Viking Mines Secures High-Grade, Production-Proven Tungsten Assets in Nevada (USA) - Another New Tungsten Story for the Watchlist.
- Noel Ong
- 12 hours ago
- 8 min read
Announcement
1. VKA Acquistion of Tungsten Project Investor Presentation - 22 December 2025 (view the announcement)
2. VKA To Acquire Production Proven USA Tungsten Projects - 16 December 2025 (view the announcement)
Viking Mines Limited (ASX: VKA) has announced the acquisition of a high-grade, production-proven tungsten portfolio in Nevada, USA, a Tier-1 mining jurisdiction (Figure 1). The transaction provides Viking with 100% exposure to six historical tungsten projects located in close proximity to strategic US defence infrastructure, positioning the Company within a critical minerals supply chain at a time of heightened geopolitical urgency.
Figure 1: Location map of Viking’s Nevada Tungsten Projects and regional peers (source: VKA)
The Business of Viking Mines: Tungsten
Viking Mines is transitioning from a diversified Australian explorer into a company with a clear strategic emphasis on critical minerals, anchored by tungsten assets in the United States. The acquisition complements the Company’s existing Western Australian gold and battery minerals portfolio while introducing a new growth platform aligned with US defence, aerospace, and industrial demand.
The Nevada portfolio comprises six projects: Linka, Alpine, Long, Terrell, Ragged Top, and Victory, all located within established tungsten districts and supported by extensive historical production data.
Highlights – Securing a Strategic US Tungsten Platform
100% acquisition of six Nevada tungsten projects in a Tier-1 jurisdiction, supported by existing regional infrastructure, establishing Viking’s footprint in the US critical minerals sector (Figure 2).
Figure 2: Photo looking West showing location of powerline and road access proximal to the Linka Project. (source: VKA)
Proven historical production of ~123,000 tonnes at 0.54% WO₃, with legacy mine workings and coarse ore stockpiles at Linka reinforcing the brownfields character of the portfolio and reducing greenfields exploration risk (Figure 3).
Figure 3: Photo looking south of the Linka Shaft, Vent Raises, Pit, and Coarse Ore Stockpile. (source: VKA)
Flagship Linka Project hosts three historical mines: Linka, Hillside, and Conquest, spanning ~820 metres of strike length, remaining open along strike and at depth (Figure 4).
Figure 4: Map of the Linka Project area and mineral claims. Note the location of the three historic mines and the ~820m mineralised trend, which is open to the NE and the SW. Sample grades annotated are historic surface channel and grab samples from the 1970’(source: VKA)
Exceptional historical grades, including underground channel sampling of:
6.1m at 1.50% WO₃
1.5m at 2.11% WO₃
Stopes historically mined at grades up to 3.0% WO₃ (Figure 5)
Figure 5: Underground geology map of the Linka-Conquest Mine showing location of high-grade 3%WO3 stope and underground sampling results. (source: VKA)
Continuous tactite-hosted tungsten mineralisation at Linka, defined over ~820m of strike length, with underground channel sampling demonstrating consistent widths and mineralisation remaining open down dip (Figure 6).
Figure 6: Map of the 150ft Level at Linka showing extent of underground workings and historical channel sampling completed in 1955 and 1977. Note the strike length and width of the tactite-hosted scheelite (red), which remains open down dip (source: VKA)
Strategic cornerstone investment of A$750,000 from American Tungsten Corp (CSE: TUNG), validating the quality of the assets and providing in-country technical support.
Strong macro tailwinds, with tungsten prices reaching record highs during 2025 amid tightening Chinese export quotas and growing US defence demand.
Leadership Commentary
Viking Mines MD & CEO Julian Woodcock commented:
“Securing this high-grade tungsten portfolio in Nevada, alongside the strategic investment from American Tungsten, is a significant step for Viking. The Project’s history of production, combined with high-grade historical results and existing drill targets, provides a strong foundation for the Company to delineate a critical mineral resource in the USA.
“With tungsten designated as a critical defence mineral and prices reaching record highs, the macro environment is highly favourable for this acquisition. We have secured these assets on attractive commercial terms and look forward to commencing our exploration programme to test the Project’s full potential.”
American Tungsten Corp CEO Mr Ali Haji commented:
“We are pleased to make a strategic cornerstone investment in Viking Mines and to become a substantial shareholder as the Company builds a meaningful U.S. tungsten platform. Our decision is anchored in a simple view: tungsten’s outlook has rarely been stronger, and secure Western supply has never been more important.
