Critical minerals explorer Viking Mines (ASX:VKA) has intersected ‘thick’, massive magnetite zones from recent reverse circulation (RC) drilling at the Fold Nose target area within its Canegrass Battery Minerals Project in Western Australia.
The company, which has a $12.30 million market capitalisation, says these zones were encountered in many drillholes and are supported by magnetic susceptibility measurements taken on drill samples.
Viking reports drilling at Fold Nose has demonstrated multiple and consistent thick zones of massive magnetite, which is the known host to vanadium mineralisation at Canegrass.
Meanwhile, drilling at the Fold Nose South and North Extension targets has intersected variable magnetite horizons, confirming the geology continues into these areas from the Fold Nose deposit.
Up to 7,000m of drilling was conducted across 8 target areas and was designed to extend and grow the already ‘substantial’ Inferred Mineral Resource Estimate (MRE) of 79 million tonnes (Mt) at 0.64% vanadium (V2O5) estimated at the Fold Nose and Kinks deposits.
Key results include hole VCRC0026 with 3 zones totalling 53m of ‘strongly’ magnetic horizons containing 3 bands totalling 34m of logged massive magnetite; and hole VCRC0027 with 4 zones totalling 71m of strongly magnetic horizons containing 4 bands totalling 52m of logged massive magnetite.
With the 7,000m drill program now complete, Viking Mines announces all samples have been despatched to a laboratory, with results of the program expected to be received in late July to August.
Following the return of results, Viking will engage an external contractor to undertake geological modelling and mineral resource estimation using these recent results.
Commenting on the results, Viking Mines Managing Director & Chief Executive Officer (CEO) Julian Woodcock says: “The drilling at Fold Nose has confirmed for the presence of thick magnetite zones within the limits of the Resource at Fold Nose. Encouragingly, we have also intersected magnetite outside of the current resource limits at the Fold Nose South & North Extension targets, giving us the potential to extend the resource into these areas.
“These newly drilled holes are infilling and expanding off the current MRE and provide the opportunity for Viking to grow the resource”
These newly drilled holes are infilling and expanding off the current MRE and provide the opportunity for Viking to grow the resource. We look forward to receiving the assays in the coming weeks and working towards our objective of defining a high-grade component to the resource at Canegrass to deliver >30Mt >0.9% V2O5.”
Viking Mines is an explorer working to identify strategically positioned base and precious metal assets. The company’s Canegrass Project is located about 620km northeast of Perth in the Murchison region of Western Australia and boasts access via sealed roads from the nearby township of Mt Magnet.
Viking Mines had $3.35 million cash at hand as of 31 March 2023, as stated in its latest quarterly release. However, this was increased to $4.35 million following a payment received in Ghana subsequent to the quarter end.
Write to Adam Drought at Mining.com.au
Images: Viking Mines Ltd
