Viking Mines Strikes High-Grade Gold at Riverina East
Viking Mines (ASX:VKA) has announced significant gold discoveries at its Riverina East Project in Western Australia's Eastern Goldfields region, with high-grade intercepts including 2m at 23.6g/t gold containing visible gold.
Major Discovery in Untested Greenfields Area
Viking's aggressive exploration program is yielding impressive results across its 480km² land package, which includes 25km of the prospective Zuleika Shear – an area that had seen no bedrock drilling for over 23km before Viking commenced activities in November 2024.
The company has completed approximately 13,400m of RC drilling as part of a planned 20,000m program, with success across multiple target areas:
- Bifrost Target: Discovery of high-grade gold across multiple traverses spaced 1.7km apart
- Central Duplex Target: Identification of a 260m wide, strongly anomalous zone indicative of substantial mineralised fluid flow
"These results confirm what we've long suspected – that our Riverina East ground hosts significant gold mineralisation similar to the neighbouring multi-million-ounce deposits. Finding visible gold in a greenfields area is a tremendous validation of our systematic exploration approach." – Managing Director Julian Woodcock
Understanding High-Grade Narrow Vein Gold Systems
Viking's exploration strategy specifically targets narrow vein, high-grade gold deposits typical of the Eastern Goldfields region. These systems, while narrower than bulk tonnage deposits, can be extraordinarily valuable due to their exceptional grade.
The company's approach involves:
- Systematic heel-to-toe drill traverses providing comprehensive geological coverage
- Targeting 1-5 gram-meter intercepts to define mineralised pathways
- Following up on structural indicators that may lead to high-grade shoots
This methodology has proven successful at other Eastern Goldfields operations, such as Ora Banda Mining's neighbouring Riverina Underground Mine, which provides an excellent exploration analogue for Viking's targets.
First Hit Mine: A High-Grade Asset Already in Hand
Beyond the greenfields exploration success, Viking's Riverina East Project is anchored by the high-grade First Hit Gold Mine, which hosts:
- Historical production of approximately 30,000oz at 7.7g/t gold
- A current JORC-compliant Inferred Mineral Resource of 83,800 tonnes at 7.0g/t gold for 19,000oz
- Existing infrastructure including a decline to approximately 220m below surface (estimated $15M replacement value)
- Significant unmined high-grade intercepts, including 4.9m at 64.8g/t gold
The mine, which closed in 2002 when gold prices were below US$325/oz (approximately 10% of current prices), sits on a granted Mining Lease and provides both immediate development potential and a geological model for the company's regional targets.
Upcoming Catalysts and Activity
Viking has outlined an active program for the coming months:
- Remaining assays from Phase 2 drilling pending
- Fully funded follow-up drilling commencing in the June quarter
- Underground mining evaluation for the First Hit Mine resource
- Continued systematic exploration across the remaining untested strike length
With $3.4 million in cash (as of March 31, 2025), the company is well-funded to advance these initiatives.
Why Gold Explorers in the Eastern Goldfields Deserve Attention
Western Australia's Eastern Goldfields region has a long history of hosting world-class gold deposits, but areas like the Zuleika Shear continue to yield new discoveries through modern exploration techniques.
The proximity to existing operations provides strategic advantages, with Ora Banda Mining's Davyhurst Mill located just 40km away, potentially offering future processing options for any economic discoveries.
For investors looking to gain exposure to gold exploration, Viking's combination of existing high-grade resources at First Hit and promising greenfields discoveries along the Zuleika Shear presents an interesting opportunity at its current market capitalisation of $10.8 million (enterprise value: $7.3 million).
A Diversified Portfolio Beyond Gold
While the gold exploration success is capturing immediate attention, Viking also holds the Canegrass Battery Minerals Project, a significant vanadium resource in Western Australia's Murchison region:
- Global Inferred Mineral Resource of 146Mt at 0.70% Vâ‚‚Oâ‚…, 31.8% Fe & 6.6% TiOâ‚‚
- Pit constrained resource of 61Mt at 0.81% Vâ‚‚Oâ‚… & 35.9% Fe
- Advanced metallurgical testing demonstrating the ability to produce vanadium pentoxide flake
This provides the company with exposure to both precious metals and battery minerals markets, potentially reducing risk for investors.
The Bottom Line
Viking's recent high-grade gold discovery at Riverina East represents a significant milestone for the company, validating its exploration model and demonstrating the prospectivity of its large landholding in the Eastern Goldfields.
With systematic exploration continuing across multiple targets, an existing high-grade resource at First Hit, and additional value from the Canegrass Vanadium Project, Viking presents a multi-faceted investment proposition with several potential catalysts on the horizon.
Want to Discover the Next High-Grade Gold Success Story?
Find out more about Viking Mines' impressive gold discoveries at Riverina East and their promising First Hit mine development opportunity. With high-grade intercepts, visible gold, and systematic exploration across 25km of the prospective Zuleika Shear, this ASX-listed company offers compelling investment potential in Western Australia's renowned Eastern Goldfields region. Visit vikingmines.com to explore their latest results and understand why their $10.8 million market capitalisation could represent significant value for gold investors.
