Victory Goldfields’ (ASX:1VG) new high-grade Rare Earth Element (REE) results have confirmed widespread REE mineralisation at the company’s 100% owned North Stanmore project in Western Australia.
Assays confirmed continued widespread REE mineralisation grading up to 2,414ppm TREO. Intersections up to 20m thick have been reported and the latest results continue to display high ratio (26%) of NdPr and DyTb being valuable and rare, magnet REE metals.
The rare earth discovery has also been confirmed from drilling to be associated with several gold occurrences up to 1.7g/t in the area.
These results following on from the first round of REE assays received, where with the highest TREO concentration was 3872ppm1 and confirm the continuity of mineralisation both down-hole and between holes over at least 1km2 , which remains open in all directions (refer to Table 1 Appendix 1 for a full table of results).
The assays of diamond drill core from the alkaline intrusion at North Stanmore extend into the range of HREO/TREO ratios shown by the saprolite clay REE hosted system. This indicates that the saprolite clay hosted REE mineralisation was likely derived from the alkaline intrusion at North Stanmore.
“Victory is very excited to confirm the significant extension of a high-grade rare earth element mineralisation that now covers an area approximately one sq. km,” Executive Director Brendan Clark said.
“Victory’s technical team believes the Company’s discovery could become a large, rare earth system based on the latest assay results and confirmation that the alkaline intrusion has the same ratios of HREO/TREO as the clay hosted system 3.5km to the south”.
“The outlook is very promising as the company also anticipates that the reported assay results will improve from future drilling activities as both the drilling and sample collection method for this program were initially designed for gold exploration and not for the collection of rare earth element-bearing samples.”
For further information please visit: https://www.victorygoldfields.com.au/
