CANEGRASS BATTERY MINERALS PROJECT
Viking Mines 100% owned subsidiary, Viking Critical Minerals commenced with a Farm-In Arrangement (FIA) in December 2022 with Flinders Mines (ASX: FMS). The FIA allows Viking to earn up to 99% of the Canegrass Battery Minerals Project for $1.25M cash and $4M exploration spend over a 54-month period.
The Project is located in the Murchison region, 620km north-east of Perth, Western Australia and contains a JORC (2012) Inferred Resource of 79Mt at 0.64% V2O5, 29.7% Fe and 6.0% TiO2.
The Resource has been calculated across two separate areas called the Fold Nose and Kinks deposits, each with eight and four separate mineralised domains modelled respectively.
RESOURCE TABLE –
CANEGRASS BATTERY MINERALS PROJECT
The Project benefits from;
- A large undeveloped Inferred Vanadium Resource hosted in vanadiferous titanomagnetite (VTM) Mineralisation as part of the Windimurra Layered Igneous Complex.
- ~95km2of exploration tenements with very limited follow up exploration targeting the growth potential of the vanadium pentoxide (V2O5) Resources since the Resource was first calculated in 2011.
- Multiple drill ready targets which have the potential to significantly add to the already large Resource base, with high-grade intercepts presenting an opportunity to substantially increase the average grade.
- Potential for Nickel, Cobalt & Copper resources to be defined at the project (see below).
EXPLORATION POTENTIAL
FOLD NOSE DEPOSIT
The Alpha domain in the Fold Nose Resource contains all the reported Inferred Resource mineralisation (59Mt at 0.66% V2O5) and outcrops in the east and dips shallowly to the west.
Field visits have confirmed outcropping VTM mineralisation outside of the existing Resource to the north and south. Drilling will be required to determine the grades and thicknesses of the VTM units, however this area presents itself as an immediate high priority drilling target with the potential to substantially grow the Resource with further high-grade VTM mineralisation from surface.
The thicker and higher-grade zones within the Alpha Domain will be targeted which has produced intercepts >0.9% V2O5 cut-off (Fig. 2) such as:
- MNRC0016; 18m at 1.17% V2O5, 43.6% Fe, 11.5% TiO2
- FCRC0010; 8m at 1.00% V2O5, 44.4% Fe, 10.1% TiO2
Figure 1 – Canegrass Battery Minerals Project, Fold Nose Deposit, previous drilling and sampling results overlain follow-up priority target areas.
NICKEL-COPPER-COBALT POTENTIAL
The Project database contains assay results Nickel, Copper and Cobalt, however no resource estimation has previously been completed for these metals. Copper oxides have been seen in outcrop, confirming the presence of Cu at the Fold Nose deposit (Fig 1).
These by-products have not previously been considered at the Canegrass Battery Minerals Project and Viking sees an opportunity to add significant further value through the further analysis, estimation and metallurgical testwork to determine if these valuable by-products can be recovered.
Figure 2 – Canegrass Battery Minerals Project, Fold Nose Deposit, copper oxide samples.
Example results found across the Project include;
- Kinks Resource – CGRC0010; 40m at 793ppm Ni, 801ppm Cu and 185ppm Co
- Fold Nose Resource – FCRC0010; 40m at 650ppm Ni, 661ppm Cu and 209ppm Co
- Kinks South target – FCRC0030; 66m at 731ppm Ni, 980ppm Cu and 202ppm Co
- Kinks South Target – CGD01; 21.6m at 549ppm Ni and 1021ppm Cu (Co not assayed)
KINKS DEPOSIT
Like the Fold Nose Resource, the modelled Alpha domain at the Kinks Resource outcrops in the east and dips to the west and contains all the reported Resources (20Mt at 0.57% V2O5). The wireframes of the 4 domains of the Kinks Resource are truncated to the south based on the extent of drilling and modelling completed.
Six drillholes have been completed since the 2018 Resource model estimate JORC (2012) within the limits of the Kinks resource area which have not been updated into the Resource estimate. Within this drilling there are significant intersections which are higher than the current Kinks Resource average grade >0.5% V2O5 cut off, such as;
- CGRC0010; 40m at 0.88% V2O5, 39.1% Fe, 7.4% TiO2 including;
24m at 1.00% V2O5, 43.1% Fe and 8.4% TiO2 (>0.9% V2O5 cut-off) - CGRC0008; 36m at 0.78% V2O5, 36.0% Fe, 7.8% TiO2
- RC282_01; 45m at 0.71% V2O5, 32.4% Fe, 7.1% TiO2 including;
15m at 0.90% V2O5, 38.8% Fe, 7.9% TiO2
Field visits have also confirmed outcropping VTM mineralisation tot the south which is not captured in the current resource. Viking believe that there remains significant upside opportunity to grow the Kinks Resource tonnes and improve the V2O5 grade by further assessing and evaluating this area.
KINKS SOUTH TARGET
The Kinks South target area Is located ~1.2km to the SW of the Kinks Resource.
High-grade surface rock chip sample demonstrate the presence of high grade VTM mineralisation on surface (Fig. 3 – CGR0005; 1.22% V2O5, 50.0% Fe & 12.5% TiO2).
The rock chips are supported by drilling both near surface and to depth in the target area .Drillhole FCRC0030 reports the following spectacular high-grade intersection which is currently outside of the Inferred Resource limits;
- FCRC0030; 66m at 0.74% V2O5, 34.4% Fe, 7.1% TiO2, 731ppm Ni, 980ppm Cu & 202ppm Co including; 16m at 1.02% V2O5, 45.1% Fe, 9.8% TiO2, 811ppm Ni, 913ppm Cu & 263ppm Co; and,
6m at 1.15% V2O5, 48.3% Fe, 10.2% TiO2, 937ppm Ni, 603ppmm Cu & 250ppm Co
Diamond and percussion/RC holes drilled by WMC Resources in 1980 also report significant results at the target which benefit from being near surface of;
- CGD01; 28m at 0.90% V2O5, 37.1% Fe, 8.5% TiO2, 525ppm Ni & 915ppm Cu (Co not assayed)
- PCG02; 20m at 1.01% V2O5, 291ppm Ni, 801ppm Cu & 102ppm Co (Fe & TiO2 not assayed)
- PCG07; 16m at 0.71% V2O5, 37.2%Fe, 6.6%TiO2 (exc. 1m no sample & no Ni, Cu & Co assays)
- PCG08; 7m at 1.16% V2O5, 45.0% Fe, 12.9%TiO2 (no Ni, Cu & Co assays)
These results define a substantial exploration target at Kinks South, with the potential to substantially grow the Resource base with high grade VTM mineralisation significantly grater than that already calculated.
REGIONAL POTENTIAL
Field mapping, rock chip sampling and magnetic geophysics has currently identified continuous VTM mineralisation over a strike length of 8km at the Project. To date, only 1.9km of this is constrained within the Infrared resources, with a further 1.1km with initial and limited drill testing at the Kinks South target. The remaining 5km of VTM mineralisation has seen no drilling as of December 2022 and will form part of Vikings exploration strategy to test and discover further high-grad Vanadium resources.
