Victory Metals (ASX:VTM) said the mineral resource estimate for its North Stanmore heavy rare earth elements project in Western Australia, was upgraded to 247.5 million tonnes at 520 parts per million of total rare earth oxides plus scandium oxide, the firm said in a Thursday filing with the Australian bourse.
It added that about 71% by tonnage of the resource estimate was classified as indicated mineral resources.
Drilling at the North Stanmore project to support the updated mineral resource estimate includes 755 drill holes for 42,118.9 meters. It reported high heavy rare earth oxide to total rare earth oxide ratios of 38% in the indicated category. The upgrade includes an increased scandium resource.
The updated estimate will inform a scoping study on the project, which is expected to be released in the first quarter, the firm's chief executive Brendan Clark said.
The firm's shares rose 6% in early trading on Thursday.
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