Victory Metals (ASX:VTM) has spotted multiple ultra-high heavy rare earth oxide zones at its flagship North Stanmore project at just the right time, with the company today declaring it can now capitalise on “surging” global prices.
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European (or rather, ex-China) prices for heavy rare earth Yttrium (Y) have grown as much as 800% compared to when Victory first ran its last North Stanmore scoping study, while Dysprosium and Terbium are up 100%.
Perfect timing then, that Victory just landed a huge win through its heavy rare earth targets, raking in “some of the highest ratios ever reported globally.”
These include “world-class” ratios of up to 83% HREO/TREO³, the company declared, which easily “sets North Stanmore apart as a clay-hosted rare earth project.”
“Heavy rare earths are what the western world needs to secure, and our extraordinary ratios of heavy rare earths underpin what the North Stanmore project offers,” Victory’s CEO and executive director, Brendan Clark, explained.
“By focusing on these high-value zones, we are working to deliver the same volume of critical defence and high-tech metals to the market, while processing less than half the material previously envisaged.
“With dysprosium, terbium, yttrium, scandium, hafnium, lutetium, and thulium all confirmed in meaningful quantities, Victory’s emerging as a global significant supplier.”
The company has now delineated 26 high-value zones, most of which sit within the indicated resource. These zones will be incorporated into the ongoing pre-feasibility study, which is expected to lock in a 10-year mine life.
Victory is also bringing a recent $11.5 million placement to bear in next steps, allocating most of that raise towards a 10,000-metre aircore drilling program that will target a 10km strike north of the existing resource.
“Our next drilling program will continue to target ultra-high heavy rare earth zones and expand the zone inventory, [which will then] further unlock the full potential of North Stanmore,” Mr Clark added today.
Previous spaced drilling there already returned grades of up to 10,179 parts per million total rare earth oxides and HREO ratios as high as 80%.
BOSTECH Drilling has been contracted for these next works, HotCopper understands.
VTM has been up +2.57% already this morning, at $1.39/sh.
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