Viking Mines : SEES MORE VISIBLE GOLD IN FIRST HIT NORTH RC DRILLING

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ASX ANNOUNCEMENT

15 November 2021

VIKING PANS MORE GOLD IN STEP-OUT HOLES NORTH

OF HISTORIC FIRST HIT MINE WORKINGS

• Gold sighted in 3 additional drillholes as part of First Hit North drill programme
• • VKRC0066: 76-78m downhole, intersected ~680m north of historic First Hit underground mine workings
  • VKRC0007: 14-15m downhole, intersected ~220m north of historic First Hit underground mine workings
  • VKRC0008: 64-66m downhole, intersected ~220m north of historic First Hit underground mine workings
• Total of 5 holes out of the 31 holes of this program drilled to date have now returned visible gold as part of the 6,500m 65-hole programme
• These three latest drillholes form part of the First Hit North target area which is the first of the five targets to be tested as part of the drill programme
• 31 drill holes for 2,697m (41%) completed to date
• First assay results forecast to be received late November/early December subject to laboratory turnaround

Viking Mines Limited (ASX: VKA) ("Viking" or "the Company") is pleased to report the observation of more visible gold in Reverse Circulation (RC) drill chips from 3 separate drillholes at the First Hit North prospect. This drilling has been completed as part of the Company's ~6,500m, ~65 hole RC drilling programme1 at the flagship First Hit Project ("First Hit" or "the Project"), 50km west of Menzies in the WA Goldfields. The Company notes this is based on a visual inspection only and the RC samples are yet to be assayed or analysed.

The visible gold observed in these additional drill holes provides further support to the potential for new mineralised shoots in conjunction with the visible gold seen previously in drill holes VKRC0009 and VKRC00232. The primary objective of the current programme is to identify and define new shoots along strike from the historic high-grade First Hit mine workings and the presence of more visible gold is an encouraging re-affirmation.

Hole VKRC0066 is an additional hole (not part of the original 65-hole programme) designed in the field to test the potential down plunge shoot position (Figure 3) ~680m north of the historic mine workings. The hole was drilled to follow up 40m to the south and 40m below the visible gold observed in hole VKRC00232 720m north (Figure 2) of the historic mine workings. Visible gold has been observed at the predicted position 76-78m downhole in both a coarse RC chip fragment and material subsequently panned from RC chip spoils (Figure 1).

Holes VKRC0007 and VKRC0008 are up dip of hole VKRC0009 (Figure 3) and have been panned as part of ongoing follow up review of the drilling completed to date. Gold has been observed between 14-15m and 64-66m downhole respectively. The presence of gold signifies that the mineralised structure is still present and supports the placement of the RC holes following up diamond drillhole VDD0163 which returned 1m at 13.52g/t Au.

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The presence of visible gold in three additional holes is an encouraging sign that supports the Company's exploration theory of additional shoots at First Hit and we look forward to receiving the assay results from the lab for this important programme.

Commenting on the progress of the RC drilling programme and identification of more visible gold, Viking Mines Managing Director & CEO Julian Woodcock said

"I am encouraged by the identification of additional visible gold in the RC drilling programme at the First Hit Project."

"In conjunction with the gold seen in earlier drill holes, this is a positive indication of the potential to discover additional mineralised shoots away from the historic First Hit mine."

"In particular, the presence of visible gold from VKRC0066 below and to the south of RC drillhole VKRC0023 further supports the potential for a new shoot ~700m north of the historic First Hit mine workings.

"Equally promising is the visible gold observed in VKRC0007 and VKRC0008 ~220m north of First Hit, which lends support to the sighting of gold in VKRC0009 and the earlier step out hole, VDD016 which returned 1.0m at 13.52g/t Au."

"The additional sighting of gold during the ongoing drilling programme reaffirms that our exploration theory is on target. I remain confident that our strategy to identify additional shoots is robust and we look forward to results in this underexplored area along strike."

Figure 1: Visible gold observed in hole VKRC0066 from 77-78m downhole. A: visible gold panned from RC spoils, B: 15mm RC chip of quartz vein with visible gold. C: Zoom in image of visible gold in RC chip.

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DRILLHOLE DETAILS & PROGRAMME UPDATE

Gold has been sighted in holes VKRC0066, VKRC0007 and VKRC0008 as part of the ~6,500m RC drill programme which commenced at the start of October1. Drilling is focussed on testing five target areas to identify new mineralised shoots. These three drillholes form part of the First Hit North target area which is the first of the five targets to be tested.

Panning of RC samples has been completed to remove the lighter minerals and expose denser fine-grained gold forming a 'tail' up to 5mm long in VKRC0066, a point of gold up to 3mm in VKRC0008 and multiple flecks of gold in VKRC0007. Gold is typically associated with varying quantities of quartz and sulphide minerals (dominantly pyrite).

VKRC0066 was designed in the field by Viking geologists in response to sighting gold in hole VKRC00232. Holes VKRC0066 and VKRC0067 were planned on a section line 40m south of hole VKRC0023 to test for mineralisation in the down plunge position, assuming the same orientation of mineralisation observed at First Hit (Figure 3). Gold has been observed over two 1m intervals from 76-78m downhole (Figure 1). Initially gold was sighted in in an RC chip and subsequently panned (Figure 4) from both metre intervals. Quartz and sulphide minerals are associated with the gold and are of the same style as that seen in the diamond drilling completed by Viking earlier this year. The significance of this observation is that it extends the known position of gold 40m south of hole VKRC00231 (Figure 2 & Figure 3).

VKRC0007 & VKRC0008 are the two holes drilled on a section line encompassing hole VKRC0009 (Figure 2 & Figure 3) where visible gold was panned2 from an interval between 98-100m. After observing gold in hole VKRC0009, Viking's geologists panned selected intervals at the expected target depths with the objective of identifying mineralisation. Visible gold has been panned from the RC chips from composite samples at depths of 14- 15m downhole for VKRC0007 and 64-66m downhole for hole VKRC0008. The gold is associated with quartz and minor sulphides as with the previous drilling. The observation of gold up dip from hole VKRC0009 gives support to the ongoing drill strategy and theory of additional mineralised shoots on the First Hit structure.

Drill Programme Status

To date, 31 holes have been completed for 2,697m. All holes have been completed at the First Hit North Prospect except for VKRC0016 (suspended due to located too far West) and VKRC0018 (on hold while assessing depth and target). The rig has moved to the Twin Peaks Prospect where 3 holes out of 9 planned holes have been completed. The rig will move to the First Hit South Prospect next.

Drilling was recently paused for 1 week due to a mechanical breakdown associated with the compressor, but resumed on 13 November 2021. At the current rate of productivity, the programme is forecast to be completed by early December. All samples from the completed drillholes have been delivered to the laboratory across 2 batches. First assay results are forecast to be received late November/early December subject to laboratory turnaround.

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Figure 2: Map showing the location of drilled and undrilled Viking RC drillholes as part of the 2021 RC drill programme. Note location

of RC holes with visible gold panned from RC chips. VKRC0007 & VKRC0008 and VKRC0066 220m north and 680m north

respectively from the historic First Hit mine workings.

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personal	Figure 3: Long section showing location and status of RC drilling programme with completed drillholes shown and location of visible gold observed in RC drill chips. No assays have been

r ceived to date for this RC drill programme. The plunge outline of the First Hit shoot and has been superimposed over the areas where visible gold has been seen to illustrate the potential scale

and orientation of shoots being explored for. This technique is used by Viking to plan drillholes and determine priorities for further investigation.

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