Highlights

• Viking Mines shares surged 14.3% to AU$0.008 on 27 March 2025.
• Phase 1 drilling results at the Bifrost Gold Target revealed a >400m-long gold anomaly.
• The gold anomaly overlaps with a 400m-long arsenic anomaly (over 30ppm), suggesting potential for high-grade gold deposits.
• Seven follow-up drill holes are planned over a 250m strike length to test the strongest anomaly zones.

Shares of Viking Mines Limited (ASX:VKA) surged 14.3% to AU$0.008 on 27 March 2025 following the release of encouraging assay results from Phase 1 drilling at the Bifrost Gold Target, a target within the Riverina East Project (formerly known as First Hit Project).

. The assays, based on the initial 220 samples from a larger 575-sample infill auger drilling program around prospective targets (VKRC0083 and VKRC0068), have defined a >400m-long, >40ppb gold anomaly.

The identified anomaly overlaps with a >400m long arsenic anomaly with concentrations above 30 ppm, with a >200m zone exceeding 100 ppm, providing robust geochemical support. Arsenic is directly associated with gold intercepts in bedrock drilling and serves as a positive indicator of potential high-grade mineralisation at Bifrost, as noted in the company update.

The findings have been used to guide the planning of seven follow-up drill holes to evaluate the target over a 250m strike length, focusing on the strongest sections of the anomaly.

Phase 1 Drilling Assays: Broad Gold Zones Identified

Viking Mines has received the final gold assay results from the last two drill traverses at the Bifrost target. The assays revealed multiple broad ppb-level gold zones, with isolated ppm (g/t) values, including a peak result of 1.7g/t Au from 91m in VKRC0121. The findings confirm regional gold pathways and highlight additional target horizons for follow-up drilling.

A review of RC chips from Phase 1 drilling led to the selection of 200 samples for further geochemical analysis to determine whether elevated gold zones also contain pathfinder elements. The outcomes will assist in refining future sampling and drill planning.

The primary goal of Phase 1 was to identify gold-bearing structural pathways, a target successfully achieved with the confirmation of a new mineralised system. Given the >3.6km scale of the Bifrost area, combined with the discovery of gold at both ppm and ppb levels, the results reinforce its potential for further exploration.

Phase 2 Drilling Progress: 35 Holes Completed, Focus on CDT

As of 26 March 2025, VKA has completed 35 holes, covering 4,150m in its Phase 2 drill program, with 15 holes (1,800m) remaining.

The program initially targeted the CDT, a structurally complex zone with a >6km-long gold anomaly above 10ppb, accompanied by a significant arsenic anomaly. Since arsenic is closely linked to gold mineralisation at Bifrost, it is considered as an additional indicator highlighting target’s potential.

Drilling at CDT is now complete, with the remaining Phase 2 work shifting to follow-up targets at Bifrost. The program is expected to conclude by early April.

Next Steps in Exploration: Riverina East Project and Future Plans

Viking Mines is advancing exploration at its highly prospective Riverina East Project (formerly First Hit Project). Key ongoing activities include:

Data source: Company update