Victory Metals’ North Stanmore project has been recognised as a “world-class” discovery by the Geological Survey of Western Australia (GSWA).
The project, located north of Cue, Western Australia, is embodied by an ionic clay deposit rich in heavy rare earth elements (REE) and scandium.
With investors increasingly eyeing rare earth projects, receiving GSWA endorsement is a big tick of approval for North Stanmore, which has the potential to provide heavy rare earths for the clean energy transition.
Additionally, the project’s scandium resources can be used for the development of lightweight and durable aluminium alloys used in the automotive, aerospace, and defence sectors.
Victory Metals chief executive officer Brendan Clark said the company was proud of the recognition.
“We are honoured by the Geological Survey Department of Western Australia’s recognition of our clay-hosted heavy rare earth project as world-class,” he said.
“This endorsement underscores the significance of our discovery and highlights our commitment to advancing innovation in the rare earths sector.
“Our team remains dedicated to harnessing the full potential of this groundbreaking project, which we believe will play a crucial role in the future of sustainable technology and resource development.”
In mid-July, Victory delivered an updated mineral resource estimate (MRE) for North Stanmore, highlighting what it believes to be the largest indicated heavy REE resource in Australia.
Of the 235 million tonnes (Mt) in the updated MRE, 63 per cent (149Mt) is in the indicated category. The MRE boasts 79,200 tonnes of indicated total rare earth oxides (TREO) and 28,000 tonnes of indicated heavy rare earths oxides.
The MRE also included a near-surface higher-grade domain of 45.9 million tonnes at 1050 parts per million TREO.
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