Viking Mines (ASX:VKA) has identified a second parallel lepidolite pegmatite trend at the Reung Kiet (RK) Lithium Project in Thailand, substantially increasing the prospectivity of the project.
The company’s shares were last trading 17.65% higher intraday, at $0.02.
The RK Project is a brownfields project and exhibits several outcropping lepidolite rich pegmatites located along strike from historical open cut mines.
Viking has been conducting reconnaissance soil sampling, rock chip sampling and mapping programs since announcing a transaction with Lepidico in November 2016.
The three-month agreement with Lepidico is to explore the option of establishing a joint venture to build a small scale lithium carbonate plant at or near the RK Project.
The original Main Trend at RK extends southwest along strike and exhibits exposures of several lepidolite pegmatite dykes in a swarm of 30 metres wide.
Viking’s recent sampling and mapping work has identified a second parallel lepidolite pegmatite trend at the project.
The new Eastern Trend is about 1 kilometre long and runs parallel to the Main Trend.
Importantly, the rock chip samples from this area has indicated grades of 0.99% to 1.49% lithium.
A 22 hole, 2000 metre program is planned to test near surface continuity, grade and widths of the parallel lepidolite pegmatites as well as the lepidolite pegmatite exposures to the south.
The priority targets lie beneath the historical open cut mine where lepidolite pegmatite widths of more than 20 metres are indicated.
Viking’s strategy remains to utilise its strategic potential lithium resource in Thailand and extend downstream into lithium carbonate production.
The company had a cash balance of about $1.5 million as at 31 December 2016.