Viking Mines (ASX: VKA) earns 25% stake in Canegrass, progresses to stage 2 of Farm-in Agreement

August 16, 2023 01:45 PM AEST | By Sonal Goyal
Follow us on Google News: https://kalkinemedia.com/resources/assets/public/images/google-news.webp


  • Viking has earned a 25% interest in the Canegrass Battery Minerals Project after completing stage 1 of the Farm-in Agreement (FIA)
  • The Company has decided to proceed with stage 2 of the FIA to earn an additional 24% interest in the project.
  • As of 31 July 2023, AU$1.28 million has been spent on the project.

Australian Company Viking Mines Limited (ASX: VKA) has earned a 25% equity stake in the Canegrass Battery Minerals Project, located in the Murchison Region of Western Australia. The development follows the completion of stage 1 of the farm-in agreement with a subsidiary of Red Hawk Mining Limited (ASX: RHK).

Data source: Company update

Stage 1 included AU$1 million exploration expenditure towards the project within 18 months of commencement of the agreement.

With the completion of stage 1, Viking has elected to proceed with stage 2 of the agreement, with which the Company will earn an additional 24% stake in the project. Stage 2 involves further exploration expenditure of AU$1 million in the next 12 months, taking the total expenditure to AU$2 million.


The schedule and the status of the farm-in agreement are provided in the table below –

Image source: Company update

Viking informed that as of 31 July 2023, it had spent AU$1.28 million on the project and is required to spend an additional AU$0.72 million within a year to complete stage 2 of the agreement and earn an additional 24% interest in the project.

Plans ahead

Viking is awaiting drill assays and assessing the drill results to complete the interpretation of the Vanadiferous Titanomagnetite horizon.

The Company is seeking an external consultant to conduct resource modelling to generate an updated JORC (2012) MRE for the project.

In addition, the Company is continuously evaluating opportunities for processing options to increase value via recovering further products from the mineralisation.

VKA shares traded at AU$0.011 on 17 August 2023 with a market capitalisation of AU$11.27 million.



The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Two ASX Listed Stocks Giving Bullish Indications

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.