Viking Mines (ASX:VKA) Focuses on High-Quality Gold Targets in First Hit Drilling

Highlights

• Extensive drilling campaign is underway at the First Hit Gold Project, fully funded with AU$5 million in cash.
• The phased 20,000-metre drilling program prioritises high-quality near mine and greenfields gold targets.
• The focus is on identifying high-grade gold within the greenstone belt along the Zuleika Shear and near the existing processing infrastructure.

Viking Mines Limited (ASX:VKA) has outlined gold drilling targets for its recently commenced ~5,000m drilling program at the First Hit Project that is part of the multi-phase ~20,000m drilling program. The initial phase of drilling will focus on high-quality near mine targets and first pass drilling at high-priority zones along a 25km stretch of the Zuleika Shear. The Zuleika Shear is a well-known structural belt recognised for its substantial high-grade gold endowment.

Data source: Company update

The initial program is expected to be completed before the end of the December quarter, with assay results anticipated at the beginning of 1Q 2025. Following this, the company will continue to develop drill targets and refine drilling plans  to advance Phase 2, scheduled to begin in February 2025. Additionally, the focus will be on completing the resource assessment of the First Hit Gold Mine and establishing a JORC (2012) resource estimate.

Drill targets under the Phase 1 drilling program

The Phase 1 drilling program will focus on two key areas – First Hit and Zuleika Shear.

First Hit – At the First Hit Project, the current drill program aims to test multiple near mines and high-grade drill targets.

Data source: Company update

High priority targets at Zuleika Shear

The First Hit Project covers a 25km strike length of the Zuleika Shear, which hosts major gold deposits and is located immediately adjacent to the 1.3Moz Riverina-Mulline Gold Camp, owned by ASX-listed Ora Banda Mining.

Geological data assessment and exploration targeting conducted by VKA have highlighted a significant greenfields exploration opportunity at the Zuleika Shear. Notably, no bedrock drill testing has been conducted along the majority of the 25km strike.

While certain areas of the belt have been drilled previously, results confirmed the presence of high-grade gold mineralisation, warranting further follow up. These areas will be included in the expanded drilling campaign.

Drilling strategy

VKA plans to adopt a multi-phase exploration strategy to assess the expansive Zuleika Shear greenfields target area, which is characterised by shallow cover.

The initial Phase 1 drilling program includes ~4,400m of RC drilling across three heel-to-toe drill fences at the Northern Duplex, covering a ~2.8km strike length. This phase aims to gather bedrock data and identify mineralised structural pathways through gold analysis. 

Phase 2 will build on these results, focusing on testing mineralised structures along strike with 200-300m spaced drill fences to locate zones where the structures have thickened and recorded higher-grade mineralisation. Additionally, Phase 2 will introduce first pass drill fences at the Central Duplex, while continuing to follow up the Northern Duplex target. 

VKA shares were trading at AU$0.013 apiece at the time of writing on 21 November 2024.