The company has stated via a release as on 4 December 2018 that the Trading in its securities will be temporarily paused pending a further announcement. Following the release of this news, the share price of the company decreased by 1.613 percent as on 4 December 2018
Also, the company has stated that it was able to achieve encouraging results from the first ever drilling program at the Alligator river project in Arnhem Land, Northern Territory. This prospective resource “Such Wow” is located into the King River-Wellington Range joint venture of which 75% stake is held by the Vimy resources (ASX: VMY) and the rest is held by Rio Tinto Exploration Pty Limited. There are great prospects of uranium mineralization at the above-mentioned site, which can be said on the basis of the Cahill formation, structural features identified from the surface mapping, along with the geophysical data. However, the prospect still remains unconfirmed.
The drilling involved six reverse circulation drill holes which aggregated to a total of 1,416m. This prospect is five times the size of angularly prospect and thus very significant, due to the size aspect. The whole corridor has thin sandstone cover coupled with a surface expression of Hydrothermal alteration which is an indicator of the uranium mineralization. The broad sector of Uranium anomalism is intersected in all the drill holes. The drill hole ARRC016 is in line with the copper and lead anomalisation. Also, the groundwater chemistry for holes ARRC015 and ARRC016 exhibited significant anomalisation of uranium, copper, zinc, lead, cobalt, nickel, boron and molybdenum which is considered in line with the widespread magnesian chlorite-Phengitic illite alteration intersected at the basement of all the drill holes. The hydrothermal alteration to the ARRC012 & ARRC013 is less intense as compared to the holes ARRC015 and ARRC016, with widespread bleaching in the overlying sandstone. The fault zones in the Cahill formation showed moderate anomalism in copper arsenic and sulphur. Alteration assemblages in these holes are indicative of the fact that this portion may be situated away from the uranium mineralisation but at the same time is an indicative of a large hydrothermal system.
Regarding the further course regarding above mentioned holes, the above results adequately justify the surface mapping and the additional mapping across the sandstone portion of the prospects. As a result of this, now the drill spacing will be increased by 200-300 m apart from the main drill target to be in consistent with the hydrothermal alterations which are a general sign of this type of deposits.
The Shiba zone will be the most emphasized project drill target for the year 2019 on account of its intense surface alteration and the structural complexity.
The team is now again analysing the Geo-data available for the “Such Wow” prospect and taking into consideration the possibility of other prospects from the same fault corridor which extends under shallow Cretaceous to the northwest of the escarpment.
Meanwhile, the share price of the company decreased by 39.51 percent in the past six months as on 3 December 2018. VMY’s shares traded at $0.061 with a market capitalization of circa $25.83 Million as on 4 December 2018 (AEST 4:00 PM).