Viking Mines : IDENTIFIES LITHIUM MINERALS IN PEGMATITE AT FIRST HIT

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ASX ANNOUNCEMENT

1 March 2022

VIKING IDENTIFIES LITHIUM MINERALS IN PEGMATITE AT

FIRST HIT PROJECT

• Pegmatite observed in RC chips from drillhole VKRC0030 from 61-72m
• Lithium bearing mica minerals Lepidolite and Zinnwaldite confirmed by petrographic thin section microscope analysis
• XRD analysis identifies additional lithium mineral phases of Eucryptite, Petalite and Trilithionite
• Comprehensive pegmatite review underway

Viking Mines Limited (ASX: VKA) ("Viking" or "the Company") is pleased to update the market on the positive identification of lithium bearing minerals in pegmatite at the First Hit Project ("First Hit" or "the Project").

During the recent exploration RC drill programme1 which was completed in the December quarter, the exploration team encountered multiple pegmatite intervals in 58 of the 71 holes drilled (Figure 3). Whilst the Company's primary focus is targeting high-grade narrow vein gold, the exploration team observed minerals with the lilac colour indicative of the lithium bearing mineral lepidolite. The observation was made in a pegmatite interval from 61-72m in hole VKRC0030 (Figure 1,Figure 2 & Figure 3).

Follow up petrographic thin section (microscope) and X-ray powder diffraction (XRD) analysis has since been undertaken by Microanalysis Australia to verify the mineralogy and mineral species present. This work has confirmed the presence of five lithium bearing species in the samples collected (lepidolite, zinnwaldite, eucryptite, petalite and trilithionite). The presence of these mineral species verifies the identification of lithium bearing pegmatite on the First Hit tenure.

Figure 1; Pegmatite intervals encountered in hole VKRC0030 from 61 to 72m. Top image shows the chip tray with the light coloured intervals of pegmatite. Photo A; rock chip collected from 70-71m downhole composed of lepidolite, quartz and plagioclase. Photo B; Zoomed in image of the rock chip clearly demonstrating the deep lilac/purple colouration of lepidolite.

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Commenting on the potential for a new avenue of investigation across Company tenements, Viking Mines Managing Director & CEO Julian Woodcock said:

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"We have previously identified multiple, fractionated pegmatite phases at First Hit from the diamond drilling and air core programmes completed in 2021. With this in mind, we were always expecting to encounter pegmatites in our recent RC drilling campaign."

"It is encouraging to identify the lithium mineral species in hole VKRC0030 and confirms that we are in an area with exploration potential for lithium bearing pegmatites."

"We are still focussed on the gold potential of the First Hit Project; however, this additional opportunity presents further upside that warrants investigation. It is early days yet, but the work we are undertaking will allow us to vector to potentially more lithium enriched pegmatites in the area."

VKRC0030 SUMMARY

VKRC0030 is located ~80m south of the historic First Hit gold mine (Figure 3). Drilling encountered pegmatite from 61-65m and 67-71m, with the intervals dominantly characterised by quartz and feldspar and with varying degrees of mica minerals (Figure 1).

Viking geologists suspected the presence of lithium bearing mineral phases when logging the RC chips based on the visual characteristics observed. To verify the observations, Viking engaged Microanalysis Australia to undertake petrographic and XRD analysis on samples collected from the pegmatite interval to verify the minerals seen. This work has confirmed the presence of lithium bearing species with;

1. Petrographic analysis on rock chips from the 70-71 metre downhole interval positively identified the lithium bearing mica minerals lepidolite (Figure 1) and polylithionite/zinnwaldite.
2. XRD analysis over multiple intervals between 61-72m downhole identified both lithium bearing mica minerals (trilithionite and eucryptite) and the lithium bearing pyllosillicate mineral petalite (Table 1).

Table 1; Summary of interpreted XRD traces for all samples from VKRC0030 with lithium bearing minerals highlighted in red. Percentage concentrations are semi-quantitative with an estimated error of +/- 10%. Additional accessory minerals have not been listed.

