Viking Mines Limited (ASX:VKA) Quarterly Report Highlights
First Hit Project Developments
Viking Mines Limited (ASX:VKA) conducted a strategic review of its historic high-grade First Hit Gold Mine, identifying high-priority targets within its 480km² land package over the Zuleika Shear in Western Australia. This led to the commencement of a Phase 1 drill programme, where 25 holes were drilled across a cumulative length of 2,670m during the reporting period, with results anticipated soon. Drilling had temporarily paused due to unseasonably high rainfall but resumed on January 9, 2025.
During drilling at the Northern Duplex Target, several zones of shearing and biotite alteration were observed, confirming the presence of potential gold-bearing shear zones. Following the quarter-end, Viking announced an Inferred Mineral Resource estimate of 83.8kt at 7.0g/t Au, which equates to approximately 19,000 ounces of gold.
Canegrass Battery Minerals Project Update
The company is nearing completion of Phase 3 test work on its Canegrass Battery Minerals Project, aimed at producing a high-purity V2O5 flake and electrolyte product. Results from the test work are expected in the March quarter of 2025.
Financial Performance
Viking raised approximately A$2.39 million through a placement to sophisticated and professional investors, strengthening its cash position to A$4.77 million as of December 31, 2024. The substantial funding will support an expanded drilling programme of up to 20,000m. Notably, the company recorded total income of A$2.40 million for the period, attributed mainly to the capital raised.
Motley Fool contributor Abbie Stokes 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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