High Gold Price Sparks Renewed Interest in Queensland Gold Region, Report Says

AuKing Mining (ASX:AKN) has been cited in a news report as among two Australian companies well-placed to take advantage of rising gold prices and the re-emergence of historic gold mines in Queensland.

An article from ABC Australia noted record-high global gold prices are revitalizing the gold mining industry in outback Queensland, particularly in the Cloncurry region. Once a bustling mining area, Cloncurry experienced a decline in the 1990s due to falling gold prices. However, the current surge has prompted renewed interest in both exploration and the reopening of historical mines.

In particular, the Ernest Henry Copper-Gold Mine, a significant site in the region, is estimated to contain 2 million ounces of gold. The Cloncurry Gold Project, encompassing multiple mines over 400 square kilometers, is also poised to benefit from the current boom.

“Orion Resources and AuKing Mining Limited plan to re-lease 20 historic gold mines in the region, bringing them back to life under the banner of the Cloncurry Gold Project,” the article stated.

AuKing Mining’s managing director Paul Williams told ABC Australia the “great gold price environment” and access to significant data from previous work done in the area create an advantageous position for both Orion and AuKing capitalize on the current trend.