurgical testing.

The company expects to remain in the trading halt until Friday, September 23, by which time it plans to have released the details of the capital raise.

1VG last traded at 22 cents on September 19.

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