Announcement Date: 2023-02-13
Announcement Type: Drilling Results
Announcement Code: JORC
Company name: Victory Metals Ltd.
Project name: North Stanmore
Location: Australia
Commodities: Rare Earth
Highlight: Drilling results incl. 16m at 2155ppm RE from 21m
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Victory Metals Limited (ASX:VTM) (“Victory” or “the Company”) is pleased to report the latest assay results from the Air Core (AC) and Reverse Circulation (RC) drill programs at the Company’s North Stanmore REE project located approximately 10km north from the town of Cue, Western Australia and bordered to the east by the Great Northern Highway. Upon receiving significantly elevated pXRF analyses from RC hole NSTRC071, the Company expedited samples to the laboratory for analysis with the initial RC assays returned including 1m at 1.08% (10,829ppm) TREO from 39m. The Company has completed over 3,000m of RC drilling for inclusion in a maiden JORC (2012) mineral resource estimate, with the remaining assays still pending. The further assays received from the AC program confirmed a significant average Total Rare Earth Oxide (TREO) grade of 1023ppm from 1m samples with results up to 10,829ppm with a cut-off of 500ppm. The assays confirm a valuable Heavy Rare Earth Elements ratio of 36% HREO/TREO and critical magnet metals NdPr and DyTb contents of 19.3% and 4.1% of total REE’s. The Company has now received approximately 58% of the assays from both AC drilling programs with the remaining assays from the AC, RC and the diamond drilling program at the Company’s North Stanmore Alkaline Intrusion expected to be reported in batches through Q1 2023.
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