VKA - Viking Mines

[Joe Blow]

Viking Ashanti Ltd (VKA) is an explorer and developer of gold mine deposits in West Africa, specifically Ghana. Projects were acquired through agreements with subsidiaries of Resolute Mining Limited to acquire Associated Gold Fields Pty Ltd, which had projects in Ghana, and various Australian and Ghanaian subsidiaries holding respective exploration licenses. Resolute Group retains about a third of VKA's equity. These properties are located in the Ashanti Gold Belt of Ghana and includes the Akoase East gold project with an inferred 500,000 oz gold resource. By acquiring AGF, Viking Ashanti will control all of Resolute’s Ghanaian gold projects by holding a 90% interest in 3 Ghanaian subsidiaries. The remaining 10% is held by the Government of Ghana, which under the Minerals and Mining Act is entitled to a 10% interest (free carried) in any mining operation.

 

[springhill]

Re: VKA - Viking Ashanti

MC - $6.3m
Current SP - 9c
FPO shares - 69m
Options - 6m (34.5c @ 31/12/12)Cash - $950k

Major shareholders as at 31 March 2012
Resolute Mining Ltd 33.25%
Mr J & Mrs J Gardner 6.63%
Mr Trygve Kroepelien 5.00%
HSBC 4.59%
Manson Group Pty Ltd 4.14%


Directors
Jack Gardner Non-Executive Chairman
Peter McMickan Managing Director
Trygve Kroepelien Non-Executive Director
Mark Newlands Non-Executive Director

Akoase East
Inferred resource: 18.0 Mt @ 1.2 g/t Au for 704,000 oz Au
Open at depth and to northeast
Three new prospects identified
Soil geochemistry to define new targets at Akoase SE
6 strike km of 11 strike km structural corridor tested by drilling to date

West Star and Blue River projects
Only 4 strike km of Salman shear zone drill tested so far
Numerous intersections in RC drilling on broad spaced lines
1,500m infill and extension drilling at two Blue River prospects

Latest Blue River drill results
Significant gold intersections have been reported in nearly half of 28 holes drilled by Viking Ashanti Limited
A total of 28 holes were completed for 1,762 metres of RC drilling. One batch of assay samples, relating to holes BRC 98, 100 and 101, has not met Viking Ashanti’s QA/QC protocols, and is being re-assayed at the SGS laboratory in Tarkwa.
Results from these holes will be reported at a later date.
Significant intersections were recorded in 11 of the 25 holes reported today.
Better intersections include
6m @ 1.55 g/t Au (BRC 97)
5m @ 1.47 g/t Au (BRC 91),
6m @ 1.37 g/t Au (BRC 102),
2m @ 4.32 g/t Au (BRC 108),
5m @ 1.22 g/t Au (BRC 109) and
1m @ 7.34 g/t Au (BRC 93).




Since March there have been 16 Change of Directors Interest announcements made.

 

[springhill]

Re: VKA - Viking Ashanti

Multiple soil anomalies defined at Akoase (Ghana) gold project


Multiple, significant new gold anomalies have been reported from soil sampling by Viking Ashanti Limited on its 100% owned Akoase gold project in southern Ghana, West Africa.

Perth-based Viking Ashanti announced the assay results today, from its latest program of soil sampling in the western and southeastern areas of the Akoase project. These areas were targeted for soil sampling based on interpretation of regional geological, structural and geophysical data sets.

A total of 2,044 samples were collected on a 400m x 50m pattern. Three prominent northeast trending >50ppb Au anomalous zones have been identified in the western area of the project, while a further six northeast trending anomalous zones have been identified in the southeastern area. Individual anomalies vary from 800 metres to 2.4 km in strike length, and are up to 100m wide.

The anomalies are interpreted to be related to a series of sub-parallel northeast trending fault structures developed on the margins of the Ashanti Gold Belt.

An infill soil sampling program to 200m x 50m is planned, to better define the anomalies and provide targets for first pass drill evaluation.

 

[System]

On May 26th, 2014, Viking Ashanti Limited changed its name to Viking Mines Limited.

 

[greggles]

Has Viking Mines found bottom, for now at least? This announcement came through last Thursday.

A little difficult to make head nor tail of this long section. They've had some decent hits there but nothing beyond 5m in width. Some of the grades are good but some are average at best.

Last Thursday's announcement has stalled the share price decline which has just recently steepened but bounced back today. Have all the sellers and stale holders gotten out? With results from eight diamond drillholes still to come in, VKA looks to be a throw of the dice. If you're feeling lucky, it might be worth a punt. Market cap is only $17 million.

 

[greggles]

The cores for the final six diamond drill holes from the First Hit Project have been shipped off to Perth, but a follow up review of two of the drillholes post sampling has revealed visible gold sighted in multiple zones in both holes.

Subject to no further delays, all outstanding AC drilling results should be received by 25th July.

Things are looking promising for VKA. We will know more when the outstanding assay results are announced.

 

[Stockbailx]

That's the trick, they keep finding visible Gold but when they going to extract the goodness,

 

[greggles]

"Bonanza" grade gold intersected at the Jana's Reward target, but the widths are only one metre so a little underwhelming.

More results due this quarter, but the assay results so far have been disappointing. I can't see VKA going anywhere unless they can get the market excited, and so far they haven't managed to do that.

 

[noirua]

Viking Mines (ASX:VKA) to acquire Flinders Mines' (ASX:FMS) Canegrass project

Viking Mines (ASX:VKA) subsidiary Viking Critical Minerals is set to acquire an equity stake in the Canegrass battery minerals project in Western Australia.

themarketherald.com.au

The company has entered a farm-in with ASX-listed Flinders Mines’ (FMS) subsidiary, Flinders Canegrass, to earn up to 99 per cent of the six tenements within the Canegrass project.

To do this, Viking needs to spend $4 million on exploration over 54 months, as well as pay Flinders up to $1.25 million in cash over four stages.

If and when Viking earns a 99 per cent interest in the project, Flinders may sell its remaining one per cent stake to Viking in return for $845,000 in production and milestone-related payments due on production.

Live price chart: https://uk.advfn.com/p.php?pid=staticchart&s=ASX^VKA&p=5&t=1