Viking Mines (ASX:VKA) makes speedy progress at Canegrass Battery Minerals Project

Highlights

• Viking Mines Ltd (ASX:VKA) is advancing the development activities at its Canegrass Battery Minerals Project.
• The recently completed review of historical metallurgical studies has indicated vanadium recoveries over 90%.
• The firm has discovered an extensive 188 historical rock chip sampling dataset concluded by Maximus Resources in 2007.
• From the sampling, Viking has received impressive rock chip results up to 1.44% V₂O₅ with 97 of the 188 samples surpassing 1.0% V₂O₅.

Viking Mines Ltd (ASX:VKA) has been making significant progress on the development activities at its Canegrass Battery Minerals Project.

So far in the month of February, the company has unveiled encouraging project developments including historical rock chip sampling results and historical metallurgical testwork review outcomes.

Historical testwork review delivers vanadium recoveries up to 90.2%

As per the latest company update, three rounds of metallurgical testwork have been identified by Viking that was conducted on samples collected from Canegrass. Till date no programs have been undertaken with prime focus on producing a concentrate optimised for V₂O₅ recovery, which in turn brings in a great opportunity for the project. The true value of the vanadium needs to be effectively assessed.

Viking had appointed metallurgical consultants METS to conduct a review of the historical metallurgical testwork. The review has confirmed that ‘the Vanadiferous Titanomagnetite (VTM) mineralisation responds as expected, with the vanadium reporting to a magnetic concentrate and reaching grades up to 1.54% vanadium pentoxide (V₂O₅).’

This is what Viking Mines Managing Director & CEO Julian Woodcock has to say about the development:

Under future testwork, the company intends to focus on optimum sample selection and metallurgical testwork strategy to target key VTM horizons.

Historical rock chip samples confirm extensive VTM mineralisation

Early in February, the firm released a project exploration update, suggesting the discovery of an extensive 188 historical rock chip sampling dataset concluded by Maximus Resources in 2007. From the sampling, Viking has highlighted impressive rock chip results up to 1.44% V₂O₅ with 97 of the 188 samples surpassing 1.0% V₂O₅. 

Data & image source: Company website

Also, the rock chip sampling results underline the significant occurrence of VTM mineralisation throughout the tenure, confirming the >8km trend with new horizons across the project.

Notably, the extensive 3km trend continues directly north of the Fold Nose resource where drilling has not been done. Viking has begun the exploration target assessment for this area.

RTP magnetics geophysics background map showing the location and tenor of rock chip sample results collected by Maximus Resources. High-grade results >1.0%V2O5 clearly map the trend of the VTM mineralisation across the Project.

Image source: company update

The company had completed final due diligence (DD) earlier in January last year.

As per the company update, ‘the insitu value of the Vanadium at the Canegrass Project is quite staggering with the recent strengthening of the price of V₂O₅ to US$10.10/lb. This is the situation without the additional value contained in the Iron and Titanium resource and the unassessed value of the Ni, Cu and Co’.

What’s next?  

The company has decided to initiate a detailed ground magnetics survey during February 2023 using Planetary Geophysics Pty Ltd across the prospective horizons.

The development would support the company to undertake a detailed drill targeting on the project and feed in to defining a JORC classified exploration target. It is likely that the survey will be completed by early March 2023.

Stock information: VKA’s shares were trading at AU$0.011 on the Australian Securities Exchange (ASX) midday on 21 February 2023. The company has a market capitalisation of AU$12.30 million.