Viking Receives First Diamond Results & Sights Visible Gold at Riverina East Project
Viking Mines Limited (ASX:VKA) has announced promising results from its ongoing exploration programme at the Riverina East Gold Project in Western Australia, with the company intercepting high-grade gold mineralisation including visible gold in recent drilling activities.
High-Grade Gold Discovery Along Zuleika Shear
The company has reported a significant gold intercept of 2 metres at 23.6g/t gold from drill hole VKRC0180 at the Bifrost Target, which included visible gold observations. This high-grade Viking Mines gold discovery is part of Viking's systematic exploration of its 480km² land package situated along the prospective Zuleika Shear, a geological structure known to host multiple million-ounce gold deposits in the region.
Viking's Managing Director, Julian Woodcock, highlighted the significance of the discovery: "Finding high-grade gold with visible gold in a genuine greenfields area that has seen no bedrock drilling for over 23 kilometers is extremely encouraging. The results validate our exploration strategy and confirm the significant potential of our Riverina East Project."
Exploration Programme Details
Viking has completed approximately 13,400 metres of reverse circulation (RC) drilling as part of a planned 20,000-metre programme across its tenements. The drilling has been designed to test previously unexplored sections of the Zuleika Shear, with early results confirming the presence of gold-bearing structures at several target areas:
| Target Area | Key Intercepts | Distance | Significance |
|---|---|---|---|
| Bifrost (Traverse 2) | 2m at 23.6g/t Au | – | High-grade vein with visible gold |
| Bifrost (Traverse 2) | 1m at 3.3g/t Au | – | Supporting mineralisation |
| Bifrost (Traverse 1) | 17m at 1.1g/t Au | 1.7km north | Wide anomalous zone |
| Bifrost (Traverse 3) | 23m at 0.4g/t Au | 1.1km south | Broad mineralised envelope |
| Central Duplex | Multiple anomalous zones | 3.2km south | 260m wide anomalous corridor |
The drilling results have confirmed the presence of favourable dolerite host rocks and north-south trending structures, which are typical characteristics of the high-grade narrow vein gold deposits found elsewhere along the Zuleika Shear.
First Hit Mine Resource
In addition to the regional exploration success, Viking recently completed an Underground Mining Study at the historic First Hit Mine within the Riverina East Project. The study defined an Inferred Resource of 53.1kt at 7.2g/t Au for 12.4koz constrained within a mine design.
The First Hit Mine, which historically produced approximately 30,000 ounces of gold at an average grade of 7.7g/t, is situated on a granted mining lease with existing infrastructure, including a decline extending to 220 metres below surface. This asset provides Viking with a potential near-term development opportunity while regional exploration continues.
Understanding Gold Mineralisation in the Zuleika Shear
The Zuleika Shear is a major geological structure in Western Australia's Eastern Goldfields that hosts numerous significant gold deposits. Gold mineralisation along this structure typically occurs as narrow, high-grade veins hosted within dolerite and basalt units.
These narrow vein deposits can be highly profitable to mine, as demonstrated by neighbouring operations such as Ora Banda Mining's Riverina Underground Mine, located approximately 4 kilometres west of Viking's project area.
Gold mineralisation in the Zuleika Shear is often associated with quartz veining, silica-carbonate alteration, and the presence of sulphide minerals such as pyrite and arsenopyrite. The high-grade nature of these deposits means that even relatively small intercepts (1-5 gram-metres) can define mineralised pathways worthy of follow-up drilling.
The recent Viking Mines gold discovery of 2 metres at 23.6g/t gold at the Bifrost Target represents exactly the style of mineralisation that Viking has been targeting, and the presence of visible gold is particularly encouraging as it often indicates the potential for high-grade zones within the broader mineralised system.
Forward Plans
Viking is advancing to Phase 3 of its exploration programme in early July, which will focus on follow-up drilling around the high-grade intercept at the Bifrost Target. This work aims to define the extent and orientation of the newly discovered gold structure.
With approximately half of the 25-kilometre strike length still to undergo first-pass drilling, Viking remains well-positioned to make additional discoveries along the underexplored Zuleika Shear. The company is well-funded with $3.4 million in cash (as of 31 March 2025) to continue its aggressive exploration campaign.
Investment Considerations
Viking Mines presents several compelling investment attributes for consideration:
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Strategic Land Position: The company controls 25 kilometres of the prolific Zuleika Shear, a geological structure known to host multi-million-ounce gold deposits.
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Early Exploration Success: The high-grade gold discovery in previously untested ground demonstrates the potential of the company's exploration strategy.
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Existing Resource: The First Hit Mine Inferred Resource provides a potential near-term development opportunity.
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Infrastructure Advantage: The project is located just 40 kilometres from Ora Banda Mining's Davyhurst Mill, potentially providing a processing solution for future mining operations.
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Well-Funded: With $3.4 million in cash, Viking is well-positioned to continue its exploration activities without immediate capital constraints.
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Diversified Portfolio: In addition to the Riverina East Gold Project, Viking owns the Canegrass Vanadium Project, which hosts an Inferred Resource of 146Mt at 0.70% Vâ‚‚Oâ‚…, 31.8% Fe, and 6.6% TiOâ‚‚.
With a current market capitalisation of approximately $8 million (enterprise value $4.6 million), Viking trades at a significant discount to the potential value of its asset portfolio, particularly in light of recent exploration success.
The Significance of Gold Intercepts
When assessing gold exploration results, it is important to understand how to interpret reported intercepts. Gold intercepts are typically reported as a length and grade (e.g., 2m at 23.6g/t Au), and one way to compare the significance of different intercepts is to calculate the "gram-metre" value by multiplying the length by the grade.
For the intercept of 2 metres at 23.6g/t gold reported by Viking, this equates to 47.2 gram-metres, which is considered highly significant in exploration terms. For context, economic underground mining operations in Western Australia often target veins with gram-metre values above 5-10, making Viking's Viking Mines gold discovery particularly noteworthy.
As Viking continues its systematic exploration of the Zuleika Shear and advances the First Hit Mine resource, investors should monitor upcoming drilling results and development milestones that could significantly impact the company's valuation.
Ready to Invest in Viking's Gold Discovery Potential?
For investors seeking exposure to a compelling gold exploration opportunity with strategic assets along the prolific Zuleika Shear, Viking Mines offers significant upside potential. With high-grade gold discoveries, an existing resource at First Hit Mine, and a well-funded exploration programme, now is the time to consider this undervalued ASX opportunity. To learn more about Viking Mines' gold projects and investment potential, visit vikingmines.com today.
