AuKing Mining plans aggressive exploration program at Koongie Park copper-zinc project
AuKing Mining is seeking to raise at least $6 million to fund earn-in and exploration commitments at Koongie Park.
Three months almost to the day since listing, AuKing Mining (ASX: AKN) has already discovered more copper at its Koongie Park project and, in its latest quarterly, lays out a busy 2022 program.
It has also met the first earn-in milestone.
The company listed in late October after forging a joint venture with Anglo Australian Resources (ASX: AAR) which provides for a staged earn-in process by AuKing.
During the quarter, AuKing completed its first earn-in milestone and now holds a 50% stake in the project, located near Halls Creek in the East Kimberley region of Western Australia.
In its first ever quarterly under its new name — it was previously known as Chinalco Yunnan Copper Resources — AuKing reports completion of 29 holes by mid-December, with results including 124m at 1.03% copper, 1.08% zinc, 1.54% lead and 50 grams per tonne silver from 8m.
Planning completed for first half of 2022
The period included discovery of near-surface copper mineralisation north of the known Sandiego deposit, with the company noting a largely untested 700m drill target between the main area of drilling at Sandiego and the new discovery.
AuKing is focused on two primary copper-zinc deposits, Onedin and Sandiego. Together they hold a JORC resource of 6.8 million tonnes at 1.3% copper and 4.1% zinc, along with 0.3g/t gold and 26g/t silver.
Apart from testing that 700m target, AuKing’s plans for the first six months of the year include drilling further deep holes at Sandiego.
These holes were not completed last year as priority was being given to drilling to advance the metallurgical program at Onedin.
Rare earths intercepts to be followed up
As some of the Sandiego holes also returned elevated zones of rare earth element lanthanides, other drill cores at Sandiego are now being scanned with a view to assessing if further assay analysis might be required.
At Onedin, the extent of a molybdenum zone will be further assessed over the next five months after two holes indicated anomalous zones of that mineral.
Also, the company believes that eastern boundary of Onedin may not yet be closed off, as several of the holes drilled at that boundary were still intersecting high grade zones of copper and zinc.
By March, AuKing is expecting that work to update the Koongie Park resource estimate will have been completed, with the new estimate including results from the 2021 drill program.