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Valor Resources Limited (“Valor” or the “Company”) is pleased to announce the results of rock chip samples taken from new copper targets at the Company’s Picha Project and from targets at the recently acquired Charaque Project in southern Peru. Samples were taken from three new targets at the Picha Project which were first highlighted in the Company’s ASX announcement dated 19th January 2022, titled “Copper-Silver Picha Project landholding expanded following outstanding results from 2021 exploration program”. Further samples were also taken from the Huancune target where Valor’s previous channel sampling had returned assays up to 3.95% Cu (see ASX announcement dated 21 April 2022, titled “Additional Copper Targets confirmed with assays up to 3.95% Cu and 229g/t Ag at Picha Project”). The sample details and assay results from the Picha and Charaque Projects are shown below in Tables 1 and 2 respectively.
HIGHLIGHTS
- Picha Project – three new targets confirmed
- Ichucollo Target with channel samples (2m x 0.20m) up to 2.69% Cu and selective rock chips of 2.43% Cu, 1.34% Cu and 394ppm Mo.
- Occsani Target with channel samples (0.5m x 0.2m) up to 2.14% Cu and rock chip samples up to 2.48% Cu, 92g/t Ag and 200ppm Mo.
- Chullunquiani Target with channel samples (0.5m x 0.2m) up to 5.57% Pb and 5.33% Zn.
- Picha Project – Huancune target
- Further channel samples returned assays of 2.82%, 2.03% and 1.72% Cu
- Charaque Project
- Huallatani Target with a channel sample (0.3m x 0.2m) of 538g/t Ag and 19.5% Pb and dump samples, from historical artisanal mining, up to 43.2g/t Ag and 7.74% Pb
- Arco Target with channel samples (2.0m x 0.2m) up to 929g/t Ag and another up to 0.98% Cu, with five channel samples returning assays greater than 60g/t Ag.
- Phase one 5,000m maiden diamond drilling program planned to commence in the September quarter, permitting processing advancing subject to government approvals.
- Follow-up work at new targets to include further surface sampling, geological mapping and ground geophysics
Executive Chairman George Bauk said “The Picha Project is shaping up as an exciting copper-silver project in a world class gold-copper-silver province, with Peru being the world’s second largest producer of both copper and silver. The results of the 2021 exploration program completed by our Peruvian team have been exceptional, which has led to the definition of a significant number of drill targets, with Phase one comprising 8 holes to an average depth of around 600m.”
“Further targets have now been confirmed at Picha by the exploration team in 2022, with high-grade copper and silver rock chip and channel samples, highlighting just how prospective this project is. Added to this is the new Charaque Project, which is already delivering high-grade silver and lead assays from the initial sampling. The second half of 2022 is promising to be an exciting time for the Company.”
Picha Project surface sampling results
A total of 15 samples were taken at Picha, three of which were from the Huancune target and the rest from the new targets of Chullunquiani, Ichucollo and Occsani. At the Ichucollo target, which is located just 1km east of the Cumbre Coya drill target, three channel samples and three selective samples were taken. Channel samples returned assays up to 2.69% Cu, while two of the selective samples returned assays of 2.43 and 1.34% Cu. The third selective sample from Ichucollo returned an assay of 394ppm Mo.
Mineralisation at Ichucollo occurs within andesitic volcanics and associated argillic alteration and there is evidence of possible geochemical zonation, with an interpreted gossanous zone overlying a zone of oxidation (see Figure 2 below).
Click here for the full ASX Release
This article includes content from Valor Resources, 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.
VAL:AU
AuKing Mining
Investor Insight
AuKing Mining is advancing the Cloncurry Gold Project in Queensland, with near-term production potential supported by a large land package with multiple drill targets already defined and its right to acquire 50 percent of Orion Resources through a AU$5 million earn-in. Backed by diversified copper, uranium, and critical metals assets, plus strategic partnerships, the company is positioning itself as a growth-focused, emerging mid-tier producer.
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.
Aerial Image of Mt Freda Open Pit & Exploration Land Package
AuKing Mining further reported a major step forward for the Cloncurry Gold Project, with its partner Orion Resources signing a non-binding term sheet for US$5 million in project financing from a long-established North American lender. The facility, if completed, will support the acquisition of Cloncurry assets, feasibility and development work at the Tick Hill JV, mining at Mt Freda, and processing at the Lorena plant. This is a key milestone as it retains the right to acquire 50 percent of Orion by investing AU$5 million before June 2027, positioning the company to benefit directly from the restart of gold production and the advancement of multiple near-term development opportunities.
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 a 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, 30 kms 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.
Myoff Creek
The Myoff Creek project, located in southeastern British Columbia, is a 100 percent-owned niobium and REE exploration asset held by AuKing Mining. It covers approximately 800 hectares across eight mineral claims. Historical work identified significant near-surface carbonatite mineralization spanning about 1.4 km by 0.4 km, with impressive intercepts of 0.93 percent niobium (Nb) and 2.06 percent total rare earth oxides (TREO). The zone remains open both at depth and laterally, and elevated niobium and cerium have been detected in rock chips nearly 2 km from the known mineralization, hinting at substantial upside. Positioned within a well-known mining region and easily accessible via established roads, the project is now primed for modern exploration, starting with a helicopter-borne aeromagnetic and radiometric survey to pinpoint new targets for drilling.
Project Highlights
- Full Ownership: AuKing holds a 100 percent stake in the Myoff Creek project—covering ~800 hectares across eight contiguous claims.
- Strong Historical Mineralization: Near-surface carbonatite zone (~1.4 km × 0.4 km) with high-grade intercepts: 0.93 percent Nb and 2.06 percent TREO.
- Open Mineralization: Zones remain open at depth and along strike; rock chips ~2 km from drilled area show elevated Nb and Ce.
- Strategic Location: Situated in a mining-friendly region, close to major operations like Highland Valley and Copper Mountain Mines
- Good Access: The site benefits from well-maintained infrastructure and road networks
- Current Exploration Underway: A helicopter-borne aeromagnetic and radiometric survey (covering 70 line-km over the tenure, potentially expanding to 7 km strike) is planned to define new drill targets
- High Potential Upside: Thick, low-impurity carbonatites (up to 200 m thick) in a critical mineral belt provide a compelling foundation for resource expansion
Halls Creek Project (Koongie Park Copper-Zinc Project - Western Australia)
The Halls Creek project, also known as the Koongie Park Project, is located 25 km southwest of Halls Creek in Western Australia’s highly mineralized Halls Creek Mobile Belt. It hosts three significant deposits—Onedin, Sandiego, and Emull—with established resources in copper, zinc, gold, silver, and lead. Backed by a 2025 earn-in agreement with Cobalt Blue (ASX:COB), which can acquire up to 75 percent of the project, Halls Creek offers strong development economics, value-engineering upside, and exploration growth potential in one of Australia’s most prospective mining regions.
Project Highlights
- Strategic location in WA’s Halls Creek Mobile Belt, near Savannah, Copernicus and Nicolsons operations.
- Key Deposits:
- Onedin – 4.8 Mt Cu-Zn-Au-Ag-Pb resource; silver credits identified as potential economic enhancer.
- Sandiego – 4.1 Mt Cu-Zn-Au-Ag-Pb resource; scoping study (2023) shows 11-year mine life, 750 ktpa throughput, $135 million capex, $177 million pre-tax NPV, and 40 percent IRR.
- Emull – 12.2 Mt Cu-Zn-Pb-Ag maiden resource with significant expansion potential.
- Value-Engineering Upside: Cobalt Blue’s review highlights cobalt inclusion at Sandiego and a centralized processing hub concept to improve margins, extend mine life, and reduce capital intensity.
- Exploration Growth: New targets such as Sandiego North show strong copper anomalies and early drill success, offering resource growth potential.
- Earn-in Partnership: Agreement with Cobalt Blue allows it to earn up to 75 percent interest, bringing technical and financial capability to fast-track development.
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.
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 seasoned resources executive with more than 35 years of global experience in the mining industry. His expertise spans strategic business planning, feasibility, project management, mine engineering, and operational leadership. Fisher has a proven record of delivering profitable and sustainable outcomes that enhance shareholder value, even in complex operating environments. He held senior leadership roles with Placer Dome and Barrick Gold Corporation, including president of Barrick’s Global Copper division. In that role, he led the development strategy for a portfolio of major copper assets across South America, Africa, the Middle East, and Asia.
Dr Kylie Prendergast – Non-executive Director
Dr Kylie Prendergast is a geologist and technical leader with over 25 years’ international experience in exploration, project evaluation, and commercial management across multiple jurisdictions. She is currently a non-executive director of Helix Resources and has held senior leadership roles including managing director of Felix Gold and Mining Associates, GM exploration and business development at Mawarid Mining (Oman), and senior positions with Batu Mining (Mongolia), Gold Fields, BHP Billiton, Ivanhoe Mines, and North Limited. She brings a strong track record of advancing exploration assets and creating value through both technical expertise and strategic leadership.
Nick Harding – Non-Executive Director
Nick Harding is an FCPA with over 35 years’ experience in finance, corporate governance, and company administration across the resources and agribusiness sectors. For the past 16 years, he has acted as executive director, CFO, and company secretary for multiple ASX-listed junior explorers, guiding several from early