Viking Mines (ASX:VKA): First Hit Underground Study Confirms 12.4koz Inferred Gold Resource

Highlights:

• Viking Mines has completed an Underground Mining Study (UMS) for the First Hit Gold Mine, outlining an inferred MRE of 53.1kt at 7.2g/t Au for 12.4koz gold.
• The study reflects a 65% conversion from the broader inferred MRE of 83.8kt @ 7.0g/t Au for 19koz
• The UMS was based on a gold price of AUD 4,500/oz, with current market prices offering ~13% upside.
• Mineralisation at First Hit remains open, offering further potential for resource expansion beyond current drill limits.
• VKA shares surged 16%, trading at AUD 0.007 following the study announcement.

Viking Mines Limited (ASX:VKA) has completed an Underground Mining Study (UMS) on the First Hit Gold Mine in Western Australia, defining an Inferred Mineral Resource Estimate (MRE) of 53.1k tonnes at an average grade of 7.2 grams per tonne (g/t) gold totalling 12,400 ounces of gold (JORC 2012). This is reported above a calculated stoping cut-off grade of 1.3g/t Au.

The study represents a 65% conversion of the previously reported global Inferred MRE of 83.8k tonnes at 7.0g/t Au for a total of 19.0k ounces. This conversion suggests that a significant portion of the global MRE lies within the underground mine design.

With gold currently trading around AUD 5,080 per ounce, approximately 13% above the AUD 4,500/oz price used in the UMS assumptions, the project’s economics look increasingly attractive, as per the company.

Notably, mineralisation at First Hit remains open, presenting opportunity to extend beyond the current drilled limits.

Riverina East Exploration Update

The company has received all remaining results from the Phase 2 drilling program (15 drillholes) at the Bifrost North and Bifrost South targets.

Bifrost South Target

Drilling at Bifrost South tested a 300m long, 40ppb gold anomaly identified through auger drilling. Two drill traverses with a total of eight holes were completed, and broad zones of elevated gold values at ppb level were intersected. Significant results include-

• VKRC0192: 24m @ 169ppb (0.17g/t) Au from 28m
• VKRC0188: 8m @ 167ppb (0.17g/t) Au from 36m
• VKRC0195: 4m @ 525ppb (0.53g/t) Au from 4m

All holes intersected ultramafic rocks. The results are significant as they lie south of a magnetic low feature, interpreted to be associated with a dolerite rock unit, host to high-grade intercepts such as 2m @ 23.6g/t Au in VKRC0180. The mineralised structure encountered in VKRC0192 & VKRC0188 may extend into this host providing a follow up drill target.

Additionally, a parallel structure may connect to hole VKRC0125 to the south, also crossing magnetic lows and warranting follow-up drilling.

Bifrost North Target

Seven holes totalling 840m were drilled at Bifrost North with 80m step-outs to the north and south of previous high-grade intercepts (VKRC0068 and VKRC083). Drilling identified zones of ppb level anomalism, with a peak intercept of:

• VKRC0183: 1m @ 1.6g/t Au from 40m

Though no substantial new intercepts were encountered, the presence of gold-bearing structures has been confirmed.

Further work is required to trace these structures along strike to assess other areas where a more continuous zone of mineralisation could be encountered. To support this, VKA plans a closer-spaced magnetic geophysics survey to refine structural interpretation across the broader Bifrost area.

Next steps                  

Following the study completion, VKA will continue to explore opportunities to unlock value from the updated Mineral Resource Estimate. Meanwhile, exploration at the Riverina East Project remains ongoing, with drilling scheduled to begin in late June to follow up on the high-grade intercept in hole VKRC0180 (2m @ 23.6g/t Au). Key activities currently underway include:

VKA shares rally

VKA shares traded at AUD 0.007 per share, up over 16%, at the time of writing on 10 June 2025.