Viking Mines (ASX: VKA) Reports High-Grade Resource and Expands Drilling at Riverina East

Highlights

• Viking Mines has reported a high-grade Inferred Mineral Resource of 19,000 ounces at the Riverina East Project (formerly First Hit).
• Phase 1 RC drilling at the Bifrost target confirmed the presence of gold across two drill traverses, 1.7km apart.
• Infill shallow auger drilling at Bifrost identified a >400m long gold anomaly.
• Phase 2 regional RC drilling (~6,000m) was completed at Riverina East, with assays pending.
• A total of 665 auger samples were collected from the Narndee and Canegrass projects with results pending.

Viking Mines Limited (ASX:VKA) has released its quarterly report for the period ended 31 March 2025. During this reporting period, the company focused on a strategic review of its gold assets, with a primary focus on advancing the Riverina East Project. A key milestone was the successful completion of Phase 1 drilling at the Bifrost Target, which confirmed the presence of gold over a significant area.

In addition to its work at Riverina East, the company has made substantial progress in its other projects, including Narndee and Canegrass. Viking Mines is actively progressing its exploration activities with the aim of defining and expanding its resource base. The ongoing drilling and exploration efforts are supported by its well-funded position. The company’s cash position stood at AUD3.4mn as of 31 March 2025.

Key Exploration Milestones

Viking Mines reported a high-grade Inferred Mineral Resource Estimate (MRE) of 83.8k tonnes at 7.0g/t Au for 19.0k ounces (JORC 2012) for the historical Riverina East Project (formerly First Hit Project).

Key highlights from the exploration work undertaken included:

• Phase 1 regional RC drill program of around 7,400m completed at the Bifrost Target, confirming gold across two drill traverses, 1.7km apart.
  • Drilling on the first drill traverse returned significant intercepts including VKRC0068, which contained multiple >1g/t Au zones, and VKRC0083 with 27m at 0.4g/t Au from 69m, containing multiple >1g/t Au intercepts.
  • Drilling on the second drill traverse returned two >1g/t Au zones in VKRC0103, within a broader mineralised zone of 23m at 0.4g/t Au from 97m.
• Infill shallow auger drilling at the Bifrost target revealed over 400m long >40ppb gold anomaly centred around VKRC0083 (27m at 0.4g/t Au) and VKRC0068 (17m at 1.1g/t Au). Additionally, a >300m gold anomaly was found near VKRC0103.
• Phase 2 regional RC drilling (~6,000m) has been completed, with assays pending.

In addition, the company has completed auger sampling at the Narndee and Canegrass projects, with 665 samples collected for gold and multi-element analysis. Results are pending for these samples.

Management Insights on Recent Exploration

Viking Mines' Managing Director & CEO, Julian Woodcock, expressed optimism about the results from Phase 1 drilling at the Bifrost Target. He emphasised that the confirmation of gold across two widely spaced drill traverses, 1.7 km apart, at the Bifrost Target, is a significant step forward. Building on this early success, Viking is moving quickly to further investigate this discovery and explore additional regional targets along the approximately 25 km strike of the Zuleika Shear.

Mr Woodcock also noted that Viking remains well-funded for its ongoing work plans, citing the recent drill-for-equity agreement with Topdrill as a key factor. This agreement provides the company with additional resources to further explore the full potential of the Zuleika Shear tenure.

Strategic Partnerships

Subsequent to the reported period, Viking Mines entered into a ‘Drill-for-Equity’ Agreement with leading drilling contractor, Topdrill, for drilling at Riverina East. This agreement allows Viking to preserve its balance sheet while expanding the drill program at the Bifrost discovery and other high-priority gold targets at Riverina East.

During the quarter, Dr. Julian Stephens was appointed as a Non-Executive Director to the board, effective 11 March 2025.

Future Exploration Plans

Viking Mines remains focused on advancing exploration at the Riverina East project, while also progressing the Canegrass and Narndee projects. Key objectives include obtaining assay results from Phase 2 drilling at Riverina East, completing data review and interpretation, and planning Phase 3 exploration activities. Additionally, the First Hit UG Mining Assessment will be completed.

VKA shares last traded at AU$ 0.007 on 28 April 2025.