AuKing Mining

Quarterly Report for the Quarter Ending 30 June 2024

AuKing Mining Limited (ASX: AKN) is pleased to present its Quarterly Report.

AuKing Mining is an exploration company focused on critical minerals, uranium, copper and zinc projects in Canada, Australia and Tanzania

Highlights

  • Entered option to purchase Myoff Creek niobium/REE project in British Columbia, Canada (post 30 June 2024).
  • Finalised all regulatory approvals for prior to commencement of drilling program at Mkuju uranium project in southern Tanzania.
  • Continued liaison with officials in the Tanzanian Ministry of Mines in relation to the revoked Manyoni prospecting licences.
  • Preparation of drilling program at Sandiego North at the Koongie Park copper/zinc project – pending access to an available drilling rig.
  • Board and management changes – Mr Kabunga and Mr Wei retiring and Mr Williams appointed managing director.
  • Successful completion of capital raising and short-term loan facilities during the Quarter.
Canada Project (Myoff Creek)

Ownership – Option to purchase 100% | British Columbia, Canada

Niobium and REE project

On 22 July 2024, AuKing announced that it had entered into an option agreement for the proposed acquisition of a 100% interest in the Myoff Creek project which comprises eight mineral claims in south-eastern British Columbia. Highlights of the project include the following:

  • Carbonatite Mineralisation: Near-surface carbonatite mineralisation spans an extensive area of 1.4 km by 0.4 km, based on historical exploration.
  • High Grade Intercepts: Notable high-grade intercepts include 0.93% niobium (Nb) and 2.06% total rare earth oxides (TREO).
  • Significant Exploration Potential: The mineralisation remains open (subject to verification) at depth and along strike, indicating significant potential for further mineral discovery and expansion. Maximum detection limits of Nb and Ce were detected in rock chips ~2km away from the historically drilled zone.
  • Strategic Location: The claims are strategically situated in the South-Central mining region of British Columbia, known for its rich mineral deposits.
  • Excellent Accessibility: The site offers excellent accessibility with well-maintained road infrastructure leading directly to the area.
  • Upcoming Exploration: Drill targets have been identified, setting the stage for an extensive upcoming work program aimed at further exploration and development.

Myoff Creek Acquisition Terms

AuKing has entered into an option agreement to acquire all the shares in Australian- registered company North American Exploration Pty Ltd (NAE). NAE owns 100% of eight (8) contiguous claims that comprise the Myoff Creek Project. A summary of the acquisition terms is as follows:

  • A non-refundable fee of A$50k was paid by AKN on signing the agreement;
  • In consideration for the acquisition of all the shares in NAE, AKN is obliged to issue 57M new AKN shares at an issue price of 1.5c per share and 28.5M free-attaching options exercisable at 3c on or before 30 April 2027 to the existing NAE shareholders and their nominees. (None of the NAE holders have any existing relationship with AKN); and
  • The option must be exercised by 26 July 2024, otherwise it may lapse at the election of either party.

The NAE option agreement contains the usual warranties appropriate for a sale of shares and exploration interests in Canada. During the option period, AKN has conducted a limited due diligence review, based on access to a significant data package established by NAEas well as available external search information. Unless a significant flaw is identified in the due diligence it is AKN’s current intention to proceed with the NAE acquisition as soon as possible.


Click here for the full ASX Release

This article includes content from AuKing Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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