Viking begins Canegrass MRE update expansion

Viking Mines (ASX:VKA) has appointed consultants from MEC Mining to undertake an updated JORC Mineral Resource Estimate (MRE) for the Canegrass Battery Minerals Project in Western Australia. 

Viking, which has a $10.76 million market capitalisation, says updated MREs will be completed for the Fold Nose and Kinks deposits, while a ‘highly anticipated’ maiden MRE will be completed for the Kinks South target area.

The updated MREs are scheduled for completion during the December quarter.  

These planned MREs follow an ‘extensive’ 7,500m reverse circulation (RC) drill program that focused on extending and growing the already ‘substantial’ MRE of 79 million tonnes (Mt) at 0.64% vanadium pentoxide (V2O5) for both Fold Nose and Kinks. 

Key results from this drilling work include hole VCRC0027 with 42m @ 0.74% V2O5 from 79m, including 17m @ 0.8% V2O5 from 83m and 8m @ 0.99% V2O5 from 108m from Fold Nose; and hole VCRC0021 with 40m @ 0.75% V2O5 from 202m including 27m @ 0.83% V2O5 from 203m from Kinks. 

Meanwhile, drilling at the Kinks South target returned vanadium grades of up to 0.98%. 

Kinks South does not form part of the current inferred JORC 2012 MRE for the Canegrass project and, as such, presents a ‘substantial’ opportunity to grow Viking’s mineral resource base. 

The company notes Fold Nose will be extended to surface in the north, south, and west from the current MRE limits as proven by drilling. 

At Kinks, drilling delineated a ‘high-grade’ component ‘substantially’ higher than the current Kinks MRE average grade of 0.57% V2O5 and extended mineralisation to surface. 

Both of these achievements are expected to improve the quality of the MRE.  

Addressing the MRE update, Viking Mines Managing Director & Chief Executive Officer (CEO) Julian Woodcock says: “We are extremely pleased to have engaged MEC Mining to complete the updated MRE for the Canegrass Project, which is tracking on schedule to be released in the December quarter. 

The high-grade results received from our 7,500m drill program reaffirm our belief that there is significant potential to define a high-grade component at the project

The high-grade results received from our 7,500m drill program reaffirm our belief that there is significant potential to define a high-grade component at the project. 

The inclusion of the Kinks South Target will deliver additional mineralisation to the Global MRE inventory and, crucially, is expected to provide high-grade material based on the grades observed in the drilling. 

Combining this with the growth anticipated at Fold Nose and the delineation of a high-grade zone at Kinks, I am excited by the prospects of delivering a high-grade subset of the MRE towards our target of >30Mt >0.9% V2O5.” 

Viking Mines is a diversified explorer with assets in Western Australia and Ghana. The company’s Canegrass project is located in the Murchison region of Western Australia, about 620km northeast of Perth. 

Viking Mines had $4.132 million cash and cash equivalents at hand as of 30 June 2023, and the company received an additional $3.3 million through a settlement payment to its Ghanaian subsidiary in September. 

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Images: Viking Mines
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.