Viking on front foot with First Hit follow-up

Viking Mines (ASX:VKA) is gearing up to conduct an aircore or reverse circulation drilling program at its First Hit Lithium Project in Western Australia, upon identifying 19 lithium anomalies and 8 priority targets. 

The planned drilling program will be testing the anomalies uncovered, subject to more ‘positive’ results being received. 

Viking Mines, which has a market capitalisation of $11.27 million, conducted a 1,220-hole auger program at First Hit and the results returned 19 lithium anomalies throughout the area and 8 immediate priority targets. 

The 8 priority targets have associated caesium, tantalum, and thallium anomalies which are characteristics of lithium-caesium-tantalum (LCT) pegmatites known to host spodumene mineralisation. 

Peak lithium assay values of 138 parts per million (ppm) were received, while 95 samples returned values greater than 50ppm. 

Viking Mines Managing Director and Chief Executive Officer (CEO) Julian Woodcock says the company is fully funded for ongoing exploration activity with more than $5 million cash at the end of the December quarter.

“Many of the anomalies are continuous over multiple auger traverses and, in places, are associated with previously identified pegmatite outcrops. These results reaffirm the company’s belief that there is significant potential to discover LCT pegmatites on our tenure. 

With a substantial land package of 493km-square in this growing lithium district, Viking is well placed to add significant value to the company.”

The company reports the anomalies are ‘significant’ in size, with the 3 ‘largest’ anomalies being Heimdall which is 2km by 0.6km, Odin which is 1.2km by 0.9km, and Thor which is 1km by 0.5km. 

At Odin, lithium values are considered to be very ‘significant’, with 16 high tenor values greater than 50ppm and up to a peak of 121ppm lithium. 

The anomaly is open to the southwest, leading on to Viking’s tenure under application. 

The Thor anomaly also had multiple ‘high tenor’ lithium hits up to a ‘high’ peak value of 138ppm and second ‘high’ value of 111ppm, 400m south on the adjacent line. 

Meanwhile, the Loki transported lithium anomaly warrants further investigation, as it is a ‘large’ more than 50ppm lithium anomaly measuring 1.6km by 1.7km with peak value of 74ppm lithium. 

Viking plans to investigate if Loki is caused by a more discrete but ‘higher grade’ target, producing the ‘large’ dispersion halo which has not been effectively sampled by the auger program and lies beneath the interpreted transported cover or an additional source to the east. 

Further, Viking Mines is pursuing prospective tenure around the substantial landholding established on the Mt Ida Fault. 

The total land position stands at 493km-square, with 281km-square granted tenure and 213km-square under application. 

Currently, application E30/570 is progressing through the approvals process, while E30/571 was subject to a ballot on 31 January 2024 in Kalgoorlie. 

As previously reported, Viking Mines secured 2 out of 4 ballots, obtaining additional tenure adjacent to Ora Banda Mining (ASX:OBM) which has recently divested the lithium rights into a joint venture with Wesfarmers Chemicals, Energy, and Fertiliser for $26 million. 

The company says recent results from the auger program supports its strategy in exploring for lithium in the prospective district, alongside securing a ‘substantial’ land position. 

Viking Mines is a battery minerals-focused explorer with assets in Western Australia. The company’s assets are considered to be prospective for lithium, gold, and vanadium.

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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.