Viking Mines seeks to increase confidence in Canegrass battery minerals resource

Viking Mines (ASX:VKA) plans to increase the Canegrass Battery Minerals Project’s resource confidence to indicated, while continuing to review and conduct due diligence on a vast array of mineral acquisition opportunities. 

As previously reported, during the first quarter, Viking completed a pit optimisation study that demonstrates the potential for positive economic viability. 

Viking, which has a market capitalisation of $11.27 million, will now review the study’s outputs and assess infill drill requirements in order to boost the resource confidence. 

The company will initially focus on the Fold Nose deposit as the in-pit Mineral Resource Estimate (MRE) is of sufficient size to assess the potential for a 15-year mine life project, with optionality remaining for further feed from the Kinks and Kinks South areas. 

Viking also reports in its latest quarterly, that second-stage metallurgical testwork is advancing, with vanadium extracted from the magnetite through conventional roasting methodology and progressing with bulk roast testing and purification to produce more than 98% vanadium oxide flake. 

On 11 March 2024, the company reported further results of the second-stage testwork program, which delivered vanadium recoveries up to 93.2% via a water leach, representing a total recovery of 86.7% vanadium oxide from the ore feed. 

At the First Hit Lithium and Gold Project, 19 individual anomalies were defined, with eight ranked as high priority, which require immediate follow-up fieldwork and exploration. 

The company also expanded the First Hit project during the quarter, with the land position now totalling 493km2, as this news service previously reported

The Viking Mines board believes the company is “uniquely positioned” to capitalise on some of the opportunities that exist in the sector. The company is particularly focused on acquiring advanced future metal projects. 

The company says it will update the market on any opportunities proceeding to a more formal stage in due course. 

As of 31 March 2024, the company had $4.437 million in cash and cash equivalents at hand, according to its latest quarterly report. 

Viking is poised to attend the RIU Sydney Resources Round-up at Darling Harbour’s Hyatt Regency Hotel on 7-9 May 2024. Last year’s RIU Sydney Resources Round-up attracted more than 1,500 delegates, making it the busiest since its inception in 2004.

With over 800 of last year’s delegates coming from the investor or broker/fund categories, this conference offers investor engagement opportunities.

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Images: Viking Mines
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.