AuKing Mining reports high-grade assays at Onedin target within 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.
Exploration company AuKing Mining (ASX: AKN) has reported further high-grade intersections from three holes completed during a diamond drilling campaign at the Onedin deposit within its Koongie Park copper-zinc project in Western Australia.
The company drilled seven holes for a total of 1,433 metres at a maximum depth of 243m to delineate wide zones of high-grade copper, zinc, silver and molybdenum positioned south of three previous holes which reported substantial intersections.
The latest holes were completed in November and December and identified significant near-surface mineralisation including 64m at 0.97% copper, 1.73% zinc and 129 grams per tonne silver.
Highlights were 106.1m at 0.53% copper, 2.69% zinc, 0.49% lead, 10g/t silver and 61 parts per million molybdenum from 39.4m, including 33.7m at 0.76% copper, 0.97% zinc, 0.39% lead, 2.2g/t silver and 106ppm molybdenum from 52.1m, and 20.3m at 0.79% copper, 10.17% zinc, 0.67% lead and 36.5g/t silver from 125.2m.
Also reported were intersections of 50m at 0.37% copper, 0.91% zinc, 0.91% lead, 1.62g/t silver and 63ppm molybdenum from 31m and 4m at 2.61% copper, 9.08% zinc, 2.05% lead, 215.4g/t silver and 73ppm molybdenum from 126m.
The new results are believed to provide strong confirmation of high-grade mineralisation south of a previous hole which reported 105m of 1.94% copper and 55g/t silver from 46m, including 16.6m at 10.2% copper and 316g/t silver.
Reinforcing quality
AuKing chief executive officer Paul Williams said the latest assays reinforce the quality of the Onedin deposit.
“These results highlight the continuity of high-grade mineralisation across Onedin,” he said.
“There are even compelling near-surface assays of gold that have been intersected in the southern end of the deposit.”
Once all results are received, Mr Williams said composite samples will be formed for a proposed metallurgical test work program due to commence this month.
Stage one of the program will be conducted with Perth-based Simulus Laboratories and will involve the demonstration of economic metal recoveries; a comparison with conventional process treatments; an optimisation of reagent usage and doses; initial processing kinetics; and likely product options.
Project licences
The Koongie Park project comprises 15 prospecting, exploration and mining licences over an area of more than 500 square kilometres.
It has an existing resource of 6.8 million tonnes grading 1.3% copper, 4.1% zinc, 0.3g/t gold and 26g/t silver.
Koongie Park remains significantly underexplored at depth and along strike and highly prospective for further VMS (volcanogenic massive sulphide) base metal mineralisation discoveries.
The company has identified multiple drill targets to expand on existing known resources at the Onedin and Sandiego deposits which remain open at depth and to the south.