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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)
- 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.
[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
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 hereAKN:AU
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Investor Insight
The Cloncurry Gold project is a portfolio of an existing permitted processing plant, mining and exploration licences that are being acquired by Orion Resources. AuKing has the right to acquire a 50 percent interest in these near-term gold production interests by incurring AU$5 million in expenditure before 30 June 2027.
Overview
AuKing Mining (ASX:AKN) is an exploration and development company with a portfolio of assets focused primarily on gold, but also uranium, copper, and critical minerals, across Australia, Tanzania, and Canada. The company aims to become a mid-tier producer through the acquisition and development of near-term production assets.
In February 2025, AuKing Mining entered into a strategic agreement with Gage Resources, an Australian subsidiary of Beijing-based Gage Capital Management. The agreement includes a $300,000 investment by Gage, resulting in a 10 percent stake in AuKing, and the sale of two non-core prospecting licenses in Tanzania to Gage for an additional $300,000. This partnership is expected to enhance AuKing's financial position and support its ongoing exploration and development activities.
Company Highlights
- AuKing Mining is an exploration and development company with its primary focus being the Cloncurry Gold Project in north Queensland.
- The company also holds a diverse portfolio of exploration assets in Western Australia (Koongie Park), Tanzania (Mkuju), Canada (Myoff Creek in British Columbia and Grand Codroy in Newfoundland).
- Strategic Acquisitions and Partnerships:
- Entered an earn-in agreement to acquire a 50 percent interest in the Cloncurry Gold project.
- Entered a joint venture in February 2025 with ASX-listed Cobalt Blue Holdings (CBH) whereby CBH can earn up to a 75 percent interest in the Koongie Park project in Western Australia.
- Formed a strategic partnership with large Beijing-based resources fund, Gage Capital in February 2025.
- AuKing is led by a highly experienced management team executing the company’s strategies to increase shareholder value.
Key Projects
Cloncurry Gold Project (Queensland, Australia)
In November 2024, AuKing Mining entered into an earn-in agreement with Orion Resources for the Cloncurry gold project in northern Queensland. This agreement allows AuKing to increase its stake in the project to 50 percent by investing AU$5 million in project funding by June 2027.
Orion’s Cloncurry Project interests, including the Mt Freda/Golden Mill mining leases. [Note the nearby Wynberg and Wallace/Wallace South gold projects are not assets being acquired by Orion]
A key component of this project is the Tick Hill Gold Joint Venture, involving AuKing, Orion Resources, and Tick Hill Mining, the current owner of the Tick Hill gold mine. The JV aims to establish a processing operation at Tick Hill, focusing initially on reprocessing the existing tailings stockpiles. A pre-feasibility study completed in 2020 outlined a processing capacity of 474,200 tonnes at 2 g/t gold over 13 months, yielding approximately 27,300 ounces of gold at an all-in sustaining cost (AISC) of AU$1,493 per ounce.
In March 2025, the JV partners signed a memorandum of understanding (MoU) to assess the viability of processing Tick Hill's tailings and other ore materials at the Lorena processing plant, located 15 km east of Cloncurry. This initiative aims to expedite the re-commencement of gold production in the region.
The JV also plans to evaluate the feasibility of reopening the historical open pit mine at Tick Hill, with the goal of extending the project's life and enhancing gold production. An independent preliminary economic assessment has concluded that the proposed tailings retreatment plan is both technically and financially viable, recommending progression to a final feasibility study.
Through these strategic initiatives, AuKing Mining is actively advancing the Cloncurry gold project, aiming to unlock significant value and establish a sustainable gold production operation in the Cloncurry region.
The Mt Freda Complex, covering an area of no more than 6 sq kms, looking from north-west to the south-east, 30kms south of the Lorena plant.
The Mt Freda Mining Complex is a key element in the proposed restart of mining operations at the Cloncurry Gold Project in northern Queensland. A comprehensive drilling program, consisting of an estimated 10,000 meters of combined diamond and reverse circulation (RC) drilling, is planned at Mt Freda to support the project’s development.
Koongie Park Copper-Zinc Project (Western Australia)
Koongie Park project (also known as Halls Creek 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.
In February 2025, AuKing entered into a earn-in agreement with Cobalt Blue (ASX:COB) whereby COB can earn up to 75 percent interest in the Koongie Park project.
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.
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.
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 (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 11,000 m drilling program.
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.
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.
Mark Fisher – Non-executive Director
Mark Fisher is a highly accomplished resources executive with over 35 years of experience. His skills and experience include strategic business planning, feasibility, project management, organization design, mine engineering and mine management. Mark’s combination of skills and depth of experience has consistently produced profitable and sustainable outcomes in complex settings delivering increased shareholder value.
