Highlights

• Assays from the second regional drill traverse suggest gold presence across two wide-spaced drill traverses, 1.7km apart, at the Bifrost target.
• Hole VKRC0103 intersected 23m at 0.4g/t Au, including 5m at 1.0g/t Au and 3m at 1.3g/t Au.
• Close-spaced infill auger geochemical sampling programme has commenced at the Bifrost target to provide vectors for follow up drilling.
• Assays are pending for the remaining two drill traverses.

Viking Mines Limited (ASX:VKA) has announced promising assay results from the second of four wide-spaced regional drill traverses completed at the Bifrost target (formerly the Northern Duplex Target). The Bifrost target spans 3.6km in length and 1.2km in width, with gold mineralisation identified across two wide-spaced drill traverses, located 1.7km apart.

Significant Assay Results

The assays have revealed multiple anomalous gold zones (>40ppb), with the most notable result being drill hole VKRC0103, which intersected:

• 23m at 0.4g/t Au from 97m, including:
• 5m at 1.0g/t Au from 102m
• 3m at 1.3g/t Au from 115m

The results from hole VKRC0103 confirmed a steeply dipping gold-hosting structure, which remains open along strike with no constraining drill holes. The full extent of the mineralised zone is yet to be determined.

These results indicate the potential for an extensive gold system spanning at least 1.7km, warranting immediate follow-up exploration to determine the mineralisation source.

The assay results have been reviewed in relation to the magnetic geophysics dataset and auger geochemistry anomalies, revealing that the gold mineralisation aligns with the western margin of a ~1.3 km long NNW-SSE striking magnetic low and high gold in auger sample results of 0.5g/t.

Drillhole logging has identified distinct rock units associated with the lower magnetic signature. Whole-rock geochemistry is required to confirm the exact rock type, although visual observations suggest the presence of a porphyritic dolerite unit.

This finding could be significant, as dolerite is more brittle than the adjacent ultramafic sequence, creating a rheological contrast that may enhance its potential as a favourable host for gold deposits, highlighted the company update. Notably, many major gold deposits in the Eastern Goldfields, such as the Argo deposit at St Ives (Gold Fields Ltd), are hosted within dolerites.

Phase 1 Drilling Success

The Phase 1 drill programme comprised ~55 holes across ~7,400m, with results received for 42 holes covering 4,908m. The remaining assays are expected by late February to early March 2025.

The primary goal was to identify gold-bearing pathways along structural features interpreted from airborne magnetics. The objective of the campaign was achieved successfully with gold mineralisation confirmed across the first and second drill traverses, spaced 1.7 km apart, highlighting priority targets for follow-up exploration.

The scale of the Bifrost target area (>3.6 km) and the discovery of gold in the initial traverses across the substantial greenfield target area, mark significant exploration progress.

Initial results suggest the discovery of a new mineralised gold system. Encouraged by early success, the company is moving forward with an aggressive, systematic and effective exploration strategy to unlock further gold potential.

Phase 2 Drilling Set to Begin at Central Duplex Target

Final planning and logistics for the Phase 2 drill programme have commenced, with drilling set to begin in early March 2025 at the Central Duplex Target. The rig is scheduled to mobilise on 3 March, with operations starting shortly after.

Additional drilling is planned at Bifrost once all Phase 1 assays are received.

Infill Auger Drilling & Geophysical Surveys

To refine target areas discovered in the RC drill at Bifrost, an infill auger drilling programme is underway to decrease the sample grid from 100m x 400m to 20m x 100m. This tighter spacing will allow more targeted and precise drill testing.

Completion of auger drilling is expected by late February, with priority assays expected by mid-March 2025. The company is also exploring options for a high-resolution magnetic geophysics survey to help identify key focus areas for follow-up drilling, potentially starting in early March.

VKA shares were trading at AU$0.008 per share at the time of writing on 25 February 2025.