Highlights

• Viking Mines has engaged MEC Mining to conduct a mineral resource assessment of the First Hit Gold Mine.
• The assessment will evaluate geological models and historical mining information to identify opportunities for defining the project’s mineral resources.
• Historical drilling and face sampling data indicate the high-grade nature of mineralisation of the project.

Viking Mines Limited (ASX:VKA) has appointed MEC Mining, an international technical consulting firm, to conduct a mineral resource assessment of its First Hit Gold Mine, located in the Eastern Goldfields region of Western Australia. This assessment is part of VKA’s recently announced strategic review aimed at unlocking the potential of its high-grade gold assets.

The assessment will examine several aspects of the First Hit Deposit, including the geological model of mineralisation, pegmatite model that outlines mineralisation, potential for remaining unmined mineralisation, and the extent of historical mine workings. By evaluating these factors, the company aims to identify opportunities for unmined mineralisation that could be economically viable in the current high gold price environment.

Resource expansion potential of First Hit Gold Mine

Data and image source: Company update

The mine ceased operations in 2003 after producing nearly 30k ounces of gold at a mined grade of 7.7g/t Au. Historical production records indicate a positive reconciliation from the calculated mined grade compared to the mill production records.

Numerous significant intersections reported in historical drilling and face sampling data emphasise the exceptionally high-grade nature of the mineralisation.

Data source: Company update

In 2021, VKA completed drilling at the mine, suggesting that the deposit remains open at depth. The two drillholes tested below the historical workings returned the following results-

• VDD015: 7.06 metre @ 5.93g/t Au from 296.94 metre, including 0.5 metre @ 71.64g/t Au from 302.8 metre.
• VDD013: 5.0 metre @ 3.67g/t Au from 323 metre, including 1.0 metre @ 11.16g/t Au from 325 metre

Targets generation at First Hit Gold Mine

The company has initiated target generation across its ~480km² land package, focusing on the high priority area, including the 25km strike length of the Zuleika shear, located adjacent to the First Hit Gold Mine. Significant early-stage targets have been identified through magnetic geophysics and geochemistry, although these have been subjected to limited bedrock drill testing.

Insights from the gold mine indicate that gold anomalies may display very weak signatures. The mineralised structure of the project is marked by low-grade anomalies of ~5ppb gold, suggesting that even low-level anomalies will need follow-up.

Initial assessments indicate that future exploration will require testing across horizons with overlapping drill fences, as there is insufficient drilling data over the large areas being assessed, and the narrow vein style of mineralisation is being targeted.

Any drill program in the new target areas will likely need multiple phases of drilling. Success will be gauged by identifying potential mineralised horizons. Drill fences could be spaced several kilometres apart as large area is being assessed, and narrow vein intersections of 1-2m may indicate success.

The results slightly above background levels likely to indicate a fertile structure, requiring follow-up along strike to find areas with concentrated mineralisation.

VKA shares traded at AU$0.009 apiece on 24 October 2024.