Mark’s extensive global leadership and operational experience includes senior positions with Placer Dome Inc and Barrick Gold Corporation over a period of decades. In his last corporate role, Mark was President of the Global Copper division for Barrick Gold Corporation, executing the development strategy for its portfolio of key copper assets in South America, Africa, Middle East and Asia.
Dr Kylie Prendergast – Non-executive Director
Kylie Prendergast is an experienced geologist and technical leader with more than 25 years’ experience within the international and resource sector. She currently holds the position of non-Executive Director at Helix Resources Limited (ASX: HLX) and has worked across a range of different operating jurisdictions, including significant in-country assignments and expatriate roles. This has included substantial business development, project technical and economic evaluation, and commercial management including direct interaction with a range of stakeholders in global resource capital markets.
Previously the Managing Director at leading industry consultant Mining Associates, Dr Prendergast has held senior leadership roles with Felix Gold Limited (Managing Director), Mawarid Mining (Oman – GM Exploration and Business development), Batu Mining (Mongolia – Senior Geologist) and Gold Fields St Ives (Project Generation Geochemist). Prior to that she worked in technical geology positions with BHP Billiton, Ivanhoe Mines (Mongolia) and North Limited.
Nick Harding – Non-Executive Director
Nick Harding is a Certified Practicing Accountant (FCPA) with extensive executive and senior management experience across the resources and agribusiness sectors in the areas of finance, commercial, corporate governance and company administration. He possesses significant experience in equity raisings, debt funding, management and statutory reporting, corporate governance, financial modelling and the preparation of feasibility studies.
Nick has held the roles of Executive Director, Chief Financial Officer, and Company Secretary through his professional services company for a number of ASX listed junior exploration companies over the past 16 years, taking some of these through to the evaluation phase and into development and production.
Prior to this, over a 20-year period, Nick has held senior finance management positions within WMC Resources, Normandy Mining/Newmont Australia and Beach Energy across various commodities including gold, copper, nickel, uranium, industrial minerals and oil and gas.
Chris Bittar – Exploration Manager
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.
Advancing the Cloncurry Gold Project in North Queensland, while holding interests in copper, uranium and critical metals assets in other regions.
North Shore Uranium: Unlocking Value Across Two World-class Uranium Districts in North America
North Shore Uranium (TSXV:NSU) is a uranium exploration company focused on North America, advancing a dual-track strategy aimed at high-impact discoveries in two of the world’s most prolific uranium regions: the eastern Athabasca Basin in Saskatchewan, Canada, and the Grants Uranium District in New Mexico, USA. With a lean capital structure, fully permitted drill targets in Saskatchewan, and strong insider ownership, the company is well-positioned to create value through cost-effective exploration and resource definition in a rising uranium price environment.
The Rio Puerco project, located in New Mexico’s Grants District—a historically productive uranium belt responsible for over 340 million pounds of past U₃O₈ production—offers strong potential. Drawing on data from approximately 800 historical drill holes, a JORC-compliant inferred resource estimate of 11.4 million pounds U₃O₈ was completed in 2009. Early assessments suggest potential for in-situ recovery (ISR) mining, one of the lowest-cost extraction methods in the industry.
North-Shore-Uranium-Athabasca-Basin-ProjectsAt the Falcon project in the Athabasca Basin, North Shore’s maiden 2024 drill program confirmed near-surface uranium mineralization in previously untested zones, underscoring the project’s discovery potential. The company has outlined a 7-kilometre conductive corridor with high-priority drill targets in the South Priority Area and is planning prospecting and follow-up drill programs.
Company Highlights
- Dual Jurisdiction Exposure: Active exploration in Athabasca Basin and the Grants Uranium District, two of the most historically significant uranium-producing regions in North America.
- Rio Puerco Option: Binding term sheet signed for a transaction that would see North Shore Uranium acquire up to an 87.5 percent of the Rio Puerco uranium project in New Mexico, where there is a historical resource estimate of 6 million tonnes grading 0.09 percent eU₃O₈ for 11.4 million lbs of U₃O₈.1
- Falcon Discovery in 2024: Maiden drill program confirmed near-surface uranium mineralization at two targets on the Falcon property in the Athabasca Basin in a previously undrilled area within 30 km of the active Key Lake uranium mill.
- Path to Resource Definition: Upon completion of the transaction, North Shore plans to validate historical data, attempt to expand the resource and evaluate the ISR potential at Rio Puerco and concurrently work to expand the discovery footprint at Falcon.
- Lean Structure, Strong Insider Support: $2.2 million market cap (as of July 2025), 40.3 million shares outstanding, with 43.3 percent held by insiders and founding investors.
- High-caliber Team: Led by award-winning geologist Brooke Clements and supported by proven uranium dealmakers and technical experts.
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