Viking Mines (ASX: VKA) reports high-grade vanadium finds at Fold Nose, Canegrass

Highlights

• The latest drilling results have confirmed the presence of thick zones of vanadium within the Fold Nose Deposit.
• The assay results have confirmed extensions to the existing mineralisation.
• The most significant intercept at the Fold Nose deposit included 42m at 0.74% V₂O₅ from 79m.
• An updated Mineral Resource Estimate (MRE) is expected later in 2023.

Viking Mines Ltd (ASX: VKA) has shared a new set of assay results for drilling at the Canegrass Battery Minerals project, Murchison region in Western Australia. The results have highlighted thick high-grade zones of vanadium mineralisation within the Fold Nose deposit.

The drilling program aimed to extend and grow the existing MRE of 79Mt at 0.64% V₂O₅ estimated at the Kinks and Fold Nose Deposits.

The vanadium mineralisation reported at the Fold Nose Deposit lies within and external to the existing MRE limits.

The Company informed that the results received correlate with historical drilling, which has not been incorporated into the MRE. The mineralisation is open to the west.

Data source: Company update

VKA highlighted that the results present an opportunity to enhance the quality and size of the MRE when the update is concluded later in 2023, including the previous results returned for the Kinks and Kinks South area.

Click here to know the details of the Kinks and Kinks South areas results.

Shares soar 22%

Post the update, VKA shares traded at AU$0.011 apiece on 4 September 2023, gaining over 22% from the last close.

Highlights of drilling result at Fold Nose deposit

As part of the drilling program, seven holes were drilled to examine zones within the deposit to boost confidence in historical drilling results and increase drilling density.

The selected areas indicated the opportunity to extend the existing MRE.

Following are the most significant results reported from the latest assay results –

• VCRC0027: 42m at 0.74% V₂O₅ (>0.5%) from 79m, including 17m at 0.80% V₂O₅ (>0.8%) from 83m & 8m at 0.99% V₂O₅ (>0.8%) from 108m
• VCRC0026: 38m at 0.72% V₂O₅ (>0.5%) from 138m, including 26m at 0.82% V₂O₅ (>0.8%) from 140m
• VCRC0028: 34m at 0.76% V₂O₅ (>0.5%) from 33m, including 14m at 0.85% V₂O₅ (>0.8%) from 33m & 13m at 0.81% V₂O₅ (>0.8%) from 48m
• VCRC0031: 24m at 0.81% V₂O₅ (>0.5%) from 96m

The latest assay results have also reported up to 42.5% Fe and up to 8.7% Tio₂, which is above the MRE average grade of 30.5% Fe and 6.5% TiO₂.

Key intersections included:

• VCRC0035: 14m at 39.2% Fe & 8.7% TiO₂ from 202m
• VCRC0026: 26m at 37.2% Fe & 8.0% TiO₂ from 140m
• VCRC0031: 23m at 35.1% Fe & 7.3% TiO₂ from 97m
• VCRC0026: 8m at 42.5% Fe & 8.7% TiO₂ from 108m

In several holes, substantially elevated copper, nickel and cobalt were also reported, highlighting the potential for additional credits at the project.  

Key intersections at Fold Nose North Extension (FNE)

Under the drilling program, six drillholes for 1,184m were tested, and four holes returned significant intersections.

• VCRC0034 - 18m at 0.63% V₂O₅ (>0.5%) from 202m
• VCRC0035 - 20m at 0.52% V₂O₅ (>0.5%) from 21m & 24m at 0.71% V₂O₅ (>0.5%) from 201m, including, 14m at 0.87% V₂O₅ (>0.8%) from 202m
• VCRC0030 - 11m at 0.63% V₂O₅ (>0.5%) from 65m
• VCRC0032 - 8m at 0.62% V₂O₅ (>0.5%) from 54m

The assay results have confirmed that mineralisation continues to the north, with thicker intercepts occurring near the present limits of the MRE and tampering off further north.

The company informed that an additional zone has been discovered in hole VCRC0035 that surpasses the MRE reporting cut-off of 0.5% V₂O₅.

Significant intersections at Fold Nose South Extension (FSE)

To test the FSE target, four drillholes for 384m were completed. Significant intersections included:

• VCRC0036 - 22m at 0.53% V₂O₅ (>0.5%) from 21m, including: 6m at 0.91% V₂O₅ (>0.8%) from 35m
• VCRC0038 - 14m at 0.58% V₂O₅ (>0.5%) from 4m
• VCRC0039 - 12m at 0.52% V₂O₅ (>0.5%) from 0m, and: 6m at 0.64% V₂O₅ (>0.8%) from 28m

The results have confirmed the continuation of mineralisation to the west and south, with a thicker intercept of 22m in the hole VCRC0022 occurring proximal to the current limit of the MRE and tapering off further west.

Viking Mines is yet to receive assays for remaining four drillholes from the 45 holes drilled (including 1 re-entry) as part of the ~7,500m program. The company remains focused on engaging an external contractor to undertake geological modelling and MRE.