Highlights

• Viking Mines has discovered a second large surface gold target at its Bifrost target.
• New gold anomaly measures over 300 metres in length, with concentrations exceeding 40ppb.
• The anomaly lies within a broader 700-metre zone with gold values above 20ppb at Bifrost.
• Phase 2 drilling has been completed with 50 holes drilled, totalling 5,956m.

Viking Mines Limited (ASX:VKA) saw its shares trade higher on 2 April 2025 following the announcement of a second significant surface gold anomaly at its Bifrost target.  

The company has received and analysed assay results from the remaining 355 samples out of 575 samples collected during an infill auger drilling program at the Bifrost target.

The latest results confirmed the presence of a second large gold anomaly, measuring over 300m in length, with gold concentrations exceeding 40ppb. This anomaly lies within a broader 700m zone with gold values above 20ppb.

The newly identified anomaly begins nearly 100m SSE of VKRC0103, which intersected 23m at 0.4g/t Au, including 5m at 1.0g/t Au and 3m at 1.3g/t Au. Although the anomaly shows weak associations with pathfinder elements such as silver, mercury, and selenium, it is predominantly gold-dominated.

In parallel, Viking has completed its Phase 2 drilling campaign, which included 50 holes covering 5,956m.

Infill Auger Program Overview

The infill auger program was conducted on a 20m x 100m grid, with the goal of delineating the target extents and informing the follow-up infill drilling strategy. The company has met its objectives at both Bifrost North and Bifrost South.

Bifrost South Results and Follow-Up Drilling

The results from Bifrost South have been critical in planning eight follow-up drill holes, which were completed as part of the Phase 2 drill campaign. The drill holes targeted the most prominent and most broad sections of the gold anomaly along with associated pathfinder elements. Drilling was conducted along two lines spaced 100m apart, with four holes drilled on each line.

Phase 2 Drilling Highlights

The Phase 2 program began on the CDT where alteration and shearing wereobserved. A notable arsenic anomaly also borders the gold anomaly.

Drawing from Phase 1 drilling at Bifrost, where arsenic was linked to mineralisation, the company views this as a strong indicator of the target's potential. The rest of Phase 2 drilling focused on follow-up work at Bifrost.

As part of the Phase 2 drill programme, the following targets have been drilled-

• Four wide spaced traverses to provide initial testing across the CDT with 33 holes drilled
• Seven drillholes to assess the Northern Bifrost target
• Eight holes to analyse the Southern Bifrost target
• Four holes testing up and down dip of VKRC0103 and VKRC0117 as part of the Bifrost target

Next Steps in Exploration

The company is advancing exploration activities at the Riverina East Project with the aim of identifying gold deposits.

VKA Share Price Up 

VKA shares jumped 6.25% to trade at AU$0.008 apiece at the time of writing on 2 April 2025.