Highlights

  • Viking Mines shares rose 6.67% to AUD 0.016 on 9 April 2026 following a project update.
  • Gravity survey confirms strong correlation with known mineralisation.
  • Multiple new high-priority drill targets identified across the Linka Project.
  • Drilling program targeted for the June quarter, with permitting underway.
  • Fieldwork and sampling activities set to commence in April.
  • Stock remains up 60% over the past year, reflecting sustained investor interest.

Viking Mines Ltd (ASX:VKA) shares advanced 6.67% to AUD 0.016 during the session on 9 April 2026, with the stock maintaining a strong 60% gain over the past year. The upward movement coincided with the release of an exploration update highlighting progress at the Linka Project in Nevada, where recent geophysical work has strengthened targeting confidence and expanded the project’s exploration scope.

Viking Mines Limited is an exploration-focused company advancing a portfolio of mineral projects, with a key focus on tungsten assets in the United States. Its flagship Linka Project is located in Nevada, a well-established mining jurisdiction with historical tungsten production. The company is working to build a pipeline of exploration targets supported by modern geophysical techniques and historical data, aiming to unlock value from known mineralised systems while identifying new zones of interest.

Survey Results Strengthen Exploration Confidence

The latest update outlines the results of an expanded ground gravity survey conducted at the Linka Project. The survey successfully demonstrated a strong alignment between high gravity anomalies and known zones of mineralisation, reinforcing the effectiveness of gravity data as a targeting tool in this geological setting.

This correlation is considered significant as it provides validation for the company’s exploration model. Known mineralised areas such as Linka Main, Hillside, and Conquest coincide with high-density zones detected through the survey, supporting the interpretation that tungsten-bearing skarn mineralisation can be effectively identified using gravity data.

In addition to confirming existing mineralised zones, the survey identified numerous new high gravity anomalies across the project area. These anomalies represent potential new drill targets and contribute to a growing inventory of exploration opportunities within the tenure.

Expanded Target Inventory Enhances Drill Pipeline

The identification of additional gravity anomalies has substantially increased the number of targets available for follow-up exploration. These anomalies are distributed across the expanded survey area, including the Linka Southwest extension, where previously concealed targets have now been delineated beneath volcanic cover.

The presence of concealed targets is particularly relevant as it reduces uncertainty associated with the upcoming drilling program. By identifying potential mineralisation beneath cover, the company is able to refine its drill targeting and improve the probability of intersecting mineralised zones.

The expanded dataset enables Viking Mines to integrate geophysical results with geological mapping and surface observations. This layered approach allows for prioritisation of targets based on multiple factors, including proximity to intrusive contacts and density contrasts indicative of mineralisation.

Multi-Method Geophysical Approach Supports Targeting

To improve subsurface understanding, the company deployed three complementary geophysical techniques across the project area. The ground gravity survey covered approximately 1.2 square kilometres, focusing on detecting high-density zones associated with tungsten mineralisation.

Ground magnetics, conducted over a larger 5.9 square kilometre area, provided insights into the boundaries between intrusive rocks and surrounding sedimentary units. This information is important as skarn mineralisation typically forms at the interface between these geological units.

Additionally, a trial of the Gradient Array Induced Polarisation (GAIP) method was undertaken over selected targets. This method aims to map subsurface structures and lithology, assisting in determining optimal drill orientations. While GAIP data is still being processed, it is expected to further refine targeting accuracy.

Together, these datasets contribute to a more comprehensive geological model, improving the company’s ability to identify and rank drill targets.

Ongoing Work and Near-Term Milestones

Viking Mines has outlined a series of near-term activities aimed at advancing the Linka Project toward drilling. Fieldwork is scheduled to commence in April, focusing on ground-truthing newly identified anomalies and conducting geological assessments.

The company also plans to collect samples from historical tailings and stockpiles. These samples will be used to evaluate grade and volume, supporting metallurgical testing and potential resource estimation work.

A three-dimensional geological model is currently being developed, integrating new and historical data. This model will guide drill planning and may contribute to defining an Exploration Target under JORC (2012) guidelines.

In parallel, Viking Mines is preparing regulatory documentation for its maiden drilling program. A Notice of Intent is expected to be submitted to the Bureau of Land Management, marking a key step toward securing approvals for drilling activities in the June quarter.

Additional workstreams include ongoing metallurgical testwork, incorporating processes such as flotation, ore sorting, and concentration methods. The company is also progressing efforts toward a US OTC listing to broaden its market exposure.

Commodity Backdrop and Project Context

The update also notes that global tungsten prices continue to strengthen, with ammonium paratungstate (APT) prices exceeding previous highs. This broader market context provides additional relevance to the company’s focus on tungsten exploration, although the primary emphasis remains on advancing project-level activities.

The Linka Project itself is situated in a region with a history of tungsten production, with mineralisation typically associated with skarn systems formed at the contact between intrusive rocks and limestone. Historical mining and exploration activity in the area provide a foundation of data that complements current exploration efforts.

What This Means for Investors

The latest update from Viking Mines highlights progress in refining exploration targets and advancing the Linka Project toward drilling. The confirmation of gravity anomalies aligning with known mineralisation supports the company’s exploration approach, while the identification of new targets expands future opportunities.

The combination of expanded target inventory, ongoing fieldwork, and planned drilling activities indicates a structured progression of exploration efforts. With multiple workstreams underway and key milestones approaching, the project continues to move toward the next phase of development.

The share price movement on 9 April 2026 aligns with the release of this update, as the market responds to developments that enhance targeting confidence and outline a clear path toward drilling.