Viking Mines : RECEIVES REMAINING ASSAYS FOR FIRST HIT NORTH TARGET

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ASX ANNOUNCEMENT

14 February 2022

VIKING RECEIVES REMAINING ASSAYS FOR

FIRST HIT NORTH TARGET

• Assays now returned for all 29 holes drilled at First Hit North target
• New high-grade results include:

• 1. VKRC0021: 2m at 4.10g/t Au from 15m o VKRC0001: 1m at 7.48g/t Au from 88m o VKRC0004: 1m at 5.97g/t Au from 36m
• Results continue to support the discovery of two mineralised shoots 220m and 720m north of the historic, high-grade First Hit Gold Mine
• Mineralisation intersected 40m from the limits of the historic mine workings confirming continuity
• Results for 42 holes from the remaining 3 targets tested are pending and will be announced as they are received over the March quarter

Viking Mines Limited (ASX: VKA) ("Viking" or "the Company") is pleased to update the market on the assays received for the remaining holes drilled in the First Hit North 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 to 29 (41% of the total 71 holes drilled). As reported on 22 December 2021, two potential mineralised shoots have been identified north of the historic First Hit Gold Mine. These results further support this theory and will be added to the wireframe model under development for the First Hit North target. The historic First Hit Mine pursued a narrow vein, high grade gold deposit and to date, these two additional shoots continue to demonstrate geological similarity.

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

1. VKRC0001: 1m at 7.48g/t Au from 88m o VKRC0004: 1m at 5.97g/t Au from 36m o VKRC0021: 2m at 4.10g/t Au from 15m

The wide spaced design (80m drill sections) of this drilling programme was used to test ~800m strike of the First Hit structure north from the historic mine. The successful identification of two potential shoots along the structure has achieved the primary objective of identifying high-grade mineralised positions along this previously under explored trend.

Commenting on the receipt of the First hit North target results, Viking Mines Managing Director & CEO Julian Woodcock said, "The receipt of the remaining results for the First Hit North targets are encouraging as they confirm that the First Hit Structure continues for >800m North of the historic mine workings."

"Our geological team planned the programme on a relatively wide drill spacing of 80m sections with the expectation that if mineralised shoots are present, we would intersect them

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at these intervals. The programme has been successful in discovering previously unrecognised shoots which are open down dip and down plunge."

"Planning additional follow up holes in the field has allowed us to close up the drill spacing in some areas to 40m and help improve our understanding of the geometry of the mineralisation. The results indicate that the mineralisation trends further West than we expected which combined with some of the drill holes steepening during drilling has meant that they haven't reached the target horizon. This has left some areas of the potential mineralised position untested at depth."

"These 29 drill holes are being incorporated in our wireframe modelling and will be used to plan follow up exploration activity."

FIRST HIT NORTH

All assay results have now been received for the First Hit North target (Figure 1). In total 29 drillholes tested this target, which represents 41% of the 71 holes drilled across the 4 target areas. Drilling was completed in December 20211.

The two new shoots that have been identified have been named Camp 1 (720m North of the First Hit historic mine workings) and Hilton (220m North of the First Hit historic mine workings).

Results returned from the drill programme to date include:

Camp 1 Shoot:

• VKRC0023: 2m at 9.67g/t Au from 26m1
• VKRC0021: 2m at 4.1g/t Au from 15m
• VKRC0066: 2m at 4.26g/t Au from 75m1
• VKRC0021A: 6m at 0.64g/t from 26m including; o 1m at 1.01g/t from 26m; and
  o 1m at 1.56g/t from 29m

The newly discovered Camp 1 shoot has been encountered over ~125m strike length and to a depth of ~70m from surface (Figure 1 & Figure 2). Drilling has confirmed the presence of a continuously mineralised zone with demonstrated capability to generate high-grade gold intercepts with visible gold3.

Upon review of the drilling data, the mineralised zone appears steeper in cross section than predicted prior to drilling. This, combined with drillholes steepening due to excessive deviation whilst drilling, has resulted in holes VKRC0020, VKRC0022, VKRC0024 & VKRC0026 potentially not reaching the mineralised position (Figure 1 & Figure 3). This is significant as is means the shoot has not been effectively tested downdip from the intersected mineralisation in the shallower holes.

Further evaluation and assessment is required to test the down dip potential of this shoot. The potential for drilling diamond tails off the RC holes is under consideration.

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Figure 1; Long section of First Hit North target area showing assay results received. The two shoot positions outlined are located 220m and 720m north of the historic mine workings and
named the Hilton and Camp 1 shoots respectively. Note the 4 drillholes in the Camp 1 shoot which have been interpreted to have not reached the mineralised position due to the steepening
of the mineralised zone and the deviation of the RC drillholes. VKRC holes marked with * have been previously reported to the ASX on 22 December 2021.
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Figure 2; Map of the First Hit North target area with the key assay results annotated (new results in the orange boxes and previously reported results in the dark boxes). Drilling has discovered 2 new shoots, 720m north of First Hit (Camp 1 shoot) and 220m North of First Hit (Hilton shoot). Holes VKRC0020 to VKRC0026 have potentially missed the target zone which has resulted in them being ineffective in testing the down dip potential of the Camp 1 shoot.

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Figure 3; Cross section at First Hit North target showing high grade intercept in hole VKRC0023. Interpretation of the mineralised zone from adjacent sections has shown that it is steeper than originally envisaged and that hole VKRC0024 steepened and did not reach the target horizon.

Hilton Shoot:

• VDD016: 1m at 13.52g/t Au from 57m4
• VKRC0004: 1m at 5.97 g/t Au from 36m
• VKRC0008: 1m at 4.56g/t Au from 64m1
• VKRC0009: 1m at 2.55g/t Au from 98m1

The Hilton shoot, which was discovered as part of the 2021 diamond drilling programme4, has now been encountered over ~110m strike length and to a depth of ~90m from surface (Figure 1 & Figure 2). Drilling has confirmed the continuity of the First Hit structure and associated mineralisation, also with the capability to generate high-grade gold intercepts with visible gold2.

First Hit Extensions:

In addition to the new shoots, a drill hole 40m north of the First Hit historic mine workings has encountered high-grade mineralisation:

• VKRC0001: 1m at 7.48g/t Au from 88m

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