Viking Mines (ASX:VKA) to start spinning drill at First Hit Gold Project, shares jump

Highlights

• Topdrill has been engaged for 5,000m reverse circulation (RC) drilling at the First Hit Gold Project.
• Viking Mines’ landholding in the Eastern Goldfields now spans ~283 km², with additional tenement applications set to expand the total area to ~480km².
• Initial drilling will focus on priority targets within the company’s 25km stretch of the Zuleika Shear.

Shares of Viking Mines Limited (ASX:VKA) jumped by nearly 10% to AU$0.011 during morning trading hours on Wednesday (6 November 2024) following an update on drilling at the First Hit Gold Project. The company has engaged Topdrill, a drilling contractor, to conduct exploration at the project, located in western Australia.

The initial drilling will focus on testing priority targets along a 25km strike of the Zuleika Shear, an area that has seen limited modern exploration. In line with the company’s strategy to unlock the value of its high-grade gold assets, ~5,000m of reverse circulation (RC) drilling is planned to commence in November 2024.

Expansion of landholdings in the Eastern Goldfields

The company has significantly expanded its landholdings in the Eastern Goldfields, with granted tenure now covering approximately 283km². Additional tenement applications are in progress to increase the land package to around 480km².

At the core of this extensive holding lies a 25km strike length that fully encompasses the Zuleika Shear.

Historical government drilling data indicates that no bedrock drill testing has been finalised over the company's targets in these structurally complex areas in the highly fertile gold endowed province.

Project Overview

Located 45km west of Menzies and two hours north of Kalgoorlie, the project is situated in the Eastern Goldfields region of Western Australia.

The initial phase of drilling will focus on priority targets in the northern section of Viking’s 25km strike length along the Zuleika Shear, adjacent to the First Hit Gold Mine, near Ora Banda Mining’s Riverina deposit and the Davyhurst mill.

The plans for the drilling campaign are in the final phase.