Viking Mines (ASX: VKA) reports thick zones of massive magnetite at Fold Nose

Highlights

• Thick massive magnetite zones (mineral host to Vanadium at Canegrass) have been intersected at the Fold Nose target of the Canegrass Battery Minerals project.
• Drilling at the Fold Nose South and North Extension targets confirms that geology continues in these areas from the Fold Nose Deposit.
• The drill program results are expected to be received by the end of July or early August.

Viking Mines Limited (ASX: VKA) has shared an update from drilling at the Canegrass Battery Minerals Project – situated in the Murchison region of Western Australia.

Drilling at the Fold Nose target has intersected consistent, thick massive zones of magnetite. Drilling at the Fold Nose South and North Extension targets have returned variable magnetite horizons, reflecting the continuous geology from the Fold Nose Deposit.  

VKA conducted drilling across eight target areas with the aim to grow and extend the Inferred Mineral Resource Estimate of 79Mt at 0.64% V₂O₅ at the Kinks and Fold Nose deposits.

The company informed that all drill holes have reported magnetic intervals, and here are the selected highlights.

Results on three of the eight areas tested (Data source: Company update) 

More

Drilling at the Fold Nose targets examined the current MRE extents and extensions to the south and north for additional vanadium mineralisation. Along with the existing MRE of Fold Nose – 59Mt at 0.66% V₂O₅ for 0.86 billion pounds of V₂O₅, VKA has also wrapped up Exploration Target Estimate (ETE) at the North and South extension target areas of – 64.0Mt to 85.3Mt @ 0.43% to 1.07% V₂O₅ for 0.61 to 2.02 Billion Pounds of V₂O₅. 

This is part of the total ETE for the Canegrass Project of - 144Mt to 192Mt at 0.45% to 0.99% V₂O₅for 1.44 to 4.19 Billion Pounds V₂O₅.

Upcoming activities by Viking

The current focus of Viking is to receive drilling results, complete initial interpretation and QAQC analysis.

The upcoming activities and priorities are:

• Throughout July/ August, the receipt of drillhole outcomes from ALS Geochemistry.
• To conduct initial assessment and interpretation of assay results.
• To examine results from the preliminary sighter metallurgical testwork programme once received.
• Rope in an external contractor to conduct MRE and geological modelling by utilising the recent drilling results.
• Include Ni, Cu and Co estimation into the resource estimate to evaluate the potential of these battery materials.

VKA shares traded at AU$0.012 on 20 July 2023.