Completion of Grand Codroy Uranium Acquisition

AuKing Mining Limited (ASX: AKN, AuKing) is pleased to advise that it has completed the purchase of the Grand Codroy uranium exploration project in Newfoundland, Canada.

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)
• 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.
  [See AKN release to ASX on 11 September 2024]

AuKing’s Managing Director, Mr Paul Williams, said now the acquisition has been completed the Company would seek to take an aggressive approach to exploration at its new Grand Codroy uranium project.

“We see strong interest from investors with companies seeking to develop uranium projects around the world. The ongoing impressive exploration results of other companies in the region (such as Infini Resources Limited – ASX:I88) provide us with a significant incentive to get started on soil sampling and related exploration activities as soon as possible,” said Mr Williams.

Grand Codroy Uranium Project

AuKing has acquired a uranium bearing mineral claim in the Codroy Valley of south-west Newfoundland, Canada known as the Grand Codroy Uranium Project. The claim, covering an area of 2,200 ha, was selected due to presence of several documented uranium occurrences located along a major radiometric high. The Grand Codroy Uranium Property is approximately 50 km north of Port aux Basque, Newfoundland.

Figure 1 – Location of Grand Codroy uranium project, showing historical uranium and copper occurrences across the tenure (Source – Newfoundland Labrador Dept of Industry, Energy and Technology’s “Mineral occurrences database system report”)

The style of low-grade uranium mineralisation within extensive, organic-rich siliciclastic rocks is similar to sandstone-hosted uranium districts in the western United States. These districts have produced significant amounts of uranium from conventional and low-impact, low-cost in-Situ Recovery (ISR) operations. The potential for ISR amenable uranium mineralisation has never been evaluated in the Bay St. George Sub-basin. Based on regional maps the widespread nature of the noted uranium occurrences and the volume of potential host-rock is significant in this area and could potentially represent an economic uranium target.

ASX-listed Infini Resources Limited (ASX: I88) holds the Portland Creek uranium project in western Newfoundland, which is to the north of the Grand Codroy area. I88 is well advanced with a major surface geochemical sampling program and reporting results such as a 74,997ppm U₃O₈ assay result [See I88 ASX release on 29 August 2024] and further impressive results in more recent reports to ASX.

Click here for the full ASX Release