High-grade vanadium results from Canegrass sent Viking Mines (ASX:VKA) shares soaring - Kalkine Media

Highlights

• Viking Mines Ltd (ASX:VKA) has received exceptional high-grade vanadium results from the Canegrass Battery Minerals Project.
• The rock chip results vary from 0.65% to 1.47% V₂O₅, averaging 1.28% V₂O₅.
• From Kinks South, assays returned 1.44% V₂O₅ which validates the potential of this target.
• According to VKA, results reaffirm extensive trend of high-grade VTM mineralisation detected in historical rock chips gathered outside of the existing Mineral Resource.

In the latest announcement, Viking Mines Ltd (ASX:VKA) revealed that it has received high-grade rock chip results of up to 1.47% V₂O₅ from a mapping and sampling program at the Canegrass Battery Minerals Project.

The campaign was conducted as part of the due diligence before execution of the Farm-In Arrangement with Flinders Mines.

The company had sent 35 samples for analysis to ALS Laboratories in Perth. These samples were collected from an >8km strike along the Vanadiferous Titanomagnetite (VTM) horizon between the Kinks and Fold Nose Mineral Resource areas.

Data source: Company update

According to the company, the assay results vary from 0.65% to 1.47% V₂O₅ and averaged 1.27% V₂O₅ over the 35 samples. VKA believes that the tenor of these results is highly significant as the Fold Nose Mineral Resource holds a grade of 0.66% V₂O₅ and Kinks has a grade of 0.57% V₂O_5. It reflects that the system hosts higher grade targets and horizons yet to be tested.

It is important to note that three samples collected from outcrop 300m SW of the Fold Nose Mineral Resource delivered grades up to 1.40% V₂O_5. As per Viking, this reflects upon the enormous potential to develop high-grade mineral resources from the resource base.

VKA shares up ~10% on assay results

VKA stock has rallied nearly 10% in today’s trading session on the Australian Securities Exchange (ASX). The gain in share price comes after the announcement of the assay results on 02 March 2023. The company has a market capitalisation of AU$12.30 million.

Details of the rock chip results

Viking newly reported rock chip sample results (stars) and historical rock chip results (dots). Note, Viking samples are annotated with the results in % V₂O₅. Background image is RTP airborne magnetics. Resources reported as per 30th November 2022.

The mapping and sampling program was conducted by Viking with the objective of detecting outcropping VTM mineralisation along the prospective horizon to confirm that mineralisation continues outside of the already defined Mineral Resources.

Data source: Company update

VKA advancing the Project at rapid pace

Viking is planning to conduct a preliminary drill program of approximately 550m at Canegrass Project site this month, while the main drill program of 4,000 to 5,450m is expected to start in the June quarter of the ongoing year.

To complete a comprehensive drilling program this year, the ASX-listed firm is undertaking necessary activities on priority.

Data source: company update