Viking Mines Commences Major Gold Drilling Program at First Hit Project
VKA (VKA) Share Update November 2024 Wednesday 20th
Viking Mines Launches Extensive Gold Drilling Campaign
Viking Mines Limited (ASX: VKA) has announced the start of an ambitious 20,000-meter drilling program at their First Hit Project, aiming to uncover significant gold deposits along the Zuleika Shear in Western Australia.
Instant Summary:
- 20,000m phased drilling program initiated.
- Focus on high-priority targets with historical high-grade intercepts.
- Fully funded with ~$5 million in cash.
- Initial phase of 5,000m to be completed by December 2024.
Drilling Program Overview
Viking Mines Limited has embarked on a comprehensive drilling campaign at their First Hit Project, located along the prolific Zuleika Shear in Western Australia. This program, spanning 20,000 meters, is designed to explore both near-mine and greenfields gold targets.
The initial phase, consisting of 5,000 meters, is set to conclude by the end of December 2024. This phase will test high-quality targets near the First Hit Mine and new zones along a 25km stretch of the Zuleika Shear, known for its rich gold deposits.
Target Areas
The drilling program focuses on seven key target areas. These include three high-priority near-mine targets following up on previous high-grade results, such as 1 meter at 36.49g/t Au. Additionally, three underexplored greenfields targets, defined by structural and geochemical anomalies, will be assessed.
Strategic Importance
The First Hit Project is strategically located near significant processing infrastructure and other major gold deposits, enhancing its potential for new discoveries. The extensive land position controlled by Viking Mines covers over 25km of the Zuleika Shear, adjacent to Ora Banda Mining's Riverina-Mulline Camp.
The initiation of this drilling program could significantly enhance Viking Mines' gold resources, potentially boosting the company's valuation and stock price. The project's proximity to existing infrastructure and major deposits adds to its strategic value.
Investor Reaction:
Analysts are likely to view this development positively, given the project's potential to yield high-grade gold discoveries. The fully funded nature of the program also reduces financial risk, which may reassure investors.
Conclusion:
Investors should watch for updates on drilling results, expected in early 2025, to gauge the program's success. Viking Mines' strategic focus on high-grade targets could position the company for significant growth in the gold sector.