What's Happening?
Victory Metals has announced an updated mineral resource estimate for its North Stanmore heavy rare earth elements (HREE) project in Western Australia. The project is rich in dysprosium and terbium, which are crucial for producing durable magnets and supporting clean energy technologies. Additionally, North Stanmore holds significant scandium resources, essential for developing lightweight aluminum alloys used in various high-tech industries. The updated mineral resource estimate now stands at 320.6 million tonnes at 510 parts per million of total rare earth oxide, with a high-grade shallow zone identified. This follows a successful drilling program that uncovered ultra-high HREE ratios, leading to a resource increase valued at $3500 per 1Mt added.
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Why It's Important?
The resource upgrade at North Stanmore underscores its strategic importance in the global rare earths market, particularly for clean energy and high-tech industries. The presence of dysprosium and terbium is vital for the production of technologies that facilitate a transition to cleaner energy solutions. Scandium's role in creating durable aluminum alloys further highlights the project's potential impact on automotive, aerospace, and defense sectors. The increased resource estimate strengthens Victory Metals' position in ongoing funding discussions and supports the project's pre-feasibility study, potentially leading to long-term economic benefits.
What's Next?
Victory Metals plans to progress the development of North Stanmore, aiming to support a mine life exceeding 30 years. The company is focused on further resource growth while prioritizing development efforts. The mineral resource estimate will inform funding discussions and underpin the project's pre-feasibility study. Victory Metals has successfully produced a mixed rare earth oxide product from North Stanmore, which may attract interest from stakeholders in the mining industry.
