Nickel and REE Bearing Minerals Identified in the Stanmore Intrusion
Highlights
- Anomalous Nickel (Ni), Cobalt (Co) and Copper (Cu) identified from partial assays and confirmed by petrology and mineral chemistry to be associated with pentlandite Ni-Fe sulphide o Ni up to 1022ppm, Co up to 127ppm and Cu up to 244ppm
- Nickel (Ni) anomaly with assays >0.1% confirmed by petrology and mineral chemistry to be associated with pentlandite (Ni-Fe sulphide). Alkaline intrusions are the principal primary sources of many of the critical metals including the rare earth elements and scandium.
- This significant discovery provides a plausible source that explains the heavy rare earth element and scandium anomalism also reported by the Company approximately 4km south1 of the intrusion
- The core from the diamond hole also contains rare earth bearing minerals xenotime, apatite and zircon
- Lack of deformation textures in the core indicates that Victory’s latest discovery is post Archean and could be associated with a major plume magmatic event in the northern Yilgarn craton. The effects of this event are postulated to have extended from Lynas Rare Earths Limited’s (ASX: LYC) Mt Weld carbonatite occurrence in the east to Cue in the west2
- Victory’s discovery of the alkaline Stanmore Intrusion generates a potential 10km diameter exploration zone for critical metals such as Rare Earth Elements (REE), Nickel (Ni), Cobalt (Co) and Scandium (Sc) as well as for Gold (Au) and Platinum Group of Metals (PGMs)
- Priority fusion assay and fire assay programs have commenced for Rare Earth Elements and precious metals (Platinum Group of Metals and Gold)
- Low flying aerial magnetic survey of the area is now complete with data being processed
- Appointment of REE and Critical Metal Technical Advisor
Victory Goldfields (ASX:1VG) (“Victory” or “the Company”) is pleased to announce the discovery of an alkaline intrusive complex at the Company’s bullseye magnetic anomaly at North Stanmore.
Initial assays, with anomalous Nickel, Cobalt and Copper, have been received from one diamond drill hole designed to test the bullseye magnetic anomaly at North Stanmore. A reconnaissance petrological study is now completed. Significant results from the latest assay batch includes Ni up to 1022ppm, Co up to 127ppm and Cu up to 244ppm. Refer to Appendix 2 and 3 for a full table of assay results.
ALS laboratory has been commissioned to complete priority assays for Rare Earth Elements and Platinum Group of Metals with results expected imminently.
Victory’s Executive Director Brendan Clark commented: “Victory is extremely encouraged to have these results from just one diamond hole that was drilled in the center of the bullseye magnetic anomaly. The Company considers the outlook from further exploration of being favourable considering the type of minerology that has already been intercepted”
“With this latest discovery confirming that Victory has identified a previously unknown alkaline intrusion which are the engine rooms for formation of rare earth element mineral deposits, the Company is rapidly emerging as a multi commodity exploration Company”
“Victory has strengthened its technical team with the appointment of one of Australia’s leading REE and Critical Metal experts, Emeritus Professor Kenneth Collerson, to ensure the Company is well equipped to manage the further exploration for this outstanding discovery”
About us:
Victory Goldfields: Company Profile
Victory has systematically built a portfolio of assets in the Cue goldfields. Cue is located in the mid-west region of Western Australia, 665 kilometres 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.
The Company’s strategy is to undertake best practice exploration and development of the Victory tenements to identify Mineral Resources and Ore Reserves within its tenement land holding. Leveraging its land holding position, Victory also aims to acquire additional gold opportunities within the Cue goldfields district, either through joint venture or tenement acquisition.
