AuKing Mining delivers 30% increase to Koongie Park resource estimate
AuKing Mining (ASX: AKN) has delivered a 30% upgrade to the mineral resource estimate for its Koongie Park copper-zinc project in Western Australia.
The new estimate follows the completion of a drilling program last year at the Onedin and Sandiego deposits.
It now sits at 8.9 million tonnes at 1.01% copper, 3.67% zinc, 0.16 grams per tonne gold, 32g/t silver and 0.77% lead.
AuKing’s confidence in the existing estimate has increased to 97% in the indicated category, where metal values include 90,000t copper, 326,000t zinc, 46,000 ounces gold, 9.1 million ounces silver and 68,000t lead.
Chief executive officer Paul Williams said the new estimate comes from an overall improved understanding of the geological controls on mineralisation at Onedin and Sandiego.
“The additional data obtained from drill programs conducted last year and the findings from a detailed structural geology review have significantly improved the confidence in the geological models for Onedin and Sandiego,” he said.
“This has provided the basis for the 30% increase in tonnage and nearly 100% of the resource is now in the indicated classification.”
Over the past six months, AuKing’s team has enhanced its understanding of the geology around Onedin and Sandiego.
The company now recognises the deposits to be volcanogenic massive sulphide (VMS) style with lower tenor, primary syn-depositional or stratabound disseminated sulphides; and higher grade, structurally controlled mineralised shoots representing remobilised stratabound syngenetic mineralisation, possibly related to a late regional intrusion-related mineralising event.
Higher grade mineralised shoots are the result of reworked and remobilised primary stratabound base metals during deformation.
During late-stage deformation, regional-scale granite intrusions likely provided the heat and fluids that remobilised the mineralisation from primary (stratabound) units, into structural traps such as anticlinal fold hinges.
Mr Williams said the improved geological model widens opportunities to target higher grade extensions and repetitions within favourable host rocks and structures in other prospects across the Koongie Park tenure package.
AuKing has received approval to obtain land access for a proposed 12 drill hole program at the Emull prospect within the Koongie Park tenure.
It is situated on a standalone exploration licence, near to the Nicolsons gold mine operated by Pantoro (ASX: PNR).
Emull has been the subject of drilling and exploration in the mid-2000s by Northern Star Resources (ASX: NST) prior to its acquisition of the Paulsens mine in 2010.
No significant exploration activity has been conducted at Emull since that time, despite Northern Star reporting significant zinc-copper intersections from its drilling.