- Victory Goldfields (1VG) reports “significant” total rare earth oxide (TREO) results from its North Stanmore project in Western Australia
- Aircore drilling returned thick, high-grade results of 16 metres at 2155 parts per million (ppm) TREO from 21 metres and two metres at 9681 ppm TREO
- These results also confirmed a high-grade ionic clay extension up to four kilometres from the initial rare earth element (REE) discovery over a one-kilometre-by-200-metre strike
- Victory Goldfields has decided to fast-track a follow-up aircore program of 10,000 metres to expand REE mineralisation and infill previous drilling
- Company shares are up 50 per cent to trade at 27 cents at 12:36 pm AEDT
Victory Goldfields (1VG) has reported “significant” total rare earth oxide (TREO) results from its North Stanmore project in Western Australia.
The company has received the initial results from a 118-hole aircore drilling program, confirming a high-grade ionic clay extension up to four kilometres from the initial discovery of rare earth elements (REE) over a one-kilometre-by-200-metre strike.
Notable intersections include 16 metres at 2155 parts per million (ppm) TREO from 21 metres, including two metres at 9681 ppm TREO, and 32 metres at 1047 ppm TREO from 26 metres, including eight metres at 2467 ppm TREO.
Victory Goldfields also reported high ratios of critical magnet metals (neodymium+ praseodymium and dysprosium+terbium) totalling 18.6 per cent and a heavy rare earth oxide:TREO ratio averaging 34 per cent.
Executive Director Brendan Clark said it was a “very exciting time” for the company, with the continuation of the REE discovery at the North Stanmore project.
“REE grades and critical metal ratios at this level potentially make the discovery one of the most valuable ionic clay hosted rare earth systems compared to our peers based on our high basket price,” Mr Clark said.
The mineralisation remains open in all directions, and the company has planned to drill an additional 10,000 metres to expand REE mineralisation and infill previous drilling.
Victory Goldfields will begin this follow-up aircore program immediately.
Company shares were up 50 per cent on the back of these results to trade at 27 cents at 12:36 pm AEDT.