Viking Mines : HITS BONANZA GOLD UP TO 36G/T AU 1.5KM FROM FIRST HIT

ASX ANNOUNCEMENT

03 March 2022

only	VIKING INTERSECTS BONANZA GRADES UP TO 36G/T AU IN
FIRST BEDROCK DRILLING AT JANA'S REWARD TARGET
	• Potential for two new parallel mineralised structures identified & open in all directions
	•	New shallow high-grade results include:
		o VKRC0057: 1m at 36.49g/t Au from 17m
		o VKRC0053: 1m at 17.84g/t Au from 16m
	•	The Company eagerly awaits assays for the remaining 2 holes at the Jana's Reward target,
		1.5km to the NNW of the historic high-grade First Hit gold mine
	•	38 holes from the 71 hole, 6,723m drill programme now reported with the remaining results
		expected in the March quarter
	•	Wireframing of the First Hit structure continues along the 1.5km strike drill tested1 in
use•	preparation for the results from the First Hit South target
Field trip planned for mid-March to review the ground in context of the results received
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Viking Mines Limited (ASX: VKA) ("Viking" or "the Company") is excited to update the market on the ssays received from 9 of the 11 holes drilled at the Jana's Reward target as part of the 71-hole, 6,723m RC Drilling Programme at the First Hit Project ("First Hit" or "the Project"), 50km west of Menzies in the

WA Goldfields.

These assay results bring the total number of holes reported from the December quarter drill programme to 38 (54% of the total 71 holes drilled).

New high-grade assays received as part of the recent drilling programme include:

1. VKRC0057: 1m at 36.49g/t Au from 17m o VKRC0053: 1m at 17.83g/t Au from 16m

These high-grade gold intersections at the Jana's Reward target (Figure 1) are hosted in a newly identified structural position which is parallel to the First Hit structure (host to the historic high-grade First Hit gold mine and the recently discovered Hilton and Camp 1 shoots1). This success further supports the Company strategy of identifying additional shoots and mineralised structures outside the limits of the

Forp eviously defined First Hit mine to provide growth options for shareholders through discovery.

C mmenting on the receipt of the Jana's Reward target results, Viking Mines Managing Director & CEO Julian Woodcock said,

"I am extremely excited to have intersected high-grade mineralisation on the First Hit tenure in a new area, parallel to the First Hit structure."

"The Jana's Reward target was identified from a comprehensive geological review of the tenure using the magnetics, gravity and air core drilling data we collected in 2021. The first bedrock testing in this area were drilled in the December quarter RC drill programme and, with these results, has proved successful."

"To encounter >1oz gold grades in the drilling is extremely encouraging and reflects the potential for multiple narrow-vein,high-grade gold occurrences across the First Hit tenure. The intersection of two new

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distinct structures at Jana's Reward, which are open in all directions, provides additional opportunities to add to the two shoots identified at First Hit North1."

"These additional mineralised positions reaffirm the company strategy to identify new high-grade gold onlyresources across the First Hit Project. Viking will add the greatest value to our shareholders through the

discovery of new ounces. These results present Viking with further opportunities to achieve this."

For usepersonal

Figure 1; Map showing the location of the Jana's Reward target in relation to the historic high-grade First Hit gold mine. Drillhole collars show the drilling completed by Viking in 2021 by drill type. Orange triangles highlight the drillholes for which assays have been reported from the December quarter RC drill programme with green triangles highlighting holes yet to be reported.

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JANA'S REWARD

The Jana's Reward target is located >1.5km to the North North-West of the First Hit Mine (Figure 1) and was identified from the Air-Core (AC) drill programme completed in 20212.

onlyThe two main zones of interest are associated with the high-grade results intersected in holes VKRC0053 and VKRC0057 of 1m at 17.84g/t Au and 2m at 18.71g/t Au respectively (reporting above a 0.5g/t Au cut-off).

The drilling programme targeted a series of repeat structures interpreted in the magnetic geophysics that are supported by anomalies identified in the AC drilling (Figure 2) and historic auger sampling results.

useTo test the target, a drill line of 11 holes was planned in a heel to toe configuration across the structures. Drilling encountered a range of rock types confirming the variability observed in the magnetic tratigraphy (Figure 3).

The assay results received have confirmed broad >15ppb halos in 3 locations that may indicate potential mineralised corridors and structures. This is interpreted using the knowledge gained from the AC & DD programmes completed in 20212. The width and tenor of these anomalies is much greater than those observed at the First Hit structure and provides encouragement for further follow up.

VKRC0053

Drilling intersected a combination of rock types with basalt, intermediate volcanics and pegmatites. The mineralisation occurs near the contact between the basalt and the intermediate volcanic unit and is characterised by a broad gold halo of 15m >40ppb Au (Figure 3). Within this zone two intercepts have been encountered above a 0.5g/t Au cut-off.

• 1m at 17.83g/t Au from 16m
• 1m at 1.73g/t Au from 29m

personalThe high-grade intercept at 16m downhole occurs within the intermediate volcanic unit and is characterised by increased quartz and shearing of the host rock. Elevated biotite and minor sulphides

in the form of pyrite is also present.

VKRC0057

Drilling intersected pre-dominantly basalt host rocks with pegmatites occurring at the top and bottom of the hole. The mineralisation occurs near the top of the hole within the basalt and is characterised by a Forlower-level broad gold halo of 31m >15ppb Au and a higher-level halo of 16m >40ppb (Figure 3). Within this broad anomalous zone of elevated gold values, two intervals have been encountered above a 0.5g/t

Au cut-off grade.

• 1m at 1.15g/t Au from 2m
• 2m at 18.71g/t Au from 17m

1. Including 1m at 36.49g/t Au

The high-grade intercept at 17m downhole occurs within a sheared portion of the basalt host rock which is characterised by increased silicification and biotite alteration. This bears similarities to the characteristics of the shear zone encountered at First Hit.

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Figure 2; Map showing the Jana's Reward target with the RC drill traverse (section A-A') overlain on the reduced to pole (RTP) 2VD magnetics image. Note the structures identified form the magnetic interpretation and the location of the high-grade intercepts encountered in the RC drilling.

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Figure 3; Cross section A-A' (Figure 2) showing drill results at the Jana's Reward prospect (looking North) with high-grade intercepts annotated. Note the variable interpreted geology with
min ralisation occurring near contacts or shear zones. >15 ppb halos have been identified in the drilling which is of significance given the low tenor halo observed in the First Hit structure adjacent
to high grade-mineralisation drill tested in the historic mine.
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