Victory Metals eyes expansion at North Stanmore heavy rare earths deposit

VTM announces expansion drilling plans at its North Stanmore Heavy Rare Earth Elements project in WA.

The company is also progressing the scoping study for the project concurrently. Pic: Getty Images.

• VTM to commence resource expansion drilling at North Stanmore

• Project represents ethically sourced non-Chinese HREE supply option

• Recent $1.5m equity placement will fund drilling activities

 

Special Report: Victory Metals has announced plans to commence an expansion drilling program at its North Stanmore Heavy Rare Earth Elements project in WA.

The 5000m aircore drill drive will kick off in September, with the company confident of further expanding the world-class deposit.

The drilling will focus on areas of the project tenure adjacent to the existing mineral resource, including a target area similar in scale to the existing resource.

In addition, two RC holes will be drilled around 8km south of the resource, with these targets exhibiting similar magnetic characteristics to the North Stanmore alkaline intrusion.

Victory Metals (ASX:VTM) has also recently secured binding commitments for an $1.5m equity placement at $0.33 per share to fund the drilling program.

‘Significant’ growth potential

The company says there’s significant resource growth potential at the project, as mineralisation is open in all directions and 92% of the North Stanmore tenement area remains unexplored.

Not to mention, North Stanmore could also potentially form key part of the global drive to identify new, ethically sourced non-Chinese heavy REE supply options.

“We are delighted to soon be drilling again at North Stanmore,” VTM CEO and executive director Brendan Clark said.

“This relatively low-cost program delivers us clear potential to substantially expand what is already a world-class HREE deposit.

“In terms of delivering long-term output scale with multi-generational life potential, and strategic supply implications, this is simply too good an opportunity not to pursue.

“In short, success in this program could place Victory towards the absolute forefront of global HREE industry significance.”

Scoping study advancing well

Along with drilling, the company is progressing the project scoping study based solely on the large-scale existing resource.

“This activity 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.”

This article was developed in collaboration with Victory Metals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.