Viking Mines (ASX:VKA) has received the final assay results from recent drilling, which confirmed the discovery of further vanadiferous titanomagnetite (VTM) mineralisation within the Canegrass Battery Minerals Project in Western Australia.
The $9.22 million market capitalisation company drilled 8 target areas focused on extending and growing the ‘substantial’ inferred Mineral Resource Estimate (MRE) of 79 million tonnes (Mt) @ 0.64% vanadium oxide (V2O5) estimated at the Fold Nose and Kinks deposit.
Drilling at both target areas have returned newly discovered zones of vanadium mineralisation in an area never before drilled.
Viking Mines reports results recorded include drillhole VCRC0045 with 7m @ 0.60% V2O5 (>0.5%) from 63m, and 14m @ 0.63% V2O5 (>0.8%) from 122m; and drillhole VCRC0044 with 12m @ 0.68% V2O5 (>0.5%) from 60m.
These results confirm the hypothesis that VTM mineralisation continues between the MRE’s at both prospects and demonstrates the opportunity to grow the resource base with further drilling.
This first pass wide spaced drilling in this previously undrilled area between the MRE’s at Fold Nose and Kinks demonstrates that the target VTM horizon continues throughout the project
Commenting on the results, Viking Mines Managing Director and Chief Executive Officer (CEO) Julian Woodcock says: “This first pass wide spaced drilling in this previously undrilled area between the MRE’s at Fold Nose and Kinks demonstrates that the target VTM horizon continues throughout the project.
This provides additional optionality for Viking to further grow the resource as we continue to advance this asset and progress to the next stage of the Canegrass Project by incorporation the recent drill program results into an updated MRE later this year.”
Viking Mines is a diversified exploration company, with assets in Western Australia and Ghana. The Canegrass Project is located in the Murchison region, 620km northeast of Perth, Western Australia.
As of 30 June 2023, the company had $4.13 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Viking Mines
