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AuKing Mining Limited (ASX: AKN) – Trading Halt
Description
The securities of AuKing Mining Limited (‘AKN’) will be placed in trading halt at the request of AKN, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 11 September 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
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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AuKing Mining
Investor Insight
With a portfolio of advanced stage exploration assets in the uranium, critical minerals and base metals space, AuKing Mining is poised to execute and accomplish its goals of becoming a mid-tier producer, creating significant shareholder value.
Overview
AuKing Mining (ASX:AKN) is an exploration and development company with a portfolio of exploration assets focused on uranium, copper and critical minerals, in Western Australia, Tanzania and British Columbia, Canada. The company aims to become a mid-tier copper, uranium and critical metals producer through the acquisition and development of near-term production assets.
AuKing’s portfolio of assets includes the Koongie Park copper-zinc project in Western Australia, the Mkuju uranium project in Tanzania, and the recently acquired Myoff Creek niobium-REE project in British Columbia, Canada.
AuKing has acquired the uranium bearing mineral claim known as the Grand Codroy uranium project approximately 50 km north of Port aux Basque, Newfoundland. Grand Cordroy spans 2,200 hectares and hosts several documented uranium occurrences located along a major radiometric high.
The company is led by an experienced management and board of directors supporting and executing on the company’s strategic goals of becoming a mid-tier producer through its diverse project portfolio.
Company Highlights
- AuKing Mining is an exploration and development company with a portfolio of exploration assets focused on uranium, copper and critical minerals.
- The company holds a diverse portfolio of advanced exploration assets in Western (Koongie Park), Tanzania (Mkuju) and British Columbia, Canada (Myoff Creek)
- Koongie Park has a mineral resource estimate totalling 21.1 Mt across three well-explored deposits - Onedin, Sandiego and Emull.
- AuKing is led by a highly experienced management team executing the company’s strategies to increase shareholder value.
Key Projects
Mkuju Uranium Project (Tanzania)
Mkuju is situated immediately to the southeast of the world class Nyota uranium project that was the primary focus of exploration and development feasibility studies by then ASX-listed Mantra Resources Limited (ASX:MRU). Not long after completion of feasibility studies for Nyota in early 2011, MRU announced a AU$1.16 billion takeover offer from the Russian group ARMZ. The takeover was finalised in mid-2011.
During the latter part of 2023, AuKing Mining completed a Stage 1 exploration program at Mkuju which comprised a combination of rock chip, soil geochemistry sampling, shallow auger drilling and initial diamond drilling. Some very encouraging results were obtained from this program which have formed the basis for a proposed 11,000m drilling program that is about to commence at Mkuju. Results included:
Auger drilling:
MKAU23_020 3m @ 1,273ppm U3O8 incl 1m @ 3,350ppm U3O8
MKAU23_045 3m @ 250ppm U3O8 incl 1m @ 410ppm U3O8
Soil samples:
MKGS006 510ppm U3O8
MKGS017 8,800ppm U3O8
MKGS056 960ppm U3O8
Rock chip samples:
MKGS056 2,250ppm
MKGS057 800ppm U3O8Mkuju project location
Myoff Creek Niobium-REE Project (British Columbia, Canada)
In July 2024, AuKing Mining completed the acquisition of the Myoff Creek niobium/REE project in British Columbia, Canada, known for its rich mineral deposits. The site offers excellent accessibility with well-maintained road infrastructure. The project highlights near-surface carbonatite mineralization that spans an area of 1.4 km by 0.4 km with high-grade historic drilling intercepts that include 0.93 percent niobium and 2.06 percent total rare earth oxides.
There is significant potential to expand the current target area as it remains open at depth and along strike.
HERE AuKing’s exploration team has completed a recent site visit to Myoff Creek and have identified the need for a detailed airborne radiometric survey to be undertaken across the tenure area. This survey is expected to commence in Q4 of 2024 and will include coverage of the area where historical drilling identified significant niobium/REE results – thereby providing a “marker” for potential mineralization across the rest of the Myoff Creek area.
