Announcement Date: 2022-11-15
Announcement Type: Drilling Results
Announcement Code: JORC
Company name: Victory Goldfields Ltd.
Project name: North Stanmore
Location: Australia
Commodities: Rare Earth
Highlight: Drilling results incl. 16m at 2155ppm REO from 21m
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Victory Goldfields (ASX:1VG) (“Victory” or “the Company”) is pleased to report the initial results from the recently completed 118 holes AC drill program at the Company’s North Stanmore REE project. Initial assays have been received and they have returned significant TREO grades and thickness using a 200ppm cut off. All assays were undertaken using the fusion dissolution method. Pending assays results are to be progressively received over the coming weeks for the remaining holes. The discovery is rapidly developing to the south of the alkaline intrusion with the exploration area now totaling approximately 65km² and notable REE grades within this area of up to 9746ppm, high ratios of critical valuable magnet metals NdPr + DyTb totaling 18.6% and HREO/TREO ratio of averaging 34%. Scandium (Sc2O3) grades of up to 106ppm have also been reported in these assays. Global production of scandium ranges between 15 to 20 tonnes per year in the form of scandium oxide with the top producers being Russia, China and the Philippines and with geopolitical instability across these countries the World is turning to Australia as a source of Scandium.
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