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Highlights
- Viking Mines announced a high-grade Inferred Mineral Resource Estimate (MRE) of 83,800 tonnes at 7.0 g/t gold totalling 19,000 ounces at the First Hit Gold Mine.
- The deposit is located on the company’s 100%-owned Mining Lease M30/99.
- The company sees potential to extend mineralisation beyond the current drill limits.
Viking Mines Limited (ASX:VKA) has reported a high-grade JORC (2012) compliant inferred mineral resource estimate (MRE) for its First Hit Gold Mine.
The MRE totals 83.8kt at 7.0 g/t gold for 19k ounces of gold This estimate reflects the remaining mineralisation at the mine after accounting for depletion from previous mining activities, which ceased in 2002.
The deposit is located within Viking’s 100%-owned and granted Mining Lease M30/99.
With the completion of the JORC-compliant resource estimate, the company is now focused on exploring strategic pathways to unlock value from the identified mineral resource. VKA sees potential for extending mineralisation beyond the current drilled limits.
MEC Mining has completed the MRE for the First Hit Gold Mine, incorporating all historical data from the deposit and creating new wireframes to define the mineralisation.
The First Hit mine last operated in 2002, when gold was priced at approximately US$325/oz, and the resource was modelled at a 2.0 g/t cut-off grade.
Further plans
Data source: Company update
The company has indicated that efforts are currently underway to define a high-grade JORC exploration target for the depth extensions of First Hit. Additionally, the company is exploring options for future drilling.
VKA shares were trading at AU$0.009 per share at the time of writing on 23 January 2025.
