Victory Metals Limited reported the latest assay results from the 118-hole AC drill program at the Company's North Stanmore REE project with assays confirming a significant average Total Rare Earth Oxide (TREO) grade of 1,035ppm with valuable Heavy Rare Earth Elements ratio of 34% and critical magnet metals NdPr + DyTb 20% of total REEs. The North Stanmore project is situated approximately 10km from the town of Cue, Western Australia and is bordered to the East by the Great Northern Highway. To date the Company has completed over 16,000m of air core drilling at the North Stanmore project. Fusion ICPMS assays have been received showing REE mineralisation (>500ppm total REYO) present in over 100 drill holes. Assays for the remainder of AC drilling are currently being processed by ALS laboratory together with the remaining assays from the previous AC drilling program with all results expected to be reported by First Quarter 2023. Anomalous Y >100ppm (a vector for HREEs) and La and Nd (vectors for LREEs) recorded by p-XRF analysis now cover an area greater than 45km2 across the North Stanmore project. Ore grades of ion adsorption-type rare earth element (REE) deposits typically range from 140 to 6,500 ppm (typically 800 ppm) REY. Some of these deposits are remarkably enriched in HREEs. This reflects the presence of HREE-rich accessory minerals in the underlying source. Weatherable REE-bearing minerals, including fluorocarbonates, allanite, and titanite, are the source minerals for the ion adsorption ores. The HREE grades of the ion adsorption ores are strongly influenced by the relative abundances and weathering susceptibilities of these REE-bearing minerals. The presence of easily weathered HREE minerals in underlying lithologies is the primary control of the HREE-rich ionic clay minerals systems like North Stanmore. Solution and solid phase chemistry during development of the weathering profile may also influence REE fractionation. For example, phases like xenotime, monazite and zircon, are more resistant to chemical weathering, and thus may be partially preserved in deeply weathered regolith profiles. REE-bearing minerals are principally decomposed by acidic soil water at shallow levels in the weathering profile, and the REE3+ ions move downward in the profile. REEs mobility is caused by complexing with humic substances, with carbonate and bicarbonate ions, or is the result of REE3+ ions migrating in soil water and ground water at a near-neutral pH of 5 to 9. The REE3++ ions are removed from solution by adsorption onto or incorporated into secondary minerals. Separation of REE3+ from aqueous phases is due to a pH increase, which results from either water-rock interaction or mixing with a higher pH ground water. The REEs commonly adsorb on the surfaces of kaolinite and halloysite, to form the ion adsorption ores, due to their abundances and points of zero charge. In addition, some REEs are immobilized in secondary minerals consisting mainly of REE-bearing phosphates (e.g., rhabdophane and florencite). In contrast to the other REEs that move downward in the weathering profile, Ce is less mobile and is incorporated into the Mn oxides and cerianite (CeO2) as Ce4+ under near-surface, oxidizing conditions. This process results in the generation of Ce anomalies. chondrite normalised plots of three North Stanmore assays show positive or negative deviations in chondrite normalised CeN values from the smooth pattern that should be generated between LaN and PrN. Of the lanthanide elements, all but two (Ce and Eu), only exist in trivalent oxidation state in nature). In most igneous and metamorphic processes, the geochemical behaviour of Ce follows the trivalent lanthanides. However, Ce3+ to Ce4+ oxidation occurs at 5 log O2 units, more oxidizing conditions than required to oxidise Fe2+ to Fe3+. However, redox conditions at the
Earth's surface are sufficiently elevated for Ce to occur in the tetravalent state. As a result, rocks from active weathering zones (including soils) show mobility of Ce.