AuKing Mining and Saudi partner win licence bid for Shaib Marqan gold site
AuKing Mining (ASX: AKN) and Saudi Arabian partner Barg Alsaman Mining have secured the Shaib Marqan project under the Saudi Ministry of Industry and Mineral Resources’ sixth licensing round bid process.
Located 100 kilometres from Ma’aden Gold’s Al Amar mine, which produced nearly 30,000 ounces of gold in 2022, the under-explored Shaib Marqan site spans 91.8 sq km and includes at least 22 ancient workings over quartz veins measuring up to 300 metres long and 10m wide.
Additionally, 50 vein and wall rock samples have been recorded, averaging 5.8 grams per tonne of gold with a maximum assay of 40g/t.
‘Significant interest’
AuKing managing director Paul Williams said the company was pleased to have secured the bid.
“We understand that this bidding round was the subject of significant interest from companies around the world and it is an honour to be recognised by the ministry with this successful bid,” he said.
“Shaib Marqan is situated in a highly mineralised area within the famous Arabian-Nubian Shield geological region and is in close proximity to various established deposits.”
“We believe our systematic exploration across the licence area could lead to the rapid identification of a significant mineral deposit.”
Multiple systems
Shaib Marqan is part of the Ar Rayn terrane in central Saudi Arabia known for hosting multiple mineral systems and commodities including volcanogenic massive sulfide-hosted copper and zinc, epithermal and orogenic gold, along with iron oxide copper-gold deposits.
Ancient workings have been documented throughout the Al Amar Belt, primarily focusing on quartz veins with disseminated pyrite with the first area mapped in 1956 and intermittent exploration occurring between 1970 and 1994.
The Ar Rayn terrane also hosts the Al Amar gold-silver-copper-zinc deposit, the Khnaiguiyah zinc-copper-iron-manganese deposit and the Jabal Idsas magnetite prospect.
Based on historical work in the region, Mr Williams said further systematic exploration activities could lead to the rapid generation of new precious and base metal targets.