Koongie Park Copper-Zinc Project
Koongie Park project lies within the highly mineralized Halls Creek Mobile Belt. The area also hosts the Savannah (Sally Malay) and Copernicus nickel projects, the former Argyle diamond mine and the Nicolsons gold mining operation of Pantoro Limited. Koongie Park is located about 25 kms southwest of the regional centre of Halls Creek on the Great Northern Highway in northeastern Western Australia.
AuKing owns 100 percent interest (subject to a 1 percent net smelter royalty) in Koongie Park and has received significant historical exploration and drilling since the 1970s. The project contains three deposits of note: Onedin and Sandiego copper-zinc-gold deposits, and the Emull copper deposit.
Onedin and Sandiego are both in advanced exploration stages with a total mineral resource estimate of 4.8 Mt and 4.1 Mt, respectively, containing copper, zinc, gold, silver and lead. The Sandiego prospect boasts a scoping study (released in June 2023) that highlights an 11-year life of mine with a processing capacity of 750 ktpa and pre-production capex of $135 million for a 2.5 year payback. Economics highlight a pre-tax NPV of $177 million and 40 percent IRR.Koongie Park and neighboring project holdings
The Emull base metal deposit has received significant drilling by previous owner Northern Star Resources several years ago and subsequently by AuKing in 2022. The deposit has a maiden resource estimate of 12.2 Mt, containing copper, zinc, lead and silver, with significant upside potential as more drilling is performed.
Grand Codroy Uranium Project
The Grand Codroy uranium project covers 2,200 hectares with the presence of several documented uranium occurrences located along a major radiometric high. The property is approximately 50 km north of Port aux Basque, Newfoundland.
Project Highlights:
- Uranium Mineralisation: Uranium mineralisation within extensive, organic-rich siliciclastic rocks is similar to sandstone-hosted uranium districts in the western United States.
- High Grade Samples: Notable high-grade historical rock samples including:
- Grand Codroy River #6 (Sample 153) - >20,000ppm (2%) Cu and 435ppm U
(Sample 3522) - >20,000ppm (2%) Cu and 400ppm U - Grand Codroy River #4 – 22,000ppm (2.2%) U
- Overfall Brook – 595ppm U
(Source – Newfoundland Labrador Dept of Industry, Energy and Technology)
- Grand Codroy River #6 (Sample 153) - >20,000ppm (2%) Cu and 435ppm U
- Significant Exploration Potential: Grand Codroy tenure area largely untouched by modern exploration. Note the impressive results being reported by Infini Resources Limited (ASX:I88) at its Portland Creek uranium project, to the north of Grand Codroy in western Newfoundland.
- Strategic Location: The mineral claim is strategically situated approximately 50 km north of Port aux Basque, Newfoundland.
- Excellent Accessibility: The site offers excellent accessibility with well-maintained road infrastructure leading directly to the area.
- Capital Raising: Placement of $130,000 to sophisticated investors with Melbourne's boutique Peak Asset Management leading the Placement, together with upcoming entitlement offer to existing shareholders.
Board and Management Team
Peter Tighe – Non-executive Chairman
Peter Tighe started his career in the family-owned JH Leavy & Co business, which is one of the longest established fruit and vegetable wholesaling businesses in the Brisbane Markets at Rocklea. As the owner and managing director of JH Leavy & Co, Tighe expanded the company along with highly respected farms and packhouses that have been pleased to supply the company with top quality fruit and vegetables for wholesale/export for over 40 years. Tighe has been a director of Brisbane Markets Limited (BML) since 1999 and is currently the deputy chairman. BML is the owner of the Brisbane Markets site and is responsible for the ongoing management and development of its $400 million asset portfolio. As the proprietor of the site, BML has over 250 leases in place including selling floors, industrial warehousing, retail stores and commercial offices. BML acknowledges its role as an economic hub of Queensland, facilitating the trade of $1.5 billion worth of fresh produce annually, and supporting local and regional businesses of the horticulture industry.
Tighe (with his wife Patty) owns Magic Bloodstock Racing (MBR), a thoroughbred horse racing and breeding company. MBR has acquired many horses which are trained and raced across Australia and around the world including “Winx”, one of the greatest thoroughbreds of all time winning more than $26 million in prize money.
