Viking Mines Ltd. reported high-grade rock chip results of up to 1.47% V2O5 from the Canegrass Battery Minerals Project, located in the Murchison region of Western Australia. A mapping and sampling program was completed by the Company as part of the due
diligence completed prior to commencing with the Farm-In Arrangement with Flinders
Mines. A total of 35 samples were collected and sent to ALS Laboratories in Perth for analysis.
The samples were collected from an >8km strike along the Vanadiferous Titanomagnetite
("VTM") horizon between the Kinks and Fold Nose Mineral Resource areas.
The assay results range between 0.65-1.47% V2O5 and averaged 1.27% V2O5 over the 35
samples collected. The tenor of these results is highly significant given that the Fold Nose
Mineral Resource has a grade of 0.66% V2O5 and Kinks has a grade of 0.57% V2O5 and
demonstrates that the system contains higher grade targets and horizons yet to be tested.
Most significantly, three samples collected from outcrop 300m SW of the Fold Nose Mineral
Resource returned grades up to 1.40% V2O5, demonstrating the huge potential to grow high
grade mineral resources from the already significant resource base.
With a ground magnetics survey currently underway, which will be used to refine the drill
plan, the Company aims to be undertaking a preliminary drill programme of 550m at
Canegrass in March with the main drill programme of 4,000 to 5,450m commencing in the
June quarter. ROCK CHIP RESULTS: The Company undertook a mapping and sampling programme as part of the due diligence process, prior to entering into the Farm-In Arrangement with Flinders Mines Ltd.4 to acquire the Canegrass Battery Minerals Project. The field programme was focused on identifying outcropping VTM mineralisation along the prospective horizon to establish that
mineralisation continues outside of the already defined Mineral Resources. The sampled area
extended along a >8km trend in a SW-NE direction and followed the VTM horizon between
the Kinks and Fold Nose mineral resource areas. 35 rock chip samples were collected and dispatched to ALS Laboratories in Perth for analysis.
The rock chips results returned grades ranging from 0.65% - 1.47% V2O5 and averaged 1.28% V2O5.
Three samples collected from outcrop 300m SW of the Fold Nose Resource returned
grades of 1.17%, 1.28% and 1.40% V2O5. This is of major significance as it demonstrates
high grade V2O5 on surface, a considerable distance from the current model and
represents a target area for mineral resource extension.
Results at the Kinks South target area confirmed the extensive occurrence of high-grade
VTM mineralisation at surface with grades up to 1.44% V2O5, reinforcing the company's
belief of a substantial high-grade VTM target to be tested.
In the southwest of the sampling area, a result of 0.74% V2O5 was returned. This was
unexpected as the area was considered low priority. The grade of 0.74% V2O5 is higher
than the average mineral resource grade at Kinks and Fold Nose and increases the
prospectivity of this additional area.
25 of the samples collected are from outside the existing mineral resource outline and
highlight an extensive trend of high-grade VTM mineralisation, demonstrating the
potential of the area for further discovery.
A ground magnetics survey is currently being undertaken over the area of the collected rock
chip samples. The interpretation of this program will be used to refine the drilling program
planned for Canegrass and the Company expects to commence drilling of high-priority
targets in the June quarter.
NEXT STEPS: The Company is advancing the Project at a rapid pace and is continuing to undertake activity
with the objective of completing a comprehensive drilling programme later this year. Priority
activities underway are: Complete ground magnetics survey and incorporate results into structural geology
model for drill targeting.
Complete heritage survey early March across the entire 8km trend to facilitate access for
the planned drill programmes. Completing JORC exploration target assessment with a focus on high-grade (>0.9%
V2O5) targets. Commence and complete preliminary RC drill programme in March (550m).
Engaging with drill contractors to commence drilling in the June Quarter of main RC drill
programme (4,000 to 5,450m).