AuKing Mining Ltd (ASX:AKN) has completed the first earn-in milestone under the Koongie Park Joint Venture agreement with Anglo Australian Resources NL (ASX:AAR).
Under the joint venture agreement, the company had the right to acquire a further 25% interest in the Koongie Park project by completing expenditure of $1.5 million within a period of 24 months from commencement of the JV.
This takes the company's total interest to 50% and, importantly, this milestone was been achieved by November 22, 2021 - well in advance of the due date.
Sights on next milestone
Upon AuKing acquiring this interest, the two mining licences where the Sandiego and Onedin deposits are situated is now part of the joint venture property.
The company has notified Anglo Australian of its intention to proceed to earn the final 25% interest in the Koongie Park project, by incurring a further $1.5 million within the next 12 months.
Furthermore, drilling activities will continue at the Onedin deposit for the next 10-14 days, with further assay results to be announced as soon as they become available.
Prospective region
Koongie Park project is in the highly mineralised Halls Creek Mobile Belt, which also hosts the Savannah (Sally Malay) and Copernicus nickel projects, the Argyle diamond mine and the Nicholsons gold mining operation of Pantoro Ltd (ASX:PNR).
It is already a significant undeveloped base metals project with publicly reported JORC 2004 resources containing copper, zinc, gold and silver and the primary deposits within the project are Sandiego and Onedin.