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Viking Mines (ASX: VKA) kicks off growth-focused vanadium drill program at Canegrass

June 06, 2023 10:45 AM AEST | By Ankit Sethi
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Highlights

  • The Murchison region situated Canegrass Battery Minerals Project of Viking Mines has a large undeveloped Inferred Vanadium Mineral Resource Estimate (MRE)
  • One of the objectives of the drilling program is to improve confidence in the project’s current MRE of 79Mt at 0.64% V2O5
  • The second goal is to grow the Mineral Resource base at Canegrass by discovery of new vanadiferous titanomagnetite mineralisation beyond the current MRE
  • Drilling results are expected in late July 2023

ASX-listed exploration company Viking Mines Limited (ASX: VKA) -- with the Perth, Western Australia located Canegrass Battery Minerals Project -- has commenced a ~6,000m drilling programme at the flagship Canegrass Project. The drilling activity, which will target extension and discovery of new high-grade Mineral Resources outside of the current MRE (79Mt at 0.64% vanadium pentoxide) would take nearly four to six weeks to complete.

Viking Mines states that the latest drilling -- to be undertaken by contractor TopDrill -- will build on previous high-grade hits. These hits include the recent 17m at 0.98% vanadium pentoxide, including 12m at 1.06% vanadium pentoxide.

Source: Company update

Drilling program

The ~40-hole (reverse circulation) drilling program using the contractor TopDrill has commenced at Canegrass. The company states that one of the goals is to increase confidence in the project's current Mineral Resource Estimate by way of undertaking drill testing within the existing MRE limits. This will help in establishing and improving the present geological interpretation.

The other objective, Viking Mines states, is to grow Canegrass Project's Mineral Resource base by way of discovering new vanadiferous titanomagnetite mineralisation. This will be done by drill testing targets that exist beyond the current MRE. The two goals will be met by a comprehensive drilling program along the extensive 8km-long VTM horizon.

Drill Target Areas

The program is divided into six focus areas, and the majority of the activity is focused on the expansion of VTM Resource outside of the existing MRE.

Viking Mines has stated that the specified drilling strategy is to discover higher grade mineralisation (>0.8% V2O5), which can provide the "best foundation" to commence a Scoping Study at a later stage.

Source: Company update

Additionally, VKA has mentioned that the results from the drilling program will likely be out later next month, coinciding with the first results from the metallurgical program. Future updates from the company can be about drilling completion and outcomes, metallurgical testwork results, and a comprehensive follow up metallurgical and drilling activity.

VKA shares jump over 12.5%

Company’s ASX shares traded at AU$0.009, up over 12%, with market cap of over AU$8 million at the time of writing on 6 June 2023.


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