In the latest announcement, Viking Mines Ltd (ASX:VKA) revealed that it has received high-grade rock chip results of up to 1.47% V2O5 from a mapping and sampling program at the Canegrass Battery Minerals Project.
The campaign was conducted as part of the due diligence before execution of the Farm-In Arrangement with Flinders Mines.
The company had sent 35 samples for analysis to ALS Laboratories in Perth. These samples were collected from an >8km strike along the Vanadiferous Titanomagnetite (VTM) horizon between the Kinks and Fold Nose Mineral Resource areas.
Data source: Company update
According to the company, the assay results vary from 0.65% to 1.47% V2O5 and averaged 1.27% V2O5 over the 35 samples. VKA believes that the tenor of these results is highly significant as the Fold Nose Mineral Resource holds a grade of 0.66% V2O5 and Kinks has a grade of 0.57% V2O5. It reflects that the system hosts higher grade targets and horizons yet to be tested.
It is important to note that three samples collected from outcrop 300m SW of the Fold Nose Mineral Resource delivered grades up to 1.40% V2O5. As per Viking, this reflects upon the enormous potential to develop high-grade mineral resources from the resource base.
VKA shares up ~10% on assay results
VKA stock has rallied nearly 10% in today’s trading session on the Australian Securities Exchange (ASX). The gain in share price comes after the announcement of the assay results on 02 March 2023. The company has a market capitalisation of AU$12.30 million.
Details of the rock chip results
Viking newly reported rock chip sample results (stars) and historical rock chip results (dots). Note, Viking samples are annotated with the results in % V2O5. Background image is RTP airborne magnetics. Resources reported as per 30th November 2022.
The mapping and sampling program was conducted by Viking with the objective of detecting outcropping VTM mineralisation along the prospective horizon to confirm that mineralisation continues outside of the already defined Mineral Resources.
Data source: Company update
VKA advancing the Project at rapid pace
Viking is planning to conduct a preliminary drill program of approximately 550m at Canegrass Project site this month, while the main drill program of 4,000 to 5,450m is expected to start in the June quarter of the ongoing year.
To complete a comprehensive drilling program this year, the ASX-listed firm is undertaking necessary activities on priority.
Data source: company update
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