Viking Mines (ASX:VKA) targets gold growth with drilling and nugget discoveries at Riverina East

With exploration advancing across two priority targets at its Riverina East Project in Western Australia’s Eastern Goldfields, Viking Mines (ASX:VKA) is entering a key phase of activity.

The company recently announced the discovery of multiple gold nuggets totalling 9.84 grams at the Southern Structural Target, along with the commencement of a 4,300 metre RC drill campaign designed to test both recent high-grade intercepts and prospective auger soil anomalies.

Complementing the drilling is a high-resolution drone magnetic survey across the Bifrost target area, which is expected to enhance structural interpretation and support the next round of exploration targeting.

To provide further context on the company’s strategy and outlook, MarketOpen sat down with Viking Mines Managing Director and CEO, Julian Woodcock, for a detailed investor Q&A.

What is the significance of the gold nuggets found at the Southern Structural Target?

The recovery of gold nuggets is a highly promising development. A total of 9.84 grams of nuggets were discovered across a 310 metre by 120 metre area by a prospector operating under agreement on Viking’s tenure.

This location sits just 100 metres from untested auger soil anomalies with values up to 98 parts per billion and approximately 300 metres north of historic RAB and RC drilling, which returned intercepts including 4 metres at 5.1 grams per tonne gold and 4 metres at 4.9 grams per tonne gold.

Importantly, the largest nugget weighed 3.37 grams and contains visible quartz, suggesting it may have originated close to its bedrock source.

The clustering of nuggets near strong geochemical anomalies and historic drilling gives the company further confidence in the area’s potential and underpins the decision to prioritise it for follow-up drilling.

“The presence of coarse gold with individual nuggets weighing up to 3.37 grams is highly encouraging.”

What are the objectives of the drilling program currently underway?

A two-stage RC drilling campaign is now in progress across both Bifrost South and the Southern Structural Target, totalling approximately 4,300 metres.

The Bifrost South program consists of 1,500 metres across nine holes and is designed to test extensions of a previously reported high-grade intercept of 2 metres at 23.6 grams per tonne gold, which included visible gold.

The drill spacing consists of 40 metre step-outs north and south of that intercept to assess continuity of mineralisation and confirm the presence of veining within favourable dolerite host rock.

Once drilling at Bifrost South is complete, the rig will immediately move to the Southern Structural Target for a 2,800 metre program across 23 holes.

This program will test a 1.8 kilometre auger anomaly, follow up on historic intercepts, and assess areas adjacent to the recent nugget finds.

“We look forward to our initial drill testing of the Southern Structural Target and following up on recent high-grade intercepts at Bifrost South with results up to 2 metres at 23.6 grams per tonne gold.”

How does this project compare to other gold camps nearby?

Riverina East is located within the Zuleika Shear Zone, one of the most prolific gold-hosting structures in the Eastern Goldfields.

Just 4 kilometres west of the project are the Riverina and Mulline gold camps, which together account for more than 1.3 million ounces of gold in remaining resources and historical production (according to publicly available data).

A further 1.2 million ounces has been defined at the Davyhurst camp (in historic production and remaining resources), located 40 kilometres to the south and in the same stratigraphic horizon as Vikings Riverina East Project.

Viking’s landholding covers 25 kilometres of strike within this same structural corridor and is situated near operating mills and haulage routes.

This geological setting, combined with existing infrastructure, makes Riverina East a strategically attractive exploration play.

“Viking’s auger soil sampling activities, coupled with high-grade historic drill intercepts from last drilling completed in the 1980s and 1990s, has identified this as a priority target area.”

What role does the drone magnetic survey play in your exploration strategy?

The drone magnetic survey at Bifrost is a key component of the current exploration program.

It is being flown at 20 metre line spacing and will deliver a high-resolution magnetic dataset to clarify structural features, lithological contacts and fault zones that may control mineralisation.

Structural control is a critical factor in Eastern Goldfields-style gold systems, and the new data will be used in conjunction with drilling and geochemical results to refine the geological model.

This integrated approach is designed to improve drill targeting efficiency and support the identification of new prospects across the broader Riverina East Project area.

What should investors expect in terms of news flow in the coming weeks?

Several updates are expected in the near term, with drilling currently underway at Bifrost South to be followed immediately by the Southern Structural Target program.

Samples from both campaigns will be submitted to the assay laboratory progressively, with results expected to begin flowing through once analysis is complete.

In parallel, geological logging and real-time model refinement will continue throughout the program, while the drone magnetic survey is expected to conclude in early August, with interpretation to follow shortly after.

Further prospecting will also take place at the Southern Structural Target, which may lead to additional surface discoveries and further support targeting decisions.

Well-focused exploration across a proven gold corridor

Viking Mines remains focused on executing its current exploration programs safely and efficiently, while building a stronger geological model through integrated drilling, geochemical and geophysical datasets.

The combination of recent nugget discoveries, encouraging historic drill results and proximity to major deposits provides a strong foundation for potential discovery.

With 25 kilometres of highly prospective strike along the Zuleika Shear Zone and multiple workstreams advancing in parallel, Viking is well positioned to deliver meaningful results and unlock future value at Riverina East.

MarketOpen will continue to follow developments as the company progresses through this critical phase of exploration.

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