The total resource estimate at VTM’s North Stanmore now stands at 235Mt
Around 149Mt or 63% resides in the indicated category
A scoping study will be completed in Q3 alongside partnership and offtake discussions
Special report: Victory Metals’ newly defined 235Mt resource at North Stanmore, of which 63% resides in the indicated category, represents the largest indicated resource of Australian heavy rare earths dominant deposits.
Victory Metals’ (ASX:VTM) recent leach testwork results on beneficiated samples highlighted increased recoveries for an ionic regolith clay rare earth asset of 93% for critical magnet metals praseodymium, neodymium, dysprosium and terbium.
These high recoveries were achieved with low temperature, short leach time, low acid consumption, low-cost acids, low radioactivity and low impurities, setting it up to contribute to the global drive for new, ethically sourced non-Chinese heavy rare earth supply options.
With its unparalleled ratios of critical heavy rare earth elements and associated by-products such as scandium, copper, cobalt, and nickel, VTM believes North Stanmore holds immense promise.
Largest indicated resources of HREE projects in Oz
The company’s new updated resource for North Stanmore represents the largest indicated resources of Australian heavy rare earth element dominant projects.
Of the total 235Mt, around 149Mt or 63% resides in the indicated category with a near surface higher grade domain of 45.9Mt at 1050ppm TREO supporting a development strategy designed to rapidly deliver new HREE supply to address global demand.
North Stanmore June 2024 updated MRE composition. Pic: Victory Metals
Hafnium, a high value product and critical metal with key applications in defence functions and the aerospace industry has also been confirmed at North Stanmore, highlighting the potential to deliver future critical materials required for the energy transition and beyond.
Current ex-China producers like Lynas (ASX:LYC) also recognise the importance of adding heavy rare earths like terbium and dysprosium to their production profiles, with the majority of their basket value in lights neodymium and praseodymium. Terbium and dysprosium, also used in permanent magnets, are more scarce and carry much higher unit prices.
But North Stanmore’s recent mineral resource update shows heavies come in at 35% of the metal content by weight and a massive 67% in the basket, demonstrating its unique and advantageous composition in the Australian rare earths sector.
Completion of scoping study earmarked for Q3
“Critically, North Stanmore’s regolith clay-hosted mineralisation overlying an alkaline intrusion is expected to allow for highly efficient mixed rare earth carbonate production that is heavy rare earth dominant, and therefore significantly more valuable than the majority of REE projects currently in development globally,” VTM CEO Brendan Clark says.
“This dynamic has driven significant interest from potential offtake partners seeking primarily heavy rare earth element (vs light rare earth element) security of supply who have compared the North Stanmore HREE enriched deposit to existing world class HREE operations in southern China.
“Our successful exploration and advancement efforts to date are set to be supported by the completion of a scoping study during Q3 2024.”
This article was developed in collaboration with Victory Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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