Highlights:
- Fusion-ICPMS assays for Rare Earth Element and Yttrium (REEY) from 25 air core 4 metre composite samples report high concentrations of Total Rare Earth Oxides (TREO) that exhibit a high ratio of Heavy Rare Earth Oxides (HREO) and Gold (Au):
- Average (HREO) of 419ppm
- Average (TREO) of 1020ppm
- Highest (TREO) concentration of 3872ppm
- Intersections up to 16m and remain open
- Current strike length over 1km and a width of 200m that remains open
- Highest Gold intersection of 0.5 g/t1
- Results indicate a High HREO/TREO ratio of 40%. These strategically important HREOs are in demand for the manufacture of magnets used in electric vehicles and wind turbines.
- Reported magnet REOs (Pr), (Nd), (Tb), and (Dy) totalling 24.6%.
- Scandium a critical component of military aircraft, aerospace industry and Hydrogen fuel cells is present at significant concentrations, up to 94ppm (Sc2O3).
- The REE and Sc anomalism is interpreted to be hosted in a saprolite clay mineral system that overlies a mafic to ultramafic igneous source intrusion. Some REE patterns reflect the chemistry of this intrusive source.
- The remaining 1086 samples from the 4,400m air core drilling program at Victory's North Stanmore project currently are being re-assayed by fusion ICPMS to confirm the potential size of the REEY and Sc mineral system defined by the latest drilling program.
Victory Goldfields (ASX:1VG) ("Victory" or "the Company") is pleased to announce the discovery of Rare Earth Elements (REE) including critical Heavy Rare Earth Elements (HRE) from follow up assays that initially reported significant anomalous values of Yttrium (Y) at Victory's 100% owned Mafeking and North Stanmore project, situated approximately 15kms from Cue township.
Victory's Executive Director Brendan Clark commented:
"What a significant moment for Victory and its shareholders with this incredible exploration success from our recent drilling program with results representing high Total Rare Earth Oxide grades that are comparable to several global saprolite("ionic" clay) deposits that also contain the critical metal scandium."
"The Company is very pleased with its initial assay results that include a high percentage of HREs that are critical in conjunction with some LRE for the efficiency of electric vehicles, along with many other new technology applications."
"Adamas Intelligence forecasts that the value of global magnet rare earth oxide consumption will triple from $15.1bn in 2022 to $46.2bn by 2035 which affirms the potential opportunity with this discovery."
About us:
Victory has systematically built a portfolio of assets in the Cue goldfields. Cue is located in the mid-west region of Western Australia, 665 kilometres north-east from Perth. The Cue goldfields are regarded as one of the most prestigious mining districts of Western Australia with a long and successful history of gold exploration and production. The Company's strategy is to undertake best practice exploration and development of the Victory tenements to identify Mineral Resources and Ore Reserves within its tenement land holding. Leveraging its land holding position, Victory also aims to acquire additional gold opportunities within the Cue goldfields district, either through joint venture or tenement acquisition.