VKRC0030 (downhole	61-	62-	63-	64-	65-	66-	67-	68-	69-	70-	71-
interval)	62m	63m	64m	65m	66m	67m	68m	69m	70m	71m	72m

mineralPercentage	abundance	Microcline	33	29	35	30	sampledNot	6	45	27	26	-	4
Quartz	22	11	16	15	16	11	22	19	28	4
		Albite	20	39	30	34		50	25	38	28	36	43
		Muscovite	15	13	16	16		3	6	9	13	11	6
		Trilithionite	-	-	-	-		-	-	-	-	16	2	Lithium
		Eucrpytite	5	4	4	-		3	4	4	5	-	-
			bearing
		Petalite	-	-	-	-		-	-	-	4	-	-	minerals

Based on the observations and the identification of lithium minerals, the interval 61-72m was selected for multielement analysis of 48 elements. The results obtained confirm elevated Lithium, Caesium and Tantalum in the interval above background (Appendix 1 - Analytical results). This is to be expected in strongly fractionated pegmatites and supports the observations of the minerals seen. Further work is required to assess the geochemical

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characteristics of the pegmatite to determine if there is any genetic relationship to other pegmatite occurrences in the area once a more expansive multielement dataset has been collected.

onlyusepersonal	Hole VKRC0031 is located ~50m updip from the intersection in hole VKRC0030 and a
	pegmatite interval has been recorded in this hole (Figure 2). Preliminary interpretation is
	that these intervals are connected, however further assessment to confirm this is required.

Figure 2; Schematic geological cross section showing hole VKRC0030 pegmatite intercept with lithium bearing minerals identified and the interpreted up-dip continuation in hole VKRC0031. Photos show the respective chip trays with the pegmatite

Forintercept and the location of the lepidolite.

PEGMATITE OCCURRENCES

Viking geologists have reviewed the drilling data collected by Viking in 2021 (AC, DD & RC drilling) and identified ~842 metres of logged pegmatite occurrences across 105 holes (Figure 3). Approximately 74 individual pegmatite intersections have been identified for further follow up where the thickness is >2m. From these pegmatite intersections, >350 samples have been collected from the recent RC drill programme and have been submitted for multielement analysis to determine their composition. The multielement data will be provided with the gold assay results as they are received from the lab throughout the remainder of the March quarter.

A visual inspection of the RC chips and drillcore is also underway with the objective of selecting further samples for petrography and XRD analysis on any minerals of interest.

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Figure 3; Map of the First Hit Project tenure and pegmatite occurrences encountered in Vikings 2021 drilling programmes. Note the location of hole VKRC0030 where Lithium bearing minerals have been identified.

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The primary objective at this initial stage of data collection is to determine the chemistry of the distinct pegmatite intersections to produce a spatial map of the chemical distribution to enable vectoring towards areas of increasing pegmatite chemical fractionation. Different minerals occur in pegmatites in distinct spatial zones related to distance from the source rocks. This stage of work is essential to provide a roadmap and directions for further follow up exploration activity.

Viking has encountered an initial occurrence of lithium bearing minerals in pegmatite at an early stage of investigation. The work which is now underway will provide the data to commence an assessment on the lithium prospectivity of the area.

NEXT STEPS

With the identification of lithium bearing minerals in pegmatites drilled on the First Hit tenure, a series of activities are underway to better understand the potential. The following work is in progress or being planned.

• Review of all pegmatite intervals in drill core and RC chips underway to select further samples for petrography and/or XRD analysis to determine mineral composition.
• On receipt of the complete multielement dataset from the laboratory, a thorough spatial review of the data will commence to:

1. Classify the pegmatites encountered to determine extent of fractionation

• 1. Determine vectors towards areas with greater potential for increased lithium content
• Fieldwork is being planned with the objective to map and collect rock chip samples of pegmatite occurrences at surface.
• Review and update of the pegmatite model compiled as part of the diamond drilling programme completed in 20212.

END

This announcement has been authorised for release by the Board of the Company.

Julian Woodcock

Managing Director and CEO

Viking Mines Limited

For further information, please contact:
Viking Mines Limited	Media & Investor Relations
Sarah Wilson - Company Secretary	Citadel-MAGNUS
08 6245 0870	Cameron Gilenko [phone]
	Jonathan van Hazel [phone]

1. ASX Announcement of 22 December 2021 - Viking receives high-grade results in first assays from 72 hole programme
2. ASX Announcement of 13 April 2021 - Viking Mines exploration update on phase 1 diamond and air core drill programmes

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