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.2


Highlights:

  • Fusion-ICPMS assays for Rare Earth Element and Yttrium (REEY) from 25 air core4 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’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.”3

NORTH STANMORE RARE EARTH ELEMENT DISCOVERY

Victory’s recently completed 4400m air core drilling program identifying significant values of both heavy rare earth oxides (HREO) and light rare earth oxides (LREO).

Anomalous Yttrium (Y) values up to 4m @ 964ppm and Lanthanum, up to 4m @ 559ppm and Cerium up to 4m @ 475ppm were originally identified4. As a result, 25 samples with elevated levels of Y were selected from the pulps of the initial assay program for re-assay by fusion ICPMS for the full suite of REEs. These results directed Victory to commission the services of an expert REE specialist and geochemist to interpret the results which reported an average Total Rare Earth Oxide (TREO) grade of 1020ppm and a Heavy Rare Earth Oxide (HREO)of 419ppm, with the highest TREO concentration reaching 3872ppm. The 25 samples occur over a strike length of 1km and a width of 200m that remains open in all directions. Refer to Appendix 1 for a full table of results.


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