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Victory confirms large indicated REE deposit

16th July 2024

By: Creamer Media Reporter

     

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ASX-listed Victory Metals has announced an updated mineral resource estimate for its North Stanmore heavy rare earth elements- (HREE-) dominant project, in Western Australia.

A substantial 149-million tonnes of the 235-million-tonne estimate is in the indicated category, which Victory points out is the biggest indicated mineral resource of Australian HREE-dominant deposits.

The resource contains 79 200 t of indicated total rare earth oxides, 28 000 t of indicated heavy rare earth oxides and 3 010 t contained indicated dysprosium and terbium.

“Our July 2024 MRE serves as confirmation of our superb mineral endowment and spotlights our significant potential to deliver future Australian production of high-value, critical materials required for the energy transition, national defence and beyond,” says CEO and executive director Brendan Clark.

He points out that North Stanmore’s regolith clay-hosted mineralisation overlies an alkaline intrusion that will allow for highly efficient mixed rare earth carbonate production that is heavy rare earth dominant. “It is significantly more valuable than the majority of REE projects currently in development globally,” says Clark.

Potential offtake partners have compared the North Stanmore HREE-enriched deposit to existing world-class HREE operations in southern China, he adds.

Victory will complete a scoping study for North Stanmore in the third quarter.

Edited by Creamer Media Reporter

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