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Viking Gold Affirms Exploration at Narrow Lake, NT

Date : Oct 7, 2009

Toronto, Ontario - October 7, 2009 - Viking Gold Exploration Inc. (TSX-V: VGC) (“Viking Gold”) announces today that it has received the assay results from its 2009 summer exploration program. The program consisted of drilling, surface mapping and sampling on its Morris Lake (Narrow Lake) property, which is situated in the northern portion of the Yellowknife volcanic belt.

 

A total of 604 m (meters) of drilling was completed in three holes at two drill sites. In addition, surface channel sampling was undertaken at fifteen sites using a portable circular diamond saw. Acme Analytical Laboratories (Vancouver) assayed both sets of samples using the ICP-MS procedure.

 

When current and previous information is plotted on a map of the area, the evidence now indicates that the Discovery-Ormsby mineralized trend can be traced onto the Viking Gold claims with an indicated width of 300 m. (A map showing the drill hole and surface channel sampling locations and results may be found in the SEDAR-filed version of this press release and at the Company’s website, www.vikinggold.ca. Anomalous threshold values for gold at sample sites are 15 ppb (parts per billion) gold and more conservatively, 100 ppb. These amounts convert to .015 grams/tonne and 0.100 grams/tonne, respectively.)

 

Drilling Program

Drill hole information and related assay results, taken from 186 samples, are presented below:

 

Hole VP09-01

‐ drilled to determine the easterly extent of gold mineralization in the Ormsby zone and sample two geophysical conductors

 

Hole VP09-02

‐ drilled to extend the background section to the west

 

Hole VP09-03

‐ drilled from the western side of Narrow Lake to test rusty weathering tuff at the collar and sample the magnetic body below the lake

 

 

Notes:

(1) of which 6 samples were at depths between 153 and 210 m depth

(2) across 1.84 m, at the base of the Ormsby zone

(3) most of the samples for Hole VP09-03 can be grouped into three zones as follow: i) 129 m – 170 m, averaging 103.60 ppb; ii) 182 m – 190 m, averaging 138 ppb; and iii) 213 m – 223 m, averaging 189 ppb

 

The drilling program assay results attest to the potential for further discovery of better mineralization in the area studied, especially a follow-up examination of the “pyrrhotitic transitional sequence”.

 

Experience in mineral exploration confirms that gold and pathfinder element values are both important in defining areas deserving of future high-density sampling and intense exploration. The Viking Gold summer exploration program at Narrow Lake has disclosed a significant number of anomalous gold values and, accordingly, a future study of the distribution of pathfinder elements is planned.

 

Surface Channel Sampling Program

Surface channel sampling information and related assay results, taken from 126 samples, are presented below:

 

 

Note:

(1) This anomalous zone extends directly along the projection of the Ormsby Zone on the Tyhee leases to the north, with a minimum length of 1,500 m between sample sites C-04 and C-10. Site C-06, which contained the maximum gold value of 3,372 ppb, is close to a north-northeasterly trending linear valley passing onto bogs to the north and south that will be sampled at the next opportunity.

 

Area of Exploration

The property adjoining the Viking Gold property is held by Tyhee Development Corp. (“Tyhee”) and was the site of the most important discovery of high grade gold mineralization in the new Yellowknife Gold camp, following the discovery of the Con and Giant deposits. The Discovery Mine produced over one million ounces of gold from one million tons of ore between 1949 and 1969.

 

The Viking Gold summer exploration program provides the first significant drill testing of the Ormsby gold zone south of the Tyhee discovery. The claims tested by this exploration program have been optioned from Peregrine Diamonds Ltd. Viking Gold can earn a 60% interest in these claims by spending $1 million by September 9, 2011. To date, approximately $500,000 has been spent.

 

Tyhee has now established a substantial gold resource through its work in recent years on a nearbymineralized trend, extending northerly for a distance of 3,000 meters to the high-grade past producer, Discovery Yellowknife Gold Mine. Please refer to the websites of both Tyhee (www.tyhee.com) and Viking Gold (www.vikinggold.ca) for additional information on this area of exploration.

 

Conclusions

Although less drill core was obtained than originally planned due to drilling equipment problems, Viking Gold technical staff is pleased that the goals of the field program were validated. The sampling completed during the summer exploration program supports the geochemical and geophysical results previously obtained. As illustrated in the supporting map (please see the SEDAR-filed version of this press release or the Company’s website), the magnetic anomalies should be sampled thoroughly. Both the large magnetic feature traversed by drill hole VP 09-03 and the numerous smaller magnetic features should be well tested for additional gold values of interest.

 

Approximately one-third of the combined assay samples (i.e. 101/312) from the Viking Gold 2009 Summer Exploration Program contain anomalous gold values. The evidence indicates that the Discovery-Ormsby mineralized trend can be traced onto the Viking Gold claims, with an indicated width of 300 m between the 1.2 grams/tonne gold intersection near the top of drill hole VP 09-03 and the 3.4 grams/tonne intersection in Channel C-06.

 

Robert M. Ginn, Ph. D., P.Eng, President of Viking Gold, is the Qualified Person responsible for the Morris Lake project and has verified the information reported above.

 

For further information contact Robert Ginn, CEO at (416) 364-6244 ext. 227.

 

Some statements made in this Press Release may contain forward-looking statements that may involve a number of risks. Actual events or results could differ materially from the Company's expectations and projections. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

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