Victory (ASX:VTM) achieves low-cost recovery at North StanmoreFebruary 6, 2024
Victory Metals has achieved low-cost rare earth recovery with high proportions of valued dysprosium and terbium at its North Stanmore discovery, marking a victory for the heavy rare-earth asset on the ascent in the Cue region of Western Australia.
While early days, the 73.6% dysprosium and 10% terbium result is a stand-out, particularly compared to the respective 9.4 and 1.6 percentages from the heavy rare-earth concentrate now being produced at Serra Verde’s Pela Ema deposit in Brazil.
Victory Chief Executive Officer and Executive Director Brendan Clark said increasing global demand for heavy rare-earth elements including dysprosium and terbium alongside its own high ratios, exceptional recoveries, and low processing costs had enhanced the commercial viability of North Stanmore.
“These positive metallurgical test results, and the fact that Victory has already produced a mixed rare-earth element carbonate test product, are expected to work towards an upgrade of the company’s JORC mineral resource estimate from inferred to the higher confidence indicated category,” Mr Clark said.
“The MRE upgrade is advancing with drill assays being reported on time, further progressing Victory’s activities towards the company’s vision of becoming a low-cost producer of the heavy rare-earths, in particular dysprosium and terbium that are critical elements for both the renewable energy transition and defence sector, and which have a restricted supply chain currently dominated by China.”
Mr Clark added he was also excited with the sector’s advancement with the commissioning of the Serra Verde processing plant, showing great potential for clay projects benefiting from high ratios of heavy rare-earth elements to become operational.
“North Stanmore also benefits from far higher levels of these valuable elements, Dy and Tb, being situated in Western Australia – voted as one of the best mining jurisdictions in the world by the Fraser Institute, being located on Crown land with few stakeholders, and in a region with favourable weather conditions, giving Victory excellent confidence in progressing North Stanmore (as a) key global supplier of heavy rare-earth elements.”
And joining Victory as Head of Strategic Relations is former politician Alannah MacTiernan, who actively supported critical minerals projects across Western Australia in her government tenure, and who not long ago officially opened the Browns Range Heavy Rare Earth Project – the first producer of heavy rare-earths outside of Chinese borders.
“It is also my pleasure to welcome Alannah MacTiernan to the Victory team,” Mr Clark said.
“Alannah has an array of outstanding achievements and will be a strategic addition to introduce Victory’s world-class heavy rare-earth project to governments and industry groups both locally and internationally.”
Victory now looks toward completion of an updated resource as it begins more metallurgy with beneficiated bulk samples and creation of a second test product and a project study for the North Stanmore Ionic Clay REE discovery.
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