Paul Williams – Managing Director
Paul Williams holds both Bachelor of Arts and Law Degrees from the University of Queensland and practised as a corporate and commercial lawyer with Brisbane legal firm HopgoodGanim Lawyers for 17 years. He ultimately became an equity partner of HopgoodGanim Lawyers before joining Eastern Corporation as their chief executive officer in August 2004. In mid-2006, Williams joined Mitsui Coal Holdings as general counsel, participating in the supervision of the coal mining interests and business development activities within the multinational Mitsui & Co group. Williams is well-known in the Brisbane investment community as well as in Sydney and Melbourne and brings to the AKN board a broad range of commercial and legal expertise – especially in the context of mining and exploration activities. He also has a strong focus on corporate governance and the importance of clear and open communication of corporate activity to the investment markets.
ShiZhou Yin – Non-executive Director
ShiZhou Yin holds a Master of Professional Accounting degree and is a Chinese-certified public accountant and a senior accountant. From September 1994 to September 2010, Yin served successively as accountant of Beijing No. 2 Water Pipe Factory, audit manager and audit partner of Yuehua Certified Public Accountants Firm, and senior partner of Zhongrui Yuehua Certified Public Accountants Co.
From April 2017 to the present time, Yin has been vice-president, chief financial officer and secretary of the board of JCHX Group Co..
Yin has also been the chairman of the board of supervisors of JCHX Mining Management Co. (Shanghai Stock Exchange Code: 603979) since May 2017. JCHX Mining Management is one of China’s largest mining services companies with operations around the world and has a share market capitalization of approx. US$5 billion.
Chris Bittar – Exploration Manager (MGeoSc, MComm (Finance), BMSc)
Chris Bittar was previously senior project geologist at Pantoro Limited’s Norseman Project in Western Australia, where he supervised the planning and execution of near-mine exploration and resource development programs as part of the Definitive Feasibility Study program at Norseman.
Prior to his Pantoro role, Bittar held senior geologist roles with Millennium Minerals (Nullagine Gold project) and Pilbara Minerals (Pilgangoora Lithium project), and exploration geologist roles with Sumitomo Metal Mining Oceania and Northern Minerals (Browns Range rare earths project in WA). In these roles, Bittar gained extensive experience in taking projects from greenfield exploration to resource development and up to mine-ready feasibility study stage. This experience included supervision of multiple drilling campaigns, geological interpretation, data management and project reporting. Bittar has also maintained a strong commitment to company safety policies and procedures.
Paul Marshall – Chief Financial Officer and Company Secretary
Paul Marshall is a chartered accountant with a Bachelor of Law degree, and a post Graduate Diploma in Accounting and Finance. He has 30 years of professional experience having worked for Ernst and Young for 10 years, and subsequently twenty years spent in commercial roles as company secretary and CFO for a number of listed and unlisted companies mainly in the resources sector. Marshall has extensive experience in all aspects of company financial reporting, corporate regulatory and governance areas, business acquisition and disposal due diligence, capital raising and company listings and company secretarial responsibilities.
Approval to Mobilise and Commence
C29 Metals receives official notification all regulatory requirements met for the issue of drill permits, strong local community support, and a Social Support Agreement signed.
C29 Metals Limited (‘C29’) is pleased to announce that it has received official notification from the Natural Resources and Environmental Management Department the company has met all regulatory requirements for the issue of the drill permit , enabling the commencement of drilling at its Ulytau Uranium project.
HIGHLIGHTS
- Official notification received from Natural Resources and Environmental Management Department that the company has completed all regulatory requirements for the issue of the drill permit
- This official notification enables the company to mobilise and commence exploration activities.
- The Company’s geology team will shortly mobilise to site to commence pre works ahead of the mobilisation of the diamond drill rig.
- Initial drilling will see several key strategic holes targeting the mineralisation close to surface.
- Obtaining this official notice once again demonstrates the positive operating environment in Kazakhstan and the support the company is enjoying.
In parallel to the approval process the Company has been actively working to secure a drilling contractor to undertake initial diamond drilling at the Ulytau Uranium project and anticipates mobilising the drill rig to site shortly.
Initial drilling will see several key strategic holes targeting the mineralisation close to surface. it is planned that the initial diamond drill holes will be drilled to a depth of ~200m.
The Company’s geology team has an established base of operations at the nearby village of Aksuyek where C29 enjoys strong community support. The geology team will immediately mobilise to site to commence pre works ahead of the mobilisation of the diamond drill rig.
