Viking Mines Unveils Promising Gold Discovery at Northern Duplex Target

Viking Mines Ltd

• ASX Code: VKA

• Market Cap: $10,625,179

• Shares on Issue (SOI): 1,328,147,320

• Cash: $4,766,000 (as of 31 DECEMBER 2024)

Viking Mines Ltd recently announced promising results from its Phase 1 drilling programme at the Northern Duplex Gold Discovery site, signalling significant progress towards unlocking gold potential along Western Australia’s renowned Zuleika Shear. The company’s robust exploration strategy, combined with promising early drill results, underscores its commitment to greenfields exploration in one of Australia’s prolific mining corridors.

What Are the Impressive Drill Results?

The Northern Duplex Target has yielded some very encouraging drill results during Phase 1, which have caught the attention of investors and analysts alike. The programme confirmed the presence of a steeply dipping gold zone with notable continuity and high-grade subzones. Key highlights of this phase include:

• An intercept of 17m at 1.1g/t Au from 28m, which encapsulated:

• 1m at 1.6g/t Au, and

• 2m at 3.1g/t Au.

• The drill hole VKRC0068 provided the most detailed insight into the potential mineralisation, reinforcing the possibility of an economic gold deposit.

• Results from three wide-spaced drill traverses remain pending, and once available, they are expected to further delineate the strike continuity of the gold zone.

These results, though early, validate the geological hypothesis of a precious, surface-reaching gold system within an otherwise underexplored 23km corridor. This is a strong indicator of the exploration upside for Viking Mines in the region.

How Does the Northern Duplex Fit into Greenfields Exploration?

Greenfields exploration is inherently risky due to the limited historical mining activities, yet successful discoveries in these areas can be transformative for companies. In the context of Viking Mines, the Northern Duplex Target offers several advantages:

1. Profitable geological setting located within the Zuleika Shear, a known historical gold-producing region.

2. Early detection of a steeply dipping gold zone that is likely to have feeder structures, supporting both the vertical and lateral continuity.

3. The integration of geophysical surveys and geochemical data supports a robust understanding of the exploration target, minimising the risk associated with greenfields projects.

4. The presence of wide intercepts, including high-grade subzones that could represent priority targets for further drilling.

The exploration programme is carefully designed with a phased approach. This strategy not only mitigates risk by establishing clear drill targets based on robust data but also offers significant future potential if follow-up drilling confirms the initial encouraging results.

Detailed Results and Their Significance

To contextualise these results further, consider the drill hole summary for VKRC0068:

With over 60% of the Phase 1 drill assays still pending, the steady flow of updates is expected to maintain strong investor interest. Each assay is anticipated to either confirm the presence of the gold-bearing zone or to further refine the target area, thereby providing more detailed insights into the potential scale and grade distribution across the strike length.

What Makes the Northern Duplex Target Special?

There are several unique aspects that set this project apart and make it a noteworthy exploration play in Western Australia:

• The geological setting: The Zuleika Shear is a proven gold belt that offers a favourable environment for economically viable mineralisation.

• The early discovery phase: Initial results from a greenfields project can represent a key value inflection point for investors and have the potential to drive significant capital investment when confirmed by further drill results.

• The advanced exploration techniques: Viking Mines employs modern geophysical surveys and targeted drilling campaigns, which help uncover gold systems that may have been overlooked in previous exploration cycles.

• Potential for resource expansion: Only 3.6km of the 23km corridor have been tested so far. This leaves a considerable portion of the geological structure undrilled and full of potential for future discoveries.

Such characteristics not only confirm the gold potential at Northern Duplex but also align with the broader strategic objective of tapping into transformational greenfields opportunities across the Zuleika Shear corridor.

What’s the Next Step? Upcoming Work Programme and Timeline

Viking Mines has outlined a multi-stage approach for their upcoming work, demonstrating an efficient allocation of resources and a balanced focus on both short-term discovery and long-term exploration objectives. The detailed timeline for upcoming works is as follows:

1. Infill Auger Programme

• Planned Timing: February to March 2025.

• Purpose: To establish detailed boundary definitions of the anomaly using a 20m x 100m grid layout.

2. Phase 2 Drilling at the Central Duplex Target

• Start Date: Early March 2025.

• Objective: To test the extensive 6km geochemical anomaly, supported by pathfinder elements like arsenic, antimony, bismuth, and tellurium.

3. High-Resolution Magnetic Survey

• Estimated Timing: Q2 2025.

• Role: To refine structural insights, which will guide future high-resolution targeting and drill programme campaigns.

4. Outstanding Assays from Northern Duplex

• Expected Timeline: Late February to early March 2025.

• Purpose: To interpret and direct follow-up drilling efforts.

This well-defined work programme is structured to capture incremental results at each stage and to provide continuous value creation for investors. The pending assays from Phase 1 will likely enhance the overall understanding of the mineralisation architecture at Northern Duplex, thereby potentially widening the scope of the project.

Why Is This Investment Opportunity Gainful for Investors?

Viking Mines’ strong exploration portfolio is underscored by a combination of favourable location, proven geological settings, and pioneering exploration techniques. Here are the salient points that make this project an attractive investment opportunity:

• Favourable Location: The Northern Duplex target benefits from its proximity to critical infrastructure, including nearby haul roads and the Davyhurst gold mill located just 40km south. This proximity can substantially lower future operating costs.

• Proven Geology: The project falls within the productive Zuleika Shear—a region with a storied history of historical gold production—adding inherent value to the exploration results.

• Strategic Exploration Approach: The Phase 1 programme, with its encouraging drill results and significant remaining assay potential, provides a solid foundation for a follow-up campaign which could confirm the economic viability of the project.

Manageable Risk Profile: Although greenfields exploration carries inherent risks, the structured approach adopted by Viking Mines helps mitigate these risks by focussing on obtaining high-quality geological, geochemical, and geophysical data.

Investors can benefit from the multiple upside scenarios provided by further resource delineation and potential expansion of the discovery corridor. Additionally, transparent updates and structured milestones help maintain a clear pathway towards unlocking further value in this high-potential exploration asset.

Conclusion: A Promising Future Ahead for Viking Mines

Viking Mines Ltd is taking significant strides in uncovering the gold potential of the Zuleika Shear region. The early promising Phase 1 drill results, marked by notable intercepts and high-grade subzones, lay down the foundation for a robust and progressive exploration campaign. With only a fraction of the target area tested, the ongoing exploration programme is poised to deliver further groundbreaking insights into this greenfields opportunity.

By combining modern exploration techniques with strategic planning, Viking Mines stands well positioned to capitalise on further discoveries that might not only expand the resource but also add considerable value for shareholders. This emerging story is not just about initial successes in the Northern Duplex target; it is about setting the stage for a series of exploration milestones aimed at systematically unlocking the gold potential residing within the vast underexplored corridors of Western Australia.

As Viking Mines continues to deliver on its exploration objectives, investors can expect ongoing updates and a transparent disclosure of progress. The consistent and disciplined approach to exploration, coupled with favourable regional geology, makes this an exciting development in Australia’s ever-dynamic mining landscape.

Ready to Uncover Viking Mines' Gold Potential?

Dive deeper into Viking Mines' exciting Northern Duplex Gold Discovery and explore the promising exploration opportunities that could transform this greenfields project. Click through to Viking Mines to access detailed investor information, latest drill results, and gain insights into why this emerging gold exploration play is capturing market attention. Don't miss your chance to stay ahead of the latest developments in Western Australia's golden corridor.