Viking Mines : FINDS 4M AT 5.1G/T AU IN HISTORIC DATA ON NEW TENURE

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ASX ANNOUNCEMENT

25 March 2022

VIKING IDENTIFIES INTERCEPTS UP TO 4M AT 5.1G/T IN

HISTORIC DATASETS ON NEW TENURE

• 32.5g/t Au reported in historical rock chip samples from historic prospectors pit
• Significant historical RC and RAB drillhole results:

• 1. RSR65: 4m at 5.1g/t Au o RSRC9: 4m at 4.88g/t Au
• 1,400m x 300m RAB BLEG anomaly >14ppb
• Host stratigraphy is the same as >700koz of deposits1 located adjacent to the Davyhurst Mill (ASX:OBM) ~23km to the South

Viking Mines Limited (ASX: VKA) ("Viking" or "the Company") is pleased to update the market with historical results identified on newly granted tenement E30/529 forming part of the First Hit Project ("First Hit" or "the Project"), 50km west of Menzies in the WA Goldfields.

A search of scanned historical exploration reports has identified drilling with high-grade intercepts which have not been captured in the Western Australia government historical drillholes database (WAMEX). The results occur within a large 1,400m x 300m >14ppb auger anomaly also recorded in the historical reports. A recent field trip completed by Viking across the new tenure verified the drillhole collars on-ground(Figure 2). Significant intercepts identified include:

• RSR65 - 4m at 5.1g/t Au from 12-16m (drilled in 1986)
• RSR231 - 8m at 1.45g/t Au from 32m (drilled in 1987)
• RSRC9 - 4m at 4.88g/t Au from 38m (drilled in 1988)

In addition to the drilling data, the reports refer to a 6.5m deep prospector pit (Figure 1) with historical surface rock chip samples noting up to 32.5g/t in quartz vein stockwork (Figure 2).

The drillhole results and anomaly all lie within the same mafic stratigraphy which is known to host multiple deposits totalling >700koz (Lights of Israel, Makai & Golden Eagle) adjacent to the Davyhurst Mill (Ora Banda Mining ASX:OBM)1, ~23km to the south (Figure 5).

Commenting on the historical results, Viking Mines Managing Director & CEO Julian Woodcock said,

"It is very encouraging that we have identified high-grade samples of up to 32.5g/t in rock chips in addition to drillholes returning intercepts such as 4m at 5.1g/t, all located on the newly granted 100% Viking tenement E30/529."

"These grades give us confirmation that there is high-grade gold on the Viking tenure and reaffirms the potential for additional high-grade discoveries that will complement the First Hit Project."

"These results are located just 17km to the south of the Viking owned historical First Hit gold mine and only 9km to the SSE of the Ora Banda Mining owned Riverina gold mine. The host rocks are also represent the same stratigraphical position as the multiple deposits totalling >700koz, adjacent to the Davyhurst Mill located 23km to the south"

ASX:VKA

vikingmines.com

15-17 Old Aberdeen Place	P [phone]	[e-mail]
West Perth, WA, 6005

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Figure 1; ~6.5m deep prospectors pit located on tenement E30/529 at the southern limit of a 1,400m x 300m auger and RAB anomaly>14ppb.

HISTORICAL DATA

A desktop review completed by Viking has determined limited phases of gold exploration activity has been completed on tenement E30/529, with no apparent on ground gold exploration occurring since 1997. The most significant exploration activity for gold occurred in the 1980's with phases of Auger, RAB drilling and follow up RC drilling (Table 1).

From reviewing the historical reports, it has been confirmed that much of this historical drilling data have not been recorded in the WA government historical drillholes database (WAMEX).

The exploration activity undertaken in the 1980's defined a large broad low level gold anomaly (>14ppb) which has been partially tested by RC drilling (Figure 2). Some drillholes have been followed up (Figure 4 & Figure 3), however further work needs to be completed to determine the potential of the area.

Viking believes that the lack of effective exploration across E30/529 and the Encounter Option area2 to the north on E30/517, provides a significant opportunity for discovery of additional high-grade narrow vein gold deposits due to:

• The complex nature of the bedrock geology observed in the magnetic geophysics
• The identification of high-grade gold in historical drilling
• The presence of historical prospector pits with rock chips up to 32.5g/t Au
• The occurrence of transported cover over much of the tenure prevents the outcropping of any potential mineralisation

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Figure 2; Map showing part of Viking tenement E30/529 with 14ppb and 20ppb auger anomaly outlines, drillhole collar locations and gold intercepts highlighted. Note high grade 32.5g/t Au rock chip from prospectors shaft in the south. All data has been sourced from historical WAMEX exploration reports.

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personalFigure 4; Cross section A-A' showing historic intercepts in RAB and RC drilling with interpreted bedrock geology. Note ignificant intercepts occurring in quartz veining with anomalous >0.1g/t continuing at depth.

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Figure 3; Cross section B-B' showing historic intercepts in RAB and RC drilling with interpreted bedrock geology. Note RAB hole encountered 4m at 5.12g/t with 2m at 0.68g/t in RC hole drilled underneath. This confirms the structure continues and further follow up testing is warranted.

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Figure 5; Simplified geological map showing Viking tenements and 14ppb anomaly identified from 1980's data. Note the position in the same stratigraphy (Ultramafic and Basalt) as the Davyhurst deposits with >700koz of historical production and resources1. Note limited records of historic shafts and stopes recorded along this fertile trend.

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