C29 Metals Managing Director, Mr Shannon Green, commented:
“It is very exciting to have the official notification enabling our team to commence the initial diamond drilling program this season. Obtaining this notification once again demonstrates the positive operating environment in Kazakhstan and the support the company is enjoying”.
Click here for the full ASX Release
This article includes content from C29 Metals, 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.
More High-grade Drill Results at Alta Mesa Uranium Project, Texas
Boss Energy Limited (ASX: BOE|OTCQX: BQSSF) is pleased to report more strong drilling results from its 30 per cent-owned Alta Mesa ISR Uranium Project in South Texas.
The results of the drilling, which was designed to expand the producing wellfield capacity, continue to significantly exceed the cut-off grade thickness requirements for In-Situ Recovery (ISR) of uranium.
The results were reported by Alta Mesa’s 70 per cent owner enCore Energy Corp (NASDAQ:EU|TSXV: EU).
EnCore also reports that production from its first wellfield continues to progress with increases in the number of Alta Mesa production and injection wells on schedule for 2024 and continuing into 2025.
The Alta Mesa wellfield drilling operations, which commenced in March 2023, are advancing rapidly with 80 holes drilled since the previous update announced on March 18, 20241. In total, 749 drill holes have been completed through mid-September 2024. At present there are seven (7) drill rigs in full operation at Alta Mesa, with plans to double that number over the next twelve (12) months.
Please refer to enCore’s announcement dated October 15, 2024 for further information2.Click here for the full ASX Release
This article includes content from Boss Energy, 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.
C29 Metals Limited (ASX: C29) – Trading Halt
Description
The securities of C29 Metals Limited (‘C29’) will be placed in trading halt at the request of C29, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Friday, 18 October 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from C29 Metals, 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.
Results of Entitlement Offer
AuKing Mining Limited (ASX: AKN) advises that it has completed its non-renounceable pro-rata entitlement offer that was intended to raise approximately $1.47 million before costs (Entitlement Offer), with a substantial shortfall.
The Entitlement Offer closed on Thursday, 10 October 2024. The Entitlement Offer was an offer of new fully paid ordinary shares in the Company (New Shares) on a 2 for 3 basis at an issue price of A$0.007 per New Share (Offer Price) plus 1 attaching option exercisable at
$0.03 and expiring 30 April 2027 (New Option) for every 2 New Shares. Summary of the Entitlement Offer Results
Results of the Entitlement Offer are as follows:
- Acceptances were received in the Entitlement Offer for a total of 7,351,541 New Shares (including applications for additional New Shares) from 55 shareholders raising
$51,460.88. An additional 7,142,857 New Shares arising from the shortfall have been placed to a private sophisticated investor, giving rise to total funds raised to
$101,460.88.
- Board members Tighe and Williams contributed their entitlement as committed in the Prospectus dated 12 September 2024.
- All applications from shareholders for additional New Shares will be met in full.
- The net shortfall remaining under the Entitlement Offer is $1,385,747.87 (197,963,982 shares).
The 14,494,398 New Shares and attaching 7,247,200 New Options will be issued on 16 October 2024, with the New Shares expected to commence normal trading on the ASX on 17 October 2024. The Company does not propose to seek quotation of the New Options on ASX at this time.
Funding Options
Due to the substantial shortfall under the Entitlement Offer, the Board is currently in discussions with investors about alternative funding options. Details will be provided to the market as soon as these are finalised.
This announcement is authorised by the Board of the Company.
Paul Marshall Company Secretary
For further information contact: Paul Williams
Managing Director Mobile: 0419 762 487
E-Mail: p.williams@aukingmining.com
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
Sale of Remaining Manyoni Licences
AuKing Mining Limited (ASX: AKN) advises that it has entered into a binding agreement with Moab Minerals Limited (ASX:MOM) to sell its remaining non-core Prospecting Licences at Manyoni in central Tanzania.
Summary
Auking announced to ASX on 27 February 2023 that two (2) key Prospecting Licences (“PLs”) at the Manyoni uranium project in Tanzania, had been revoked by the Tanzanian Mining Commission. A significant portion of the historical Manyoni uranium resource estimate was contained within the two PLs that were the subject of revocation.