This investment complements American Tungsten’s existing U.S. footprint. We are advancing our brownfields IMA Tungsten Mine toward production, and Viking’s Projects create clear strategic alignment across exploration, resource growth, and future domestic supply.
We look forward to supporting Viking as it undertakes due diligence and launches targeted exploration in Nevada. With record tungsten prices, strong U.S. policy tailwinds, and multiple highgrade growth opportunities across the portfolio, we believe Viking is exceptionally well-placed to create shareholder value.
About the Project
The Linka Project is the cornerstone of the acquisition, having processed approximately 65,000 tonnes of ore through a 360 tonne-per-day mill between 1955 and 1956. Tungsten mineralisation occurs as scheelite within tactite (skarn) developed along the contact between granodiorite intrusions and carbonate host rocks.
Underground development reached approximately 90 metres depth, although mining only advanced to the 45-metre level prior to closure, leaving mineralisation open at depth and along strike. Historical drilling and sampling confirm continuity and grade, supporting near-term drill targeting (Figure 7). This geological setting is consistent with classic skarn-hosted tungsten systems documented across Nevada.
Figure 7: Map of Linka-Hillside mine located ~330m NE of Linka. Sample grades annotated are historic surface channel and grab samples from the 1970’s. (source: VKA)
Satellite projects such as Alpine, Victory, Ragged Top, Long (Figure 8), and Terrell provide district-scale upside, with several hosting historical production grades ranging from ~0.6% to 1.0% WO₃ and limited modern exploration.
Figure 8: Historical geology map of the surface and underground workings at the Long Mine. (source: VKA)
Near-term Milestones to Watch
Completion of due diligence and historical data compilation
Surface mapping and rock-chip sampling across priority targets (Figure 9)
Metallurgical sampling using historic stockpiles and underground access
Drill permitting and maiden drill testing at Linka and Alpine
Engagement with US Government funding pathways under the Defence Production Act
Figure 9: Photo of grab samples collected from the Linka Project (Linka Mine 514065E, 4353242N) shown in visible and UV light. Dominant fluorescent mineral (white/blue colour) is interpreted to be scheelite. Visual estimate of abundance ~1.0 to 2.5% scheelite (0.8% to 1.8% WO3). Assay required to confirm WO3 content, with results expected in Q1 2026. (source: VKA)
Samso Concluding Comments
Viking Mines has secured assets that look very interesting with historical production, documented grade, geological continuity, and proximity to infrastructure. In theory, these factors reduce technical uncertainty and allow early exploration efforts to focus on confirmation and extension rather than discovery from first principles (Figure 10).
Figure 10: Plan maps and cross sections of the Alpine Mine. Note granodiorite contact not tested, and depth extensions to Alpine unknown, representing a target for initial drill testing (source: VKA)
However, as those investors with grey hair or a lack of hair in this industry will know well, it is never that easy. I have looked at a lot of tungsten projects, and my experience tells me that you need bulk mining types. However, with the tungsten price today at over USD $9000 per mtu, may the scenario be that the high-grade narrow styles have a place in the market?
Time will tell us when the market finds its sustainable price, whatever that number is in the future.
From a geologist’s perspective, the Linka Project may stand out as a logical starting point. The combination of high-grade historical stopes, consistent underground channel sampling, and mineralisation that remains open along strike and at depth suggests a system that was never fully tested by modern standards. Importantly, the geological model is well understood, with scheelite-hosted tactite developed along a granodiorite–carbonate contact — a classic skarn setting that lends itself to predictable targeting.
Beyond Linka, the broader Nevada portfolio provides district-scale optionality. Projects such as Alpine and Long introduce additional exploration pathways without forcing immediate capital allocation. These assets sit firmly in the “known but unfinished” category, where historical production and mapping provide a framework, but modern drilling has yet to define the full extent of the systems. This staged approach allows Viking to advance the portfolio methodically, guided by results rather than narrative.
In a market increasingly crowded with early-stage critical minerals stories, Viking’s strategy is notably restrained. The Company appears to be realistic, and the concept appears to be relying on tangible geological evidence and a clear understanding of historical context.
For investors seeking exposure to tungsten with real technical backing, this acquisition is a measured entry into a sector where supply security, rather than speculation, is becoming the defining theme.
Market Implication
With a market capitalisation of just under AUD $14M (as of 4th January 2026), and a share price chart that has not seen any significant rise (Figure 11), this may be worth keeping on the watchscreen. As I have mentioned, there is an increasing influx of tungsten stories, and one has to be careful not to be caught up in the hype.
Figure 11: The share price chart for VKA as of 2nd January 2026. (source: CommSec)
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