Visible mineralisation is a whiff of potential success for Viking
Link copied to
Viking is about two-thirds of the way through diamond drilling at its flagship First Hit gold project in WA and has already encountered visible mineralisation.
While assay results required to truly highlight the potential of the project are still pending, the intersection of visible mineralisation in six of the eight diamond holes completed to date is certainly encouraging.
The company noted that wide zones of intense shear foliation and alteration with core of brecciated quartz veins up to 1.5m wide have been observed in target zones.
“I am pleased that we have been successful in encountering visible indications of mineralisation at the expected lode positions in six of the diamond drillholes completed and that the aircore program has been executed efficiently and effectively,” chief executive officer Julian Woodcock said.
Besides completing the diamond drilling, the company is also carrying out geological modelling with the new data collected to advance future exploration targeting.
Diamond drilling is ongoing with eight holes totalling 1,648m of the planned 2,508m program completed to date.
Six of the holes achieved the planned objective and encountered visible observations of mineralisation at the expected positions. These have been sampled and results are currently pending.
The company noted that while the Ida lode intersected in the first hole appears slightly thinner than expected, the Kylie lode position appears thicker.
Additionally, the significance of the quartz vein identified at the ultramafic contact remains unknown though it indicates that the contact could be structural.
This suggests that the ultramafic contact may be a potential host to gold mineralisation if it intersects a fertile gold bearing structure.
Viking noted that drilling has been technically challenging due to unplanned deviation of the drillholes and close proximity of historical underground workings.
This has resulted in two of the holes not reaching the intended target.
Assays are currently pending from the completed regional aircore drilling program, which successfully penetrated the transported cover and weathered residual regolith to reach the target horizon of slightly weathered/fresh bedrock.
The company collected a total of 2,482 samples using 2m composites and 1m end of hole samples while end of hole geological logging of rock type was completed in the field.
Drilling tested several conceptual structural targets based on re-interpretation of magnetic data with observations indicating the potential proximity of three of the four targets to fault structures based on mapped positions of intrusive bodies of granites and intermediate porphyries.
Further geological interpretation is pending the analytical results.
Work is now underway to define targets for follow-up reverse circulation and diamond drilling.
Viking has submitted an application for the WA government’s co-funded exploration incentive scheme to undertake a three hole diamond program totalling 1,400m to test highly prospective structures and targets across First Hit.
This will provide 50 per cent of direct drilling costs to a cap of $150,000.
The company has also collected historical data and is in the process of importing it into its database.
Additionally, proposed Phase 2 diamond drilling holes are being reviewed to determine which will be prioritised given the new geological data obtained from the Phase 1 drilling.
This article was developed in collaboration with Viking Mines, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.