Since that time AuKing management has taken various actions including several meetings with Tanzanian officials in an effort to re-secure the two revoked PLs. This included a recent high-level meeting in Dodoma attended by senior Ministry officials as well as the Company’s Chairman and Managing Director in late June 2024.
To date, there has been no response received by the Company to these efforts to recover the two revoked PLs and the Board now sees very little prospect of this occurring. As a consequence, without those key PL interests, AuKing has a limited ability to secure any value for its remaining holdings at Manyoni and that this sale is the best available option.
Manyoni Licence Sale
AuKing has reached agreement to sell its remaining non-core Manyoni PLs to ASX-listed Moab Minerals Limited (ASX: MOM) for a total purchase price of A$175,000. The sale is conditional on certain matters including:
- 30 days for due diligence from the date of execution of the sale agreement,
- AuKing to provide access to all pertinent information within its control,
- The tenements being in good standing,
- Ministerial approval for the transfers,
- Fair Competition Council (FCC) of Tanzania approval if required.
In addition, AuKing has provided MOM (and its associated entity in Tanzania, Katika Resources Limited) with a release and waiver in respect of any claims as against MOM,
Katika and the licence interests that Katika currently holds in the Manyoni region. The release and waiver does not include any rights or claims of AuKing to seek compensation as a result of the expropriation of the two key PLs back in February 2023 by the Tanzanian Mining Commission.
Mkuju Project Focus
The proposed sale of PLs to MOM has no impact on AuKing’s keen desire to commence drilling at its highly prospective Mkuju uranium project that is situated in southern Tanzania. These interests at Mkuju have no relationship or connection to what has happened at Manyoni, nor will they be impacted by the proposed sale to MOM.
For more information, please contact:
Paul Williams Managing Director
Mobile +61 419 762 487
p.williams@aukingmining.com
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.
Moab Expands Flagship Manyoni Uranium Project by 488km2 via Accretive Acquisition
Moab Minerals Limited (ASX:MOM) (Moab, the Company) is pleased to announce the acquisition of four additional Prospecting Licences surrounding its Manyoni uranium project in Manyoni Province in Tanzania, Africa.
- Moab has executed a binding agreement with AuKing (ASX:AKN) to acquire four highly prospective prospecting licences immediately adjacent to Moab’s existing Manyoni Uranium Project.
- The new tenements are highly strategic as they cover parts of the historic Manyoni Uranium Project held by Uranex (ASX:UNX) prior to 2013, representing the consolidation of all of the Manyoni Uranium deposits for the first time in over 10 years.
- The Manyoni Uranium Project is located within close proximity to infrastructure including modern rail and sealed highway as well as readily available power and water resources.
- The Stage One 105-hole core drilling program is currently underway at the Manyoni Uranium Project and will be followed by the Stage Two program of 100 exploration core holes.
- Moab intends to release its Maiden JORC (2012) Mineral Resource Estimate in calendar year 2025 following completion of preliminary drilling activities.
- Scoping or Preliminary Feasibility Study, planned for calendar year 2025.
Moab Managing Director, Mr Malcolm Day, commented: “I visited the Manyoni Uranium Project last week to see the start of the drilling program. The program is expected to run over the next few months with most of the assay results available in November/December. The acquisition of these additional surrounding tenements, which contain three uranium Mineral Resources1 known as E, F and G, estimated by Uranex resources in 2010 as part of Uranex’s Manyoni Uranium Project, adds significant upside potential to Manyoni. We’ll now look at expanding the current drill program to evaluate the resource potential of these new tenements”.
About the Manyoni Uranium Project
Project Location
The Manyoni Uranium Project tenements are located in the Republic of Tanzania (pop. 65 million), Africa, approximately 100km northwest of the capital city of Dodoma (pop. 765,000). The location of the uranium project at Manyoni is shown in Figure 1. Whilst Figure 2 shows the location of the Auking tenements that Moab (via its 80% owned local subsidiary company Katika Resources Ltd) will acquire.
Core drilling underway in August 2024 at Manyoni uranium project
Figure 1. Location of the Manyoni Uranium Project
Click here for the full ASX Release
This article includes content from Moab Minerals, 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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