First Hit Project

Auger Programme Identifies Priority Lithium Targets

Viking completed an extensive 1,220-hole auger programme across 55km² of the highly prospective lithium tenure, resulting in nineteen targets being defined, eight of them high-priority, with a peak value of 138 ppm Li encountered.

High-Priority Lithium Targets

Odin

The Odin anomaly occurs on recently acquired tenement E30/505 and is interpreted to extend into Viking’s adjacent tenement. Key features of the Odin anomaly are:

• Two anomalous zones evident within the data that are very large at 9km x 0.2km and 1.2km x 0.9km respectively and defined by multiple data points over multiple lines.
• Significant lithium values, with 16 high tenor values >50ppm and up to a peak of 121ppm Li.

Thor

The Thor anomaly occurs at the northern extent of tenement E30/517. Key features of the Thor anomaly are:

• Levelled Lithium anomaly 0km x 0.5km in size, defined by multiple values over two lines.
• The anomaly is very significant with multiple high tenor lithium hits up to a high peak value of 138ppm and second high value of 111ppm 400m south on the adjacent line.
• All samples which define the anomaly have a K/Rb ratio <100 with lowest value of 18, interpreted as a fractionated source.
• Anomalous in 6 LCT Pegmatite pathfinder elements; Li, Sn, Ti, Be, Cs & Ta.

Mjolnir

The Mjolnir anomaly occurs at the Western margin at the Northern end of tenement E30/517. Key features of the Mjolnir anomaly are:

• Levelled Lithium anomaly 0.8km x 0.2km in size and defined by a peak value of 69ppm Li.
• K/Rb ratios for the anomaly and adjacent samples are <100 with lowest value of 31, interpreted as a fractionated source.
• Anomalous in 6 LCT Pegmatite pathfinder elements; Li, Sn, Tl, Be, Cs & Ta.
• Known pegmatites mapped to the west of the anomaly.

Vidar

The Vidar anomaly occurs at the Western margin on Vikings tenement P30/1137. Key features of the Vidar anomaly are:

• Two anomalous zones measuring 0.8km x 0.4km and 0.8km x 0.1km, defined by multiple data points across two lines with a peak value of 74ppm Li.
• K/Rb ratios for the anomaly and adjacent samples are commonly <100 with lowest value of 32, interpreted as a fractionated source.
• Anomalous in 7 LCT Pegmatite pathfinder elements; Li, Sn, Tl, Be, Cs, Nb & Ta.
• Mapped pegmatites occur within the anomaly.
• Indications that the anomaly extends to the SW on to Vikings tenement under application.

Heimdall

• Two anomalous zones defined within levelled lithium data, with a very large zone measuring 0km x 0.6km and a smaller more discrete anomaly measuring 1.3km x 0.1km.
• The larger anomalous zone is defined by large number of data points across five lines with a peak value of 107ppm Li.
• 1 sample has a K/Rb ratio 94, with the remaining values >100 but mostly within an upper threshold of <150, interpreted as a being less fractionated when compared to the other target anomalies.
• Anomalous in 3 LCT Pegmatite pathfinder elements; Li, Tl & Cs.

Loki Transported Lithium Anomaly

An additional area warranting further investigation is a large >50ppm Lithium anomaly in the original unlevelled data. Key features of the anomaly are:

• Very large >50ppm Li anomaly measuring 6km x 1.7km with peak value of 74ppm Li.
• Anomalous in 3 LCT Pegmatite pathfinder elements; Li, Nb & Ta.

The intensity of this anomaly is reduced when the data is levelled, but still evident, and the source of this anomaly is yet to be determined. The levelling indicates that the anomaly may be from a transported source, but further investigation is required to confirm this. A potential source could be related to the levelled anomalies located at Thor and northern parts of the Loki target, however the tenor of the values and the clear gaps between those targets and the location of the transported anomaly makes this hypothesis uncertain.

Gold Potential

The First Hit Gold Mine historically produced ~30koz of gold at an average grade of ~7.7g/t Au during a time of depressed gold prices of US$320oz. Barra Resources closed the mine down in 2002, resulting in the project area receiving no modern exploration programmes to test near mine extension and regional targets for close to 18 years.

Viking Mines completed extensive gold focussed drill programmes across the First Hit Project area in 2021, which included ~3,900m of Diamond Drilling, ~5,000m of Air core and ~6,700m of Reverse Circulation drilling. The focus of these drill programmes was to identify narrow-vein, high-grade gold shoots, with a goal of replicating the high-grade shoot of the historic First Hit Gold Mine. Standout intercepts from the various drill programmes include:

720m North of the First Hit historic mine workings:

• VKRC0023: 2m at 9.67g/t Au from 26m
• VKRC0066: 2m at 4.26g/t Au from 75m

220m North of the First Hit historic mine workings:

• VKRC0008: 1m at 4.56g/t Au from 64m
• VKRC0009: 1m at 2.55g/t Au from 98m

Jana’s Reward, new shallow high-grade results:

• VKRC0057: 1m at 36.49g/t Au from 17m
• VKRC0053: 1m at 17.84g/t Au from 16m

Extensions to Historic Mine Workings:

• VDD013: 5.0m at 3.67g/t Au including 1.0m at 11.16g/t Au
• VDD015: 7.06m at 5.93g/t Au, including 0.5m at 71.64 g/t Au
• VDD016: 1.0m at 13.52g/t Au