Auking Mining confirms near-surface copper-zinc deposit at Koongie Park
AuKing Mining is seeking to raise at least $6 million to fund earn-in and exploration commitments at Koongie Park.
Auking Mining (ASX: AKN) has confirmed wide, near-surface copper and zinc mineralisation following an eight-hole drill program at the Emull prospect with its Koongie Park project in Western Australia.
Results from the 1,094m reverse circulation program at the prospect are consistent with those reported between 2004 and 2009 by Northern Star Resources (ASX: NST).
These latest results include highlights of 74m at 0.36% copper, 0.71% zinc and 6 grams per tonne gold; 89m at 0.36% copper, 1.18% zinc and 9g/t gold; and 25m at 0.46% copper, 1.55% zinc and 8g/t gold.
The company says mineralisation at Emull remains open at depth and along strike.
“Significant” magnetic features also exist to the northwest and to the southwest of the main mineralised zone.
‘Pivotal’ change in mining plan thinking
Auking says there is now potential at Emull for a shallow, bulk tonnage operation.
This represents what the company calls a “pivotal change” in its potential mining strategy at Koongie Park.
Chief executive Paul Williams said further drilling is planned before the end of the year.
Mineralisation appears to be correlated strongly with a magnetic high.
Extension of mineralisation never previously drilled
“Even more encouraging, along a 1.5km strike of defined mineralised, the magnetic high continues to the northwest and is essentially untested by historical drilling,” Mr Williams added.
Drilling in the past at Emull had gold as a primary focus.
Koongie Park, in the Halls Creek region, hosts an estimated resource of 8.9 million tonnes and is located near several significant mining and development operations including Nicholson’s gold mine owned by Pantoro Limited (ASX: PNR), Panton platinum group metals project controlled by Future Metals (ASX: FME), and Savannah nickel mine restarted by Panoramic Resources (ASX: PAN).
Auking has secured a 75% ownership of Koongie Park under the terms of the joint venture with Astral Resources (ASX: AAR).
The project covers more than 500sq km and has been explored since the 1970s.