- Victory Metals (VTM) receives all assay results from a 50-hole reverse circulation (RC) drilling program at its North Stanmore rare earth element project in WA
- The program identified 1.08 per cent of TREO and 59 per cent of HREO, with mineralisation remaining open in all directions
- The remaining assays now complete an AC and RC data set comprising 831 samples above the reporting cut-off grade of greater than 500 parts per million TREO
- VTM notes final RC assays correlate with previous AC drilling, which reduces future exploration costs and advances the release of the company’s mineral resource estimate for June
- VTM shares are down 10.7 per cent, and trading at 25 cents at 1:45 pm AEST
Victory Metals (VTM) has received all assay results from a 50-hole infill reverse circulation (RC) drilling program at its North Stanmore rare earth element (REE) project in WA.
When combined with previous aircore drilling assays, the infill program has defined an average total rare earth oxide (TREO) grade of 987 parts per million from 219 holes through the 34 square kilometre area.
The RC drilling identified up to 1.08 per cent (10,829ppm) TREO and 59 per cent heavy rare earth oxides (HREO), with mineralisation remaining open in all directions.
VTM reported the results support high grade, scale, and low radioactive elements of an ionic clay deposit.
“We remain very encouraged with the confirmation of outstanding results from our completed AC and RC drilling programs that now form a very large data set that will be used to complete our initial maiden JORC mineral resource estimate,” VTM CEO and Executive Director Brendan Clark said.
“Victory’s drilling programs have been extensive, and the assay results confirm continuous rare earth element mineralisation throughout the North Stanmore REE project that provides the company and our resource consultant RSC Mineral Exploration with great confidence,” Mr Clark said.
The remaining assays now complete an extensive AC and RC data set comprising 831
samples above the reporting cut-off grade of greater than 500ppm TREO.
VTM noted the final RC assays correlate with the previously reported AC drilling, which is also expected to reduce future exploration costs.
The company expects to update shareholders with a maiden mineral resource estimate by the end of June 2023.
VTM shares were down 10.7 per cent, and trading at 25 cents at 1:45 pm AEST.