Viking Mines Limited (ASX:VKA) Defines High-Grade Gold Resource
Viking Mines Limited (ASX: VKA) has announced an Inferred Mineral Resource Estimate (MRE) for the historical First Hit Gold Mine. The estimate, compliant with JORC (2012), reflects 83,800 tonnes at 7.0 g/t gold, amounting to approximately 19,000 ounces. This new resource highlights the remaining mineralisation after accounting for previous mining depletions.
Resource Overview
The First Hit Gold Mine, fully owned by Viking Mines, is surrounded by several operational mills, advantageous for potential mining operations. The MRE identifies high-grade gold mineralisation, supported by existing underground infrastructure, which provides a pathway for accessing these resources post-dewatering.
Viking Mines’ Managing Director and CEO Julian Woodcock stated, “I am pleased to announce a high-grade Mineral Resource Estimate for the historical First Hit Gold Mine. The high-grade resource, aligned with the current record gold price environment, presents significant opportunities for immediate assessment.”
Future Exploration Plans
Following this MRE announcement, the company plans to conduct further assessments to define a JORC-compliant Exploration Target focused on down-dip extensions of the orebody. Potential next steps include determination of de-watering and rehabilitation costs, feasibility evaluations of underground mining and operations, and a comprehensive regional exploration programme aimed at discovering new gold deposits.
Woodcock concluded, “We will continue to assess the asset and the opportunities it brings, while also progressing with our ongoing exploration programme. We look forward to providing updates as we advance our initiatives on this promising land position.”
Motley Fool contributor Aaron Shaw has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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