Victory Metals has updated the mineral resource estimate (MRE) for its North Stanmore heavy rare earth elements (HREE) project in Western Australia.
North Stanmore’s MRE now stands at 247.5 million tonnes (Mt) at 520 parts per million (ppm) of total rare earths oxide (TREO), using an economic cut-off grade of 330ppm TREO and scandium oxide, inclusive of high-grade domain of 53Mt at 1012ppm TREO and scandium oxide.
A total of 176.5Mt at 503ppm of TREO falls under the indicated category, representing 71 per cent of the total resource.
The MRE upgrade follows an 5000m infill drilling program that commenced in September 2024. The program focused on areas of the North Stanmore tenure adjacent to the existing MRE, which sat at 235Mt at the time, and up to 9km north.
“This updated MRE reinforces North Stanmore’s status as a globally significant rare earth resource,” Victory chief executive officer and executive director Brendan Clark said.
“With mineralisation remaining open in all directions, the project’s growth potential is significant.
“The expansion of the high-grade zone and an overall mineral resource that has increased to over 247 million tonnes, coupled with a 13.5km strike and consistent high heavy rare earth to total rare earth ratios demonstrates the North Stanmore project’s potential of becoming one of the largest contiguous clay hosted heavy rare earth enriched deposits in the world.”
North Stanmore is rich in HREE, which are essential to produce critical technologies required to support a clean energy transition. It also holds substantial scandium resources, which will be crucial in developing lightweight and durable aluminium alloys used in automotive, aerospace, defence and other high-tech industries.
It is these qualities that made the Geological Survey of Western Australia declare North Stanmore a ‘world-class’ discovery in August 2024.
“This (MRE) update strengthens our strategic position and highlights our ability to deliver sustainable, ethically sourced high-value critical minerals for the global clean energy and defence sectors,” Clark said.
The new MRE will be implemented into Victory’s advanced scoping study, which is expected to be released sometime in the first quarter of 2025.
Victory anticipates the study will “provide insights into the economic and technical feasibility of North Stanmore”.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
