Victory Metals has initiated a significant drilling program at its North Stanmore Heavy Rare Earth Elements Project in Western Australia.
The company announced that the drilling program spans approximately 5,000m and is expected to be completed by the end of September.
The focus is on expanding the substantial mineral resource estimate in the region, which already accounts for 235 million tonnes, including 79,200 tonnes of total rare earth oxides and 28,000 tonnes of heavy rare earth oxides.
"We are thrilled to have commenced our drilling program at North Stanmore, which comes at a crucial time in the global rare earths market," said Brendan Clark, CEO and executive director of Victory Metals.
"With China's recent announcement on potential REE export restrictions and the recent subsequent rise in rare earth prices, Victory Metals is uniquely positioned to become a key player in the global supply of these critical materials."
The aircore drilling program is designed to expand the existing MRE, making North Stanmore one of the largest clay-hosted HREE deposits in Australia.
The drilling targets range up to 9km north of the existing MRE, indicating enormous potential for discoveries and enlarging the resource base.
Additionally, the drilling program will include two reverse circulation holes drilled approximately 8km south of the North Stanmore MRE area.
The targets show similar magnetic characteristics to the North Stanmore alkaline intrusion, potentially revealing new areas of significant REE mineralisation.
Victory Metals has reiterated its commitment to advancing the North Stanmore project to maximise shareholder value and enhance its position in the global rare earth market.
Regulatory approvals for the drilling of the southern targets are currently being processed.