Victory Metals has updated the mineral resource estimate (MRE) for its North Stanmore heavy rare earth elements (HREE) project in Western Australia for the second time this year.
North Stanmore is rich in HREE, with leading ratios of dysprosium and terbium – both of which enhance the durability of magnets and are essential to produce critical technologies required to support a clean energy transition.
North Stanmore also holds substantial scandium resources, a critical mineral that’s vital for developing lightweight and durable aluminium alloys used in automotive, aerospace, defence and other high-tech industries.
North Stanmore’s MRE now stands at 320.6 million tonnes (Mt) at 510 parts per million (ppm) of total rare earth oxide (TREO) and 39 per cent HREE/TREO, with a high-grade shallow zone of 50Mt at 1050ppm of TREO and scandium oxide having been identified.
The MRE upgrade follows an 3221m air-core drilling program comprising 79 drillholes that uncovered ultra-high HREE ratios zones. The campaign resulted in a resource increase equalling $3500 per 1Mt of resource added.
“This resource upgrade reinforces the immense scale and strategic importance of North Stanmore,” Victory chief executive officer and executive director Brendan Clark said.
“To deliver a 29.5 per cent increase from a small, low-cost 3221m air core program, speaks volumes about this deposit. Mineralisation remains open in multiple directions, with consistently thick and high-grade intercepts continuing to be identified.
“While we see strong potential for further resource growth, the company’s priority is progressing development, as there is already sufficient material to support a mine life exceeding 30 years.”
The MRE upgrade is expected to inform ongoing funding discussions regarding North Stanmore’s development and will underpin the project’s pre-feasibility study.
It also follows Victory successfully producing a mixed rare earth oxide product containing 94 per cent of TREO from North Stanmore.
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