Viking Mines (ASX:VKA): High-Resolution Surveys Reveal Priority Tungsten Targets at Linka Project

Highlights

• Viking Mines has completed Phase 1 of its geophysical survey at the Linka Tungsten Project, identifying several new high-priority exploration targets.
• High-resolution gravity results confirmed anomalies directly over known mineralisation at the Linka and Conquest prospects.
• Gravity survey exploits density contrast between scheelite-mineralised formations and host rock with distinct gravity highs delineating high-priority targets across the broader survey area.
• Magnetic survey results successfully mapped key geological contacts and an interpreted regional intrusive unit associated with tungsten mineralisation.
• Following Phase 1 geophysics survey results, the company has expanded the survey area and initiated Phase 2, expected to be concluded by mid-March.

Viking Mines Ltd (ASX:VKA) has completed Phase 1 of its geophysical survey at the Linka Tungsten Project, delivering promising early results that enhance the geological understanding of the area. The high-resolution ground magnetic and gravity surveys were designed to refine the project’s exploration model and identify new zones of potential mineralisation.

Initial interpretations have highlighted several new high-priority exploration targets. Importantly, the surveys have demonstrated the ability to detect key geological structures beneath younger volcanic cover.

Geophysical Programme Overview

The completed survey aimed at strengthening the geological model at Linka. The program comprised:

• 2.2 km² of high-resolution ground magnetic surveying
• 0.5 km² of high-resolution gravity surveying

Initial analysis of the data has generated several promising exploration targets that may host additional mineralisation zones. Following the positive results, the company has expanded the survey area and initiated Phase 2, which is expected to conclude by mid-March.

Gravity Survey Confirms Mineralised Zones

The gravity survey focused on the 820-metre mineralised trend extending from Linka Main to the Conquest prospect. The survey successfully detected density contrasts between:

• Mineralised garnetite skarn containing scheelite (density greater than 3.5 SG)
• Surrounding host rocks, which have densities ranging between 2.5 and 3.0 SG

Preliminary interpretations revealed coincident gravity highs directly over areas with known mineralisation at both Linka and Conquest. In addition, further gravity highs were detected across the broader survey area, representing new high-priority exploration targets for follow-up field investigations and target ranking.

Magnetic Survey Maps Subsurface Geology

The magnetic survey aimed to map the underlying bedrock geology and identify contacts between intrusive and sedimentary units. Key findings from the magnetic survey include:

• Geological differentiation: Limestone formations appear magnetically quiet, while tuff contacts show distinct magnetic signatures, enabling clearer geological mapping.
• Subsurface imaging: A prominent magnetic high detected in the western section of the survey area is interpreted as a regional intrusive body associated with tungsten mineralisation. The lower magnetic contacts interpreted as the target for contact-style mineralisation.
• Structural insights: Large north-east trending structure provided evidence for "seeing through" the younger volcanic cover.

Next Steps

Encouraged by the initial results, Viking Mines has expanded the magnetic and gravity surveys across the project. Upcoming activities include:

• Magnetic survey expansion: An additional 2.8 km² to the west of the current area to define the full extent of the buried intrusive unit.
• Gravity survey extension: Extended by approximately 0.35 km² over volcanic-covered areas to identify further targets along the mineralised corridor.
• Field investigations: Detailed mapping and rock-chip sampling to validate geophysical anomalies.
• Laboratory measurements: Density and magnetic susceptibility testing of collected samples to refine interpretations.
• Trial Gradient Array Induced Polarisation (GAIP) survey: Testing this technique at the Conquest mineralised zone to evaluate its potential for identifying additional exploration targets.

Market Fundamentals for Tungsten

The exploration progress comes at a time when tungsten prices are strengthening. The price of Ammonium Paratungstate (APT)—a key benchmark for tungsten—has risen to USD 1,800 per metric tonne unit (mtu) (as per data collected by Viking from Metal.com), reflecting growing global demand for this critical industrial metal.

With encouraging geophysical results, expanding exploration activities, and favourable market conditions, the company is positioned to advance its exploration strategy for the Linka Tungsten Project and potentially unlock new mineralised zones in the coming months.

Following the update, VKA shares jumped 5.26% to trade at AUD 0.020 per share at the time of writing on 6 March 2026.