AuKing Mining (ASX:AKN)

Rock Chip Samples Confirm Gold Mineralisation at Shaib Marqan

AuKing Mining Limited (ASX: AKN, AuKing) is pleased to advise that recent rock chip sample assays have confirmed potentially significant gold mineralisation at the Shaib Marqan project in Saudi Arabia.


HIGHLIGHTS

  • As announced on 6 November 2024, the Company was successful (in conjunction with its Saudi partner, Barg Alsaman Mining Company (BSMC), in being awarded the Shaib Marqan exploration project as part of Saudi Ministry of Industry and Mineral Resources (Ministry) 6th Licensing Round bid process.
  • Shaib Marqan is considered highly prospective for orogenic vein-hosted gold mineralization and is significantly under-explored. The Al Amar gold mine is 100km to the north-west and produced nearly 30,000oz Au in 2022 (Source: Ma’aden Gold).
  • During a recent due diligence site visit prior to submission of the AuKing/BSMC bid, rock chip samples were obtained and gold assays reported with the following highlighted results:
    • SM 015 – 2.97g/t Au
    • SM 016 – 1.31g/t Au and
    • SM 017 – 13.72g/t Au
  • These results have validated the historical reported Au results and provide a clear basis for an extensive soil/rock chip sampling and survey program immediately after the new Shaib Marqan exploration license is granted.

Managing Director, Paul Williams commented: “AuKing is very pleased to have secured the Shaib Marqan exploration license with its local partner BSMC. We carried out a detailed site inspection as part of the pre-bid due diligence and obtained the gold assays that clearly validate the historical reported gold mineralisation at Shaib Marqan. Instead of project activities commencing with limited available data, these results enable us to immediately commence a targeted soil and rock chip sampling program when the new license is granted by the Ministry”, he said.

Shaib Marqan Gold Project

Shaib Marqan is situated in central Saudi Arabia and covers an area of 91.8km2. The project area is around 240km south-west of Riyadh and is part of the Ar Rayn Terrane along the eastern margin of the Arabian-Nubian Shield (ANS). Despite being smaller than other terranes within the ANS, the Ar Rayn Terrane is known for hosting multiple mineral systems and mineral commodities, including volcanogenic massive sulfide (VMS)-hosted copper and zinc, epithermal and orogenic gold, and iron oxide copper/gold (IOCG) deposits.

Ancient workings have been documented throughout the Al Amar Belt, concentrating mainly on quartz veins with disseminated pyrite. The area was first mapped in 1956, with intermittent exploration occurring between 1970 and 1994.

The Ar Rayn Terrane in general has been the focus of exploration activities since the 1950’s. Notably, the Al Amar Au-Ag-Zn-Cu deposit, the Khnaiguiyah Zn-Cu-iron-manganese deposit and the Jabal Idsas magnetite prospect are all hosted within the Ar Rayn Terrane. The Al Amar Mine is located 100km northwest of Shaib Marqan project area and produced 27,443 ounces Au in 2022 (Ma’aden, 2022).

Previous exploration within the Ar Rayn Terrane includes mapping, regional geophysical surveying, and geochemical sampling of a single mineral occurrence within the Kingdom’s Mineral Occurrence Documentation System (MODS). Shaib Marqan stands out as a relatively under-explored area of the Ar Rayn Terrane in close proximity to several established deposits. Based upon the previous exploration work in the region, further systematic exploration activities could lead to the rapid generation of new precious and base metals targets.


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.

AKN:AU
The Conversation (0)
RMI: granted option to acquire JV interests in Saudi Arabia

RMI: granted option to acquire JV interests in Saudi Arabia

AuKing Mining (AKN:AU) has announced RMI: granted option to acquire JV interests in Saudi Arabia

Download the PDF here.

Per Jander, uranium periodic symbol.

Per Jander: Uranium Still "Very Early" in Cycle, What to Watch in 2025

Per Jander of WMC shares his thoughts on uranium, touching on supply, demand and prices.

In his view, the uranium market is still "very early" in the current cycle.

Watch the interview for more, or click here for the Investing News Network's Prospectors & Developers Association of Canada convention playlist on YouTube.

Keep reading...Show less
Nuclear reactors.

US Electricity Demand to Surge — Nuclear Energy Key, but Supply Challenges Remain

The US is on the brink of an unprecedented rise in electricity demand, with projections showing a 35 to 50 percent increase by 2040, according to data from S&P Global Commodity Insights.

This surge, largely driven by artificial intelligence (AI) data centers, manufacturing expansion and mass electrification, underscores an urgent need for a diversified energy strategy.

While renewable energy and natural gas will both play vital roles, nuclear power is emerging as a key component — though its growth may be constrained by uranium supply challenges.

Keep reading...Show less
Australian money spilling out of sack.

Boss Energy Boosts Stake in Laramide Resources to 18.4 Percent

Multi-mine uranium producer Boss Energy (ASX:BOE,OTCQX:BQSSF) has agreed to acquire approximately 9 percent of the issued shares of Laramide Resources (ASX:LAM,TSX:LAM,OTCQX:LMRXF).

In a Thursday (March 13) release, Boss states that it will purchase 23.5 million Laramide shares in total, valued at C$0.60 each. In total Boss will pay AU$15.5 million, providing Laramide with approximately AU$3.9 million in cash; the remaining AU$11.7 million will be in Boss scrip, with the company issuing about 5.2 million new fully paid ordinary shares.

Boss clarified in the announcement that while this purchase increases its interest in Laramide to around 18.4 percent, it currently has no intention of making a takeover offer for Laramide.

Keep reading...Show less
Eclipse Metals

Eclipse Metals and Boss Energy Sign Binding Option & Earn-In Agreement for Liverpool Uranium Project

Eclipse Metals Ltd (ASX: EPM) (Eclipse Metals or the Company) is pleased to announce the execution of a binding option and earn-in agreement with Boss Energy Limited (ASX: BOE) (Boss). Through the agreement, Eclipse and its wholly owned subsidiary North Minerals Pty Ltd have granted Boss Energy the option to earn up to an 80% interest the Liverpool Uranium Project, located in the highly prospective Alligator Rivers Uranium Field of West Arnhem Land, Northern Territory (the Project).This strategic alliance seeks to unlock the significant potential of the Project through a structured investment and exploration program.

Keep reading...Show less
Australian Rare Earths

AR3 Intersects Shallow Uranium Occurrence at Overland

Australian Rare Earths Limited (ASX: AR3) is pleased to announce highly encouraging results from its ongoing exploration drilling program at the Overland Uranium Project.

Keep reading...Show less

Latest Press Releases

Related News

×