Victory Goldfields (ASX:1VG) has delivered the first tranche of samples to the laboratory for analysis from its recently completed aircore (AC) extensional drill program at 100% owned North Stanmore REE project in Western Australia.
The company reports that the current phase of drilling has intersected encouraging thickness of clays from surface down to about 80m across an area of approximately 9.3km-square with reported trace element vectors of REE being identified by p-XRF analysis.
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.
Addressing the progress, Victory 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 9.3km-square 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”
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.”
Victory notes that initial REE recoveries achieved by 4 acid and subsequent fusion dissolution of the highly oxidised mineralised samples showed that the majority of samples yielded similar concentrations by both methods.
This is interpreted to indicate that REEs in the majority of samples are not hosted by relict primary REE bearing minerals. Thus, REEs should be leachable. This will be confirmed by imminent metallurgical testing. The company reports this is important and should result in lower capital and mineral processing costs when compared with hard rock REE deposits.
Victory has systematically built a portfolio of assets in the Cue goldfields, which is located in the mid-west region of Western Australia, 665km north-east from Perth. The Cue goldfields are regarded as one of the most prestigious mining districts of Western Australia with a long and successful history of gold exploration and production.
Write to Adam Orlando at Mining.com.au
Images: Victory Goldfields Ltd