Victory Metals Limited (ASX:VTM) drilling update

Victory Metals Limited (ASX:VTM) has announced the commencement of a 5,000m aircore drilling program at the North Stanmore Heavy Rare Earth Elements (HREE) Project in Western Australia. The drilling is scheduled to be completed by the end of September 2024 and aims to significantly expand the existing Mineral Resource Estimate (MRE) of 235 million tonnes, including 79,200 tonnes of Total Rare Earth Oxides (TREO) and 28,000 tonnes of Heavy Rare Earth Oxides (HREO).

Executive commentary on drilling commencement

Victory's CEO and Executive Director Brendan Clark expressed enthusiasm about the drilling program, highlighting the company's unique position in the global rare earths market and its potential to become a key player in the global supply of critical materials. The focus remains on rapidly advancing the existing heavy rare earth and critical metals resource while exploring the global scale of North Stanmore to drive shareholder value.

Summary of drilling update and outlook

Victory Metals Limited has initiated a significant drilling program at the North Stanmore Heavy Rare Earth Elements (HREE) Project, aiming to expand the existing Mineral Resource Estimate. With the potential to become one of the largest heavy rare earth discoveries globally, the company's focus on advancing the existing resource and exploring the global scale of North Stanmore demonstrates its commitment to driving shareholder value. The project's substantial combined MRE and the drilling of two further RC holes south of the existing MRE area indicate the company's ambitions to solidify its position in the global supply of critical materials. The announcement reflects Victory Metals' dedication to capitalizing on the current market conditions and its strategic vision for the future.