USD $4,111.97
Goldman Assessment to focus on potential JORC (2012) resource evaluation of historic high-grade deposit.
Viking Mines Limited (ASX:VKA) has engaged MEC Mining to conduct a mineral resource assessment of the 100%-owned First Hit Gold Mine as part of its ongoing strategic review. The mine, located 45 km west of Menzies in Western Australia, has historically produced approximately 30,000 oz of gold at an average grade of 7.7 g/t Au.
Highlighted intercepts from historical drilling and sampling include:
- 0.3m at 1,056.0 g/t Au for 317 gm (360S_004)
- 0.7m at 598.0 g/t Au for 419 gm (360S_007)
- 2.0m at 182.5 g/t Au for 365 gm (340X_001)
- 2.6m at 164.6 g/t Au for 428 gm (300S_018)
The site benefits from approximately A$15 million in existing infrastructure, including a decline down to 220m vertical depth. It is situated on a fully granted mining lease, part of a broader tenement package covering 480 km².
Viking Mines Managing Director & CEO Julian Woodcock said:
The First Hit Gold Mine previously operated in a very low gold price environment. With gold currently trading at all-time highs that are multiples of those prices, the Company recognises the latent potential of this 100% owned asset to realise significant value for our shareholders.
MEC Mining will undertake a comprehensive review of the geological models of the First Hit Gold Mine and associated historical workings and assess the potential for remaining gold and extensions.
The high-grade narrow vein nature of the deposit is proven in the historical face sampling database, with grades exceeding 1,000 g/t Au. The Company is optimistic that there remains unmined portions of the deposit near surface that now may be economic.
In addition, the deposit remains open at depth below the existing workings and drilling, providing further upside potential in this strong gold price environment.
We look forward to updating the market as the review progresses.
