Viking Mines : RECEIVES HIGH GRADE RESULTS 720M NORTH OF FIRST HIT

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ASX ANNOUNCEMENT

22 December 2021

VIKING RECEIVES HIGH-GRADE RESULTS IN FIRST ASSAYS FROM 72-HOLE RC DRILLING PROGRAMME

Viking Mines Limited (ASX: VKA) ("Viking" or "the Company") is pleased to report completion of its 72 hole, 6,723m RC Drilling Programme at the flagship First Hit Project ("First Hit" or "the Project"), 50km west of Menzies in the WA Goldfields.

Viking is also pleased to announce the first set of assay results have been received for 7 of the 72 holes completed (~10% of the programme). These first results are from the First Hit North target area and, importantly, confirm the presence of high-gradegold mineralisation 720m north of the historic high grade First Hit gold mine.

Hole VKRC0023 returned 2m at 9.67g/t Au from 26m downhole and hole VKRC0066 returned 2m at 4.26g/t Au from 75m (located 40m to the south and 40m downdip of hole VKRC0023). Whilst many results are still pending and interpretation is required, the first set of results support the potential for a mineralised shoot 720m north of the historic First Hit gold mine (Figure 1). Additional assays received also confirmed the presence of gold 220m north of the historic First Hit mine workings with 2 additional potential shoot positions now identified outside of the limits of the First Hit mine workings.

In total, the 72 hole, 6,723m drill programme tested 4 targets, with visible gold identified in 5 drillholes to date1&2. Included in this total are 7 additional holes for 724m that were planned and completed to test additional areas at the First Hit North and Jana's Reward targets which were identified as drilling progressed.

The additional holes were planned based on the visible gold seen at First Hit North. The visible gold gave the exploration team the confidence for an additional drill traverse testing 300m north of the planned limits of drilling (Figure 2). Additionally, based on gold nuggets and gold in quartz (Figure 3 & Figure 4) identified in historic workings at Jana's Reward, the Company planned and drilled one hole to 70m. Assay results for these holes are pending.

Commenting on the completion of the RC drilling programme and receipt of high- grade results from the first set of assays, Viking Mines Managing Director & CEO Julian Woodcock said, "The first set of assay results from our extensive 72-hole, 6,723m

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drill programme highlight the excellent potential of our First Hit Project to host multiple mineralised high-grade shoots."

"Viking has been consistently executing an exploration strategy focused on identifying narrow-vein,high-grade shoots and holes VKRC0023 and VKRC0066 provide the Company with exposure to previously undiscovered mineralisation."

"We are still in the early stages of exploring First Hit and we are buoyed by the results we have received throughout 2021. Importantly, with over 90% of drillhole assay results from this programme still to be returned, these results will provide critical information to direct future exploration plans around these exciting new prospects."

ASSAY RESULTS

First Hit North

Assay results have been received for 735 samples (exc. QAQC) at the time of this release.

This represents only 7 drillholes (26%) of the 27 holes completed at the First Hit North target (Figure 1 & Figure 2) and <10% of the 72 holes drilled in total across the 4 target areas. The results include all the samples for the 5 drillholes where visible gold has been observed at the expected target intervals1&2. Significant results received to date are:

720m North of the First Hit historic mine workings (Figure 1 & Figure 2):

These results confirm the presence of high-grade gold and the potential for a newly discovered high-grade shoot 720m North of the historic First Hit mine. Importantly, these results also support the observation of visible gold at the target intervals.

220m North of the First Hit historic mine workings (Figure 1 & Figure 2):

These results confirm the continuity of the First Hit structure from the historic workings and compare with the variable nature of the mineralisation as previously observed at First Hit.

Further assessment of the samples received is required, including additional Photon assay analysis on the remaining portion of the high-grade samples to determine the variability due to the relatively coarse nature of the gold seen in the RC chips. This will determine if there is a significant nugget effect occurring. A nugget effect is where repeat assays have a much higher or lower grade due to the nuggety nature of the mineralisation which is common with high-grade narrow vein deposits.

The frequency and occurrence of high-grade gold identified 720m North of the historic First Hit mine workings demonstrates the potential for a high-grade shoot to be defined with further drilling. At 80m drill spacing, a single high-grade result leaves sufficient untested strike length either side of the intercept to host a mineralised shoot up to 160m in length (distance to the adjoining drill sections). The planning of additional holes in the field (VKRC0066 & VKRC0067) to reduce the drill spacing and the subsequent intersection of gold in hole VKRC0066 confirms the continuity of a potential shoot. On receipt of the remaining assays for First Hit North, follow up drill programmes will be assessed.

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Figure 1; Long section of First Hit North target area showing assay results received up to the date of the news release (7 of the 27 completed drillholes) Note the high-grade results identified

~720m North of the historic mine workings. Outlines of potential lode positions (light orange) are based of the outline of mineralisation which occurs at the historic First Hit mine.

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Figure 2; Map of the First Hit North target area with the assay results received to date. Note the location of the additional

step out line 300m further North of the Viking RC drilling.

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RC PROGRAMME STATUS

Drilling Summary

The planned RC drill programme to test multiple targets at the First Hit Project has been completed and the drilling crew has demobilised off site. Additional holes were planned in the field based on observations made whilst drilling advanced. On completion, the programme has totalled 72 holes for 6,723 metres (Table 1).

Table 1; First Hit Project targets tested as part of the 2021 RC drill programme with number of holes and metres drilled detailed

Prospect

No Holes

Metres

First Hit North

30

2,437

First Hit North additional traverse

6

654

First Hit South

14

1,669

Twin Peaks

10

903

Jana's Reward

11

990

Jana's Reward additional hole testing old workings

1

70

TOTAL

72

6,723

The planned RC programme took 44 drilling days to complete, at an average of 153 metres per drilling day against a budget of 38 drilling days at 180m per day. Two breakdowns during the programme and other technical issues pushed out the completion date by 4 weeks from mid-November to mid-December.

Additional Drilling

Jana's Reward - Whilst undertaking drilling at the Jana's reward prospect, shallow historic prospectors workings were identified in the NW corner of the target area. The workings are focussed on a ~1m wide E-W quartz vein which dips to the south at approximately 40o and has been mined near surface. Surface prospecting near the old workings discovered 11 nuggets totalling ~1g of gold nuggets (Figure 3) and gold in quartz (Figure 4), confirming the presence of coarse gold.

With the confirmation of coarse gold and the perpendicular orientation of the veins to the First Hit mineralisation, the Company planned and drilled one hole to 70m depth which was drilled towards the NNE.

The objective of this drillhole was to test the mineralisation for:

Drilling was completed as planned and all 3 objectives met. A 1m quartz vein was intercepted at 49m downhole associated with silica alteration and sulphide mineralisation from 47m to 51m. The intercept of the vein supports the interpretation and modelling based on the surface observations of the old workings and confirms the vein continues to a vertical depth of ~33m and remains open.

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Disclaimer

Viking Mines Limited published this content on 21 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 December 2021 22:52:10 UTC.