AuKing Mining Ltd (ASX:AKN) made strong exploration progress during the December quarter, advancing exploration drilling at its Koongie Park Copper-Zinc Project in Western Australia.
During the quarter, the company completed 6,400 metres of combined reverse circulation (RC) and diamond core drilling across 29 holes at Koongie Park delivering encouraging results both near-surface and at depth.
Also, AuKing has completed its first earn-in milestone under the Koongie Park joint venture with Anglo Australian Resources NL (ASX:AAR) – now holding 50% interest.
During the period, the company also discovered near-surface ore-grade copper mineralisation north of known Sandiego deposit.
Also at Sandiego, AuKing identified elevated zones of REE lanthanides and further significant cobalt mineralisation.
Looking ahead, assays are pending for seven metallurgical drill holes completed in an Onedin metallurgical test-work program designed to test the near-surface oxide and transition ores.
Drilling at Koongie Park
AuKing's first exploration drilling program at Koongie Park continued to make strong progress – completing the program late in the December quarter.
Seven diamond holes were completed in mid-December as part of the Onedin metallurgical test-work program, with assay results pending.
Assay results derived from the exploration drilling to date have been very encouraging and support the AKN board’s view of the excellent prospectivity of the Koongie Park Project.
Furthermore, AuKing entered into an earn-in and joint venture agreement with Anglo Australian Resources providing the company with the right to earn up to a 75% interest in Koongie Park by completing exploration expenditure of $3 million over a 3-year period.
Sandiego discoveries
During the period, AuKing was encouraged with the discovery of near-surface ore-grade copper to the north of Sandiego.
A drill hole presents an opportunity for a largely untested 700-metre target zone to be delineated between the main area of drilling at Sandiego and the new discovery.
Providing further encouragement at Sandiego was the identification of elevated zones of REE lanthanides (>1,000ppm) in drill holes ASRD002 and ASRD003.
The company is planning to undertake confirmatory sampling and analytical work to determine the full extent of the REE mineralisation.
Holes ASRD002 and ASRD003 also confirmed the existence of cobalt mineralisation at the Sandiego deposit.
The potential inclusion of cobalt mineralisation in future Koongie Park resource estimates will continue to be assessed by the company's exploration team.
Placement summary
On November 17, 2021, AuKing completed a share placement to raise $2.4 million before costs comprising the issue of 15 million new ordinary fully paid shares at 16.5 cents per share.
Vert Capital Pty Ltd was appointed the lead manager of the placement.