North Stanmore Exploration and Drilling Update
Highlights
- 118-hole aircore (AC) drilling program completed
- Initial p-XRF observations suggest anomalous Rare Earth Element (REE) concentrations in ionic clays over an area of approximately 9.3km2
- Mineralisation remaining open in all directions
- Initial laboratory analysis indicate the REE's are expected to be leachable
- First tranche of samples has been delivered to the lab for analysis
- Mineral Resource Estimate (MRE) and metallurgical test work is set to commence following a planned reverse circulation drilling program in Q4, 2022
Victory Goldfields (ASX:1VG) ("Victory" or "the Company") is pleased to provide an update of its recently completed aircore (AC) extensional drill program at the Company's 100% owned North Stanmore REE project.
To date, Victory has drilled a total of 11,065m using an AC drill rig at its North Stanmore ionic clay REE discovery situated approximately 10km north from the town of Cue, Western Australia. The current phase of drilling has intersected encouraging thickness of clays from surface down to approximately 80m across an area of approximately 9.3km2 with reported trace element vectors of REE being identified by p-XRF analysis. The first tranche of samples has now been delivered to the laboratory for analysis.
Victory's Executive Director Brendan Clark commented: "The initial observations by p-XRF analysis demonstrates early exploration success from Victory's latest drilling program which is showing the potential for the existing REE discovery footprint to be increased by nearly 10 times to an area totalling approximately 9.3km² and remaining open in all directions."
"This gives the Company great confidence to proceed with further exploration activities which will assist in compiling a JORC 2012 mineral resource estimate report for the project. Victory's exploration and technical team are working efficiently to ensure samples are being delivered in batches to ALS laboratory in Perth for the immediate commencement of assaying for rare earth elements, gold and critical metals."
"After the recent success of the oversubscribed placement, Victory is well positioned to fund the required exploration activities to advance this REE discovery including a reverse circulation (RC) program planned for Q4 2022, metallurgical test work and the commencement of a maiden Mineral Resource Estimate (MRE) over the North Stanmore REE discovery"
