Viking Mines (ASX: VKA) boosts lithium exploration landholding; kickstarts auger drilling at First Hit

Highlights:

• Viking has increased its land position to ~291km² with the acquisition of a strategic tenement on the Mt Ida Fault zone.
• The Ida Fault hosts significant lithium deposits, including the Mt Ida Lithium Project 60km to the north.
• Auger drilling at the First Hit Lithium & Gold Project is planned along the highly prospective 26km strike length.

Viking Mines (ASX: VKA) has acquired tenement E30/505 on the Mt Ida Fault zone, increasing its land position in this prospective lithium district to ~291km².

Meanwhile, the Company has kicked off first phase auger drilling totalling ~1,200 holes at the First Hit Lithium & Gold Project, located west of Menzies in the WA Goldfields. The campaign is aimed at assessing an extensive 26km strike length covering >55km² of tenure.

This is what VKA MD & CEO Julian Woodcock commented among other things:

Identified Lithium Anomalies

The limited historical data and identified lithium anomalies in soil samples and rock chips on Viking’s wholly owned tenure have been reviewed. As per the company, the prominent anomalies are present at E30/529 with numerous zones >50ppm lithium up to 250m wide and 700m long.

The orientation of the anomalies indicates NW-SE striking to be the potential source of mineralisation. This is similar to the orientation of pegmatites defined at the First Hit Project.

At the tenement acquired, E30/505, VKA conducted assessment for the rock chip data with results up to 400ppm Li and related high elevated Rb values up to 3,000ppm.

The historic literature searches have detected several interpreted pegmatites, building a NW-SE trending swarm across the tenement. Additionally, data from the satellite imagery has demonstrated many NE-SW striking features, corresponding with the historical data.

1,200 Hole Auger Programme Underway

Viking has initiated the auger drilling program for around 1,200 holes across the primary tenement holdings at the Project, along the Mt Ida Fault.

The main goal of the operations is to collect samples to study different elements, mainly Li and Au. 

More about the new acquisition

Viking has acquired a 95% interest in the E30/505 tenement, situated next to the west of the Company’s present tenure.

Also, VKA has pegged more tenements to the east and west. The approval process for E30/570 is underway whilst E30/571 is subject to a ballot with three other parties, the date of which is yet to be announced by the WA government. Currently, the total land package including applications stands at >535km².

Forward path

The Company will continue to advance exploration at the First Hit Project to detect high-quality targets. Furthermore, follow up exploration work will be held to deliver economic deposits for Au and Li.

Viking is planning to wrap up drilling of auger holes and sample collection this month itself. The samples will be deposited at the labs for analysis of multiple elements, and assays are likely to be announced in the March 2024 quarter.

VKA shares traded at AU$ 0.013 on 27 November 2023, up over 8% from the last close.