Early Success With First Holes In Area For Nearly Two Decades
Viking Mines Limited (ASX: VKA) has observed coarse gold in the drill core from a new hole at the First Hit Project in Western Australia – where drilling is being conducted for the first time in almost 20 years.
A significant intercept 1.0m at 47.05g/t Au from 173m was also returned from hole VDD012.
To date the company has received assay results received for three holes out of 11 that attained target lode position. The distribution and tenor of gold grades received reflects those observed in the historical data sets.
Of the 14 diamond holes drilled into First Hit by Viking (excluding four step out holes), 11 drillholes attained target testing the lode position, two holes hit old workings and one hole deviated above the recently identified plunge of the lode system.
Assays are pending for the remaining eight holes.
“I am pleased that we are able to finally report initial results from the first diamond holes drilled into the First Hit mineralisation in nearly 20 years,” Managing Director and CEO, Julian Woodcock, said.
“The most significant result is associated with coarse gold seen in hole VDD012 which is giving us insights into the nature of the mineralisation at First Hit. “
“Understanding in which rocks the gold has formed and the associated minerals helps us to build our knowledge and understanding around the First Hit deposit.
“This in turn allows us to develop strategies to both extend off the known mineralised position and identify additional shoots and zones of high-grade gold mineralisation.”
Work is ongoing to incorporate the logging data and the results received to date in developing the interpretation and understanding of the First Hit mineralised system. To achieve this objective, the following activities are progressing:
- 3D model of the First Hit mineralisation at the mine scale is advancing with preliminary wireframes constructed for mineralised lodes, faults and lithologies. This model, when completed, will be used to undertake further targeting and plan follow up drilling.
- 3D modelling of the regional geology and structure at the tenement scale has commenced with a site visit completed and review of data underway.
- Office and warehouse has been established in Perth and diamond drill core is being shipped with ~50% of the core received. Having the drill core available for review in Perth as further assay results are received will be of significant value to improving the interpretation and understanding at First Hit.
The First Hit Project is centred around the historic high-grade First Hit gold mine situated along the prospective Ida and Zuleika Shear zones in the Eastern Goldfields of Western Australia.
The Project incorporates ~28 sq. km of tenements with six active Mining and Prospecting licences and one Exploration licence under application. At the core of this landholding is a 6.4 sq. km group of contiguous tenements which host the historic First Hit gold mine.
Prior to closure of the First Hit gold mine by Barra Resources in 2002 and at a time of depressed gold prices of US$320/oz, the First Hit mine produced ~30koz ounces of gold at an average grade of ~7.7g/t Au.
No modern exploration activity has been conducted in the past 18 years and creates a significant opportunity for Viking. The company is focused on delivering exploration programmes to test near mine extensions and regional targets around the First Hit Project with the objective of defining fertile structures and discovering gold ounces.
For further information please visit: https://vikingmines.com/
