Viking Mines (ASX:VKA) Advances First Hit Gold Project with Drilling and Resource Estimate

Highlights

• Viking launched a Phase 1 drilling campaign at the First Hit Gold Project following a strategic review.
• The Phase 1 drilling program completed 2,670m (46%) across 25 holes during the December
• Phase 2 drilling is set to begin in late March 2025 to explore new targets identified in the review.
• Viking has announced a high-grade Inferred Mineral Resource of 83.8kt at 7.0g/t Au, totalling 19,000 ounces.
• The company raised AU$2.39 million through a placement of 265 million shares at AU$0.009 each.

Viking Mines Limited (ASX:VKA) made significant progress at its First Hit Gold Project during the December 2024 quarter. This progress followed a strategic review of the First Hit Gold mine, located along the Zuleika Shear in Western Australia. As a result of the review, the company initiated a Phase 1 drilling campaign.

During the quarter, the company raised AU$2.39 million through a placement of approximately 265 million shares at AU$0.009 per share. VKA’s cash balance at the end of the December 2024 quarter was AU$4.77 million.

Strategic review and drilling progress at First Hit Gold Project

The strategic review aimed to assess the remaining resource potential and identify priority targets within the company’s 480km² land package.

The initial drilling phase involved approximately 5,000m of Reverse Circulation (RC) drilling, targeting high-priority areas along Viking's 25km stretch of the Zuleika Shear. This phase was later extended, with the drilling program increasing to about 5,750m, as part of a broader drilling program totalling up to 20,000m.

The drilling program commenced in November, and by the end of the quarter, 46% of the planned drilling had been completed, totalling 2,670m across 25 holes.

Additional targets and Phase 2 drilling

As part of the strategic review, Viking identified three new key targets for further exploration:

• Central Duplex Target
• Southern Duplex Target
• Southern Structural Target

The company plans to initiate Phase 2 drilling in late March 2025 to test these newly identified targets.

Mineral Resource Estimate (MRE) for First Hit

MEC Mining, an international technical consulting firm, conducted a mineral resource estimate of the First Hit Gold Mine as part of the VKA’s strategic review of the project.

Data source: Company update

Planned Activities for the March Quarter

In the current quarter, the company will focus on advancing the First Hit project while continuing work on the Canegrass and Narndee Projects. Planned activities for the quarter include:

• Finalising the Phase 1 drilling program at the First Hit Project.
• Receiving assays for samples submitted during the December quarter, expected in late January or early February 2025.
• Submitting additional samples for analysis and obtaining results from drilling conducted during the March quarter.
• Developing targets and planning for Phase 2 drilling, which is expected to commence in the March/June quarter of 2025.
• Advancing studies on the Canegrass Project.
• Consolidating data for the Narndee Project.
• Conducting auger soil drilling at the Canegrass and Narndee Projects.

VKA shares traded at AU$0.009 per share on 28 January 2025.