Critical minerals explorer Viking Mines (ASX:VKA) has completed a 7,000m reverse circulation (RC) drilling program to grow the Mineral Resource Estimate (MRE) at its Canegrass Vanadium Project in Western Australia.
The $12.3 million market capitalisation company says the drilling comprised 44 RC holes and focused on targeting extensions, growth, and the discovery of new ‘high-grade’ mineral resources outside of the current 79 million tonne (Mt) @ 0.64% vanadium pentoxide (V2O5) mineral resource.
Assays are expected to be received by the end of July.
Viking reports drilling also tested 5 exploration targets outside of the current MRE in order to assess the potential of the 8km VTM horizon, as well as previous ‘high-grade’ hits, which include hole VCRC0006 with 17m @ 0.98% V2O5, including 12m @ 1.06% V2O5.
This hole was completed in March at the Kinks South prospect.
With assays expected by the end of July, Viking Mines announces it continues to make ‘rapid advancements’ at the project, with further activities including the completion of logging of drill chips and an assessment of target areas tested.
Other future activities include assessing results from a preliminary sighter metallurgical testwork program once received, as well as an update of the geological model following the return of all analysis results.
Commenting on the results, Viking Mines Managing Director & Chief Executive Officer Julian Woodcock says: “This is the first substantial drill campaign to be completed at the project in more than a decade, comprising 44 drill holes totalling 7,000m.
The focus of this drilling programme is to extend and grow the current Mineral Resource, while also assessing the potential of the >8km strike length of VTM mineralisation, specifically targeting a high-grade component >30Mt >0.9% V2O5.
“The focus of this drilling programme is to extend and grow the current Mineral Resource”
We have already received positive indications ahead of assay results, specifically at the Kinks South target area, with multiple thick zones of magnetite intersected. I look forward to updating the market with initial results later this month.”
Viking Mines is a critical minerals explorer focused on uncovering strategically positioned base and precious metal assets.
The company’s Canegrass Battery Minerals Project is located in the Murchison region of Western Australia, about 620km northeast of Perth, and currently hosts an inferred MRE of 79Mt @ 0.64% V2O5, 29.7% iron and 6% titanium oxide (TiO2).
Viking Mines had $3.35 million cash at hand on 31 March, which increased to $4.35 million following the receipt of funds from Ghana subsequent to the quarter’s end, as stated in its latest quarterly report released on 28 April 2023.
Write to Adam Drought at Mining.com.au
Images: Viking Mines Ltd
