Victory Goldfields (ASX:1VG)
From Stockhead:
Number one spot goes to 1VG for its ‘HIGH VALUE CRITICAL RARE EARTH ELEMENT’ discovery at the Mafeking and North Stanmore Project, about 15km from the Cue township in Western Australia.
Investors are loving this stock up at the moment – shares surged more than 65% this morning on the news.
1VG returned 25 4-metre composite samples showing high concentrations of Total Rare Earth Oxides (TREO) that exhibit a high ratio of Heavy Rare Earth Oxides (HREO) and gold.
Highlights include average HREO of 419ppm, average TREO of 1020ppm, highest TREO concentration of 3,872ppm, intersections of up to 16m (and remain open), highest gold intersection of 0.5g/t and current strike length extending more than 1km at a width of 200m.
1VG executive chairman Brendan Clark says this is a ‘significant moment’ for the company and its shareholders.
“This exploration success is comparable to several global saprolite deposits that also contain the critical metal scandium,” Clark says.
“Adamas Intelligence forecasts that the value of global magnet rare earth oxide consumption will triple from $15.1bn in 2022 to $46.2bn by 2035 – which affirms the potential opportunity with this discovery.”
This ~$8m market cap explorer is up 5% year-to-date.
Financial indicators
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ASX 200 up 251.60 points or 3.85% since 4 July to 6,791.50. The Aussie dollar up to 69.28 US cents.
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