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Highlights
- Viking Mines’ Riverina East Gold project is anchored by First Hit Mine, hosting a high-grade Inferred Resource of ~19koz @ 7.0g/t gold.
- 25km of Zuleika Shear remains untested, offering major greenfields exploration
- Phase 3 drilling is set to start in July, building on early-stage gold discoveries.
- At the Bifrost Target, drilling returned visible gold, including 2m at 23.6g/t gold.
- The Central Duplex Target has defined a 260m-wide gold anomaly, with peak grades of 1.5g/t gold.
Viking Mines Limited (ASX:VKA) is actively progressing its Western Australian portfolio of gold and critical mineral (vanadium) projects, strategically located near existing mining operations and infrastructure. The company is currently focused on its Riverina East Gold Project, anchored by the historic First Hit Gold Mine, which hosts a high-grade global Inferred Mineral Resource Estimate of 83.8kt at 7.0g/t gold for 19.0koz.
The project offers regional exploration potential along a 25km stretch of the prolific Zuleika Shear. With an underground mining study completed, Viking is set to launch fully funded Phase 3 drilling in July while actively exploring monetisation opportunities for the First Hit Mine resource.
The company held AUD 3.4 million in cash at of 31 March 2025.
High-Grade Gold Intercepts and Development Upside
The project is supported by a granted Mining Lease and access to significant existing infrastructure. There are substantial high-grade unmined intercepts at First Hit, including:
- 4.9m @ 64.8 g/t Au from 62.1m (FHU045)
- 3m @ 77.6 g/t Au from 224.0m (BFH030)
- 4m @ 26.1 g/t Au from 58.0m (BFH005)
Mineralisation remains open at depth and down plunge, providing immediate targets for follow-up.
Untapped Zuleika Shear Strike
A high-priority focus of the Riverina East Project is the 25km strike of the Zuleika Shear, which remains untested by bedrock drilling and lacks prior exploration activity testing. As per Viking Mines, this presents a significant opportunity, as it is greenfields ground with no bedrock drill testing over more than 23km before Viking commenced activity in November 2024.
Exploration Strategy: The Zuleika Shear at Riverina East lies in the same stratigraphic position as the >1.2Moz gold Central Davyhurst Camp (ASX:OBM) located 40km to the south and sits immediately adjacent to the >1.3Moz Riverina-Mulline Camp (ASX:OBM).
Viking Mines’ exploration strategy targets narrow vein high-grade deposits typical of this setting. Heel-to-toe drill traverses are being used to provide full coverage of the geology, with 1-5 gram-metre intercepts defining mineralised pathways for follow-up.
Phase 3 Drilling Set for July: Viking’s systematic phased exploration is underway, with approximately 13,400m of RC drilling completed from a ~20,000m budgeted programme. The company has achieved early-stage success with the discovery of new gold structures, and geochemistry has proven effective. However, more than half the strike length has yet to see first-pass regional drilling. Phase 3 drilling is scheduled to commence in July, following up on high-grade intercepts.
Bifrost and Central Duplex Targets
Viking Mines has also achieved significant exploration success across both the Bifrost and Central Duplex Targets at Riverina East. At Bifrost, drilling intersected high-grade visible gold, including 2 metres at 23.6g/t Au in hole VKRC0180, with further wide-spaced drilling returning intercepts like 17 metres at 1.1g/t Au and peaks up to 3.18g/t Au. Meanwhile, at the Central Duplex Target, Viking identified a 260-metre-wide gold-anomalous zone, recording peak grades of up to 1.5g/t Au in hole VKRC0155.
Both areas confirm high mineralisation potential in previously unexplored ground, and follow-up drilling is planned to test extensions and better define these emerging high-grade gold zones.
Shares of VKA were trading at AUD 0.006 on 30 June 2025.
