Victory Metals’ North Stanmore Heavy Rare Earth Element (“HREE”) project (‘North Stanmore’ or the ‘Project’) is situated within the Company’s 100% North Stanmore Project is located in Western Australia, approximately 6km north of Cue, with sealed road access via the Great Northern Highway. The July 2024 MRE of 235Mt, of which 149Mt (63%) resides in the indicated category, representing the largest Indicated Mineral Resource of Australian HREE-dominant deposits has been estimated within the boundary of six tenements: E20/0971, E20/1016, E20/0871, M20/0544, P20/2468, and P20/2469.
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Key highlights of the MRE include:
- 79,200t contained Indicated MRE Total Rare Earth Oxides (TREO)
- 28,000t contained Indicated MRE Heavy Rare Earth Oxides (HREO)
- 3,010t contained Indicated MRE Dy2O3 + Tb4O7.
- Near surface higher-grade domain of 45.9Mt at 1,050ppm TREO
- Near surface higher-grade domain of 45.9Mt at 1,050ppm TREO, supports a development strategy designed to rapidly deliver new HREE supply to address global demand.
- Premium HREE ratio of 35% HREO/TREO for the Resource.
- High-value by-product Hafnium (Hf) confirmed
- Significant additional Resource growth potential, with mineralisation open in all directions and 92% of the tenement area remaining unexplored.
The July 2024 updated MRE (refer Table 1) is stated at an economic cut-off grade of ≥330ppm TREO, with no top cuts (as no extreme values that could bias the estimation were apparent). Table 1 is the summary report for the grouped REO, Table 2 outlines the higher-grade domain and associated classification, and Table 3 outlines the lower-grade domain by classification.
Table 1: North Stanmore July 2024 MRE (≥ 330ppm TREO cut-off grade)
RESOURCE CLASSIFICATION MRE TONNES (t) TREO (ppm) HREO (ppm) LREO (ppm) HREO/TREO (%) Sc2O3 (ppm) INDICATED 149,020,000 532 188 316 35 31 INFERRED 86,130,000 500 165 310 33 24 TOTAL 235,150,000 520 180 314 35 29 Numbers are rounded to reflect they are an estimate. Numbers may not sum due to rounding.
Table 2: North Stanmore July 2024 MRE higher-grade domain only (≥600ppm TREO cut-off grade)
RESOURCE CLASSIFICATION MRE TONNES (t)
TREO (ppm)
HREO (ppm)
Eu2O3 (ppm)
Gd2O3 (ppm)
Tb4O7 (ppm)
Dy2O3 (ppm)
Ho2O3 (ppm)
Er2O3 (ppm)
Tm2O3 (ppm)
Yb2O3 (ppm)
Lu2O3 (ppm)
Y2O3 (ppm)
INDICATED 32,780,000 1,025 338 8.1 32 5.3 33 6.8 20 2.9 19 2.8 208 INFERRED 13,110,000 1,113 374 9.0 35 5.8 35 7.4 22 3.1 20 2.8 234 TOTAL 45,890,000 1,050 338 8.3 33 5.4 33 7.0 21 3.0 19 2.8 215 Numbers are rounded to reflect they are an estimate. Numbers may not sum due to rounding.