Victory Metals (ASX:VTM) has enjoyed a resounding year in 2022, progressing its vast portfolio of exploration projects scattered throughout Western Australia’s Cue goldfields.
The Perth-based exploration company has identified 3 priority drilling targets and has in place approved programs of work for 2 of the prospects, with over 6,000m of diamond drilling combined with 1,800m of reverse circulation (RC) drilling planned for the 3 priority drilling targets.
Strategically located within the Cue goldfields of Western Australia, throughout 2022 the company’s tenements have been subject to rigorous exploration and have returned ‘significant’ multi-element anomalism.
Rounding out the year, the company underwent a name change to reflect its multi-commodity focus, rebranding from Victory Goldfields to Victory Metals with a new ASX code of VTM.
Victory commences 1H 2022 with ‘outstanding’ results
In January this year, the company delivered ‘outstanding’ gold intersections over a mineralised strike length of 300m from RC drilling at its Coodardy tenement in Western Australia.
Hole 21CORC009 intersected 8m at 7.7g/t Au from 24m; and hole 21CORC012 intersected 8m at 5.8g/t Au from 36m.
These drillholes represented 2 of the best intersections returned and demonstrated that the structurally controlled gold mineralisation at the project is on a north-south striking, shallowly east dipping trend that is continuous between 6 drilling sections throughout the 300m length of the tenement.
During March, 3D model and initial JORC 2012 Mineral Resource Estimate (MRE) work was commenced following on from the return of the ‘high-grade’ shallow gold intersections.
The company also decided to undertake an airborne geophysical survey that covered 24 tenements west of the township of Cue.
Other activities undertaken by the company during Q1-2 included the completion of a 4,400m drilling program at its Mafeking and North Stanmore Projects, which identified over 600m of anomalous gold mineralisation, as well as anomalous Rare Earth Element (REE) mineralisation.
By the end of Q2, Victory was well on its way to having a successful year of exploration and had $1.895 million in cash at hand by the end of June.
In September, Victory reported the commencement of a 120-hole Aircore (AC) program between its alkaline intrusion and a REE discovery 3.5km to the south of its North Stanmore Project.
The AC exploration was planned to extend the REE discovery following the return of assays, which confirmed continued widespread REE mineralisation grading up to 3,872ppm Total Rare Earth Oxide (TREO).
Key results from the AC drilling demonstrated that the majority of samples yielded similar concentrations of REE recoveries, which indicated that REEs in the majority of samples were not hosted by relict primary REE bearing minerals, making them amenable to leach extraction.
DURING THE QUARTER, AS MINING.COM.AU REPORTED, THE COMPANY HAD REPORTED THE EXPANSION OF ITS LANDHOLDING FOOTPRINT DIRECTLY ADJACENT TO ITS REE DISCOVERY AND LARGE ALKALINE IGNEOUS INTRUSION AT NORTH STANMORE
During the quarter, as Mining.com.au reported, the company had reported the expansion of its landholding footprint directly adjacent to its REE discovery and large alkaline igneous intrusion at North Stanmore.
Victory entered into a Tenement Sale Agreement for the acquisition of tenement application E20/2016, which comprised 11 blocks for 30km-square and borders the entire eastern boundary of the North Stanmore tenement.
Victory’s Executive Director, Brendan Clark said at the time the strategic acquisition would enhance the company’s tenure position surrounding its recent discovery of a rare earth alkaline igneous intrusion on its 100% owned North Stanmore tenement.
Then later in the quarter, things got even better for Victory as it received firm commitments from professional and sophisticated investors for a placement to raise $2 million through the issue of 10 million fully paid ordinary shares at $0.20 per share.
The capital raising was held to aid the company in its continued exploration of REE anomalism at the North Stanmore Project, which at the time confirmed REE mineralisation over 1km-square and open in all directions.
Victory ended the quarter with $3.07 million cash with no debt.
It was also announced in November that the company underwent a name change to reflect its multi-commodity focus, changing from Victory Goldfields to Victory Metals.
In tandem with REE exploration at its North Stanmore Project, the company continues to focus on expanding its exploration of the Alkaline Intrusion as positive p-XRF and assays are received.
The company will continue its focus upon the exploration and development of its gold and REE tenements as it heads into the new year as well.
Victory commences 1H 2022 with ‘outstanding’ results
In January this year, the company delivered ‘outstanding’ gold intersections over a mineralised strike length of 300m from RC drilling at its Coodardy tenement in Western Australia.
Hole 21CORC009 intersected 8m at 7.7g/t Au from 24m; and hole 21CORC012 intersected 8m at 5.8g/t Au from 36m.
These drillholes represented 2 of the best intersections returned and demonstrated that the structurally controlled gold mineralisation at the project is on a north-south striking, shallowly east dipping trend that is continuous between 6 drilling sections throughout the 300m length of the tenement.
During March, 3D model and initial JORC 2012 Mineral Resource Estimate (MRE) work was commenced following on from the return of the ‘high-grade’ shallow gold intersections.
The company also decided to undertake an airborne geophysical survey that covered 24 tenements west of the township of Cue.
Other activities undertaken by the company during Q1-2 included the completion of a 4,400m drilling program at its Mafeking and North Stanmore Projects, which identified over 600m of anomalous gold mineralisation, as well as anomalous Rare Earth Element (REE) mineralisation.
By the end of Q2, Victory was well on its way to having a successful year of exploration and had $1.895 million in cash at hand by the end of June.
Victory picked up from where it left off in 2H 2022
In September, Victory reported the commencement of a 120-hole Aircore (AC) program between its alkaline intrusion and a REE discovery 3.5km to the south of its North Stanmore Project.
The AC exploration was planned to extend the REE discovery following the return of assays, which confirmed continued widespread REE mineralisation grading up to 3,872ppm Total Rare Earth Oxide (TREO).
Key results from the AC drilling demonstrated that the majority of samples yielded similar concentrations of REE recoveries, which indicated that REEs in the majority of samples were not hosted by relict primary REE bearing minerals, making them amenable to leach extraction.
DURING THE QUARTER, AS MINING.COM.AU REPORTED, THE COMPANY HAD REPORTED THE EXPANSION OF ITS LANDHOLDING FOOTPRINT DIRECTLY ADJACENT TO ITS REE DISCOVERY AND LARGE ALKALINE IGNEOUS INTRUSION AT NORTH STANMORE
During the quarter, as Mining.com.au reported, the company had reported the expansion of its landholding footprint directly adjacent to its REE discovery and large alkaline igneous intrusion at North Stanmore.
Victory entered into a Tenement Sale Agreement for the acquisition of tenement application E20/2016, which comprised 11 blocks for 30km-square and borders the entire eastern boundary of the North Stanmore tenement.
Victory’s Executive Director, Brendan Clark said at the time the strategic acquisition would enhance the company’s tenure position surrounding its recent discovery of a rare earth alkaline igneous intrusion on its 100% owned North Stanmore tenement.
Then later in the quarter, things got even better for Victory as it received firm commitments from professional and sophisticated investors for a placement to raise $2 million through the issue of 10 million fully paid ordinary shares at $0.20 per share.
The capital raising was held to aid the company in its continued exploration of REE anomalism at the North Stanmore Project, which at the time confirmed REE mineralisation over 1km-square and open in all directions.
Victory ended the quarter with $3.07 million cash with no debt.
It was also announced in November that the company underwent a name change to reflect its multi-commodity focus, changing from Victory Goldfields to Victory Metals.
In tandem with REE exploration at its North Stanmore Project, the company continues to focus on expanding its exploration of the Alkaline Intrusion as positive p-XRF and assays are received.
The company will continue its focus upon the exploration and development of its gold and REE tenements as it heads into the new year as well.
