AuKing Mining (ASX:AKN)

Quarterly Report for the Quarter ending 30 September 2024

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

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

Highlights

  • Completed the purchase of Myoff Creek niobium/REE project in British Columbia, Canada.
  • Entered agreement to acquire Grand Codroy uranium exploration project (later completed in October).
  • Continued preparation for the proposed drilling program at Mkuju, Tanzania.
  • Entered agreement for the sale of Manyoni licences (October)
  • Successful completion of two share placements during the Quarter.
  • Issued prospectus to existing shareholders for rights issue entitlement offer (later closed in October with significant shortfall).
  • Extended short-term $750k loan facility during the Quarter.

Canada Projects

Myoff Creek

Ownership – 100% | British Columbia, Canada
Niobium and REE exploration project

Summary

On 29 July 2024, AuKing announced that it had completed the 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 acquired 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;
  • AuKing has now issued 57M new 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.

Empire Capital Partners Pty Ltd was paid an introduction fee comprising 10M options exercisable at 3c on or before 30 April 2027 as a result of the NAE option agreement being completed.


Click here for the Quarterly Cashflow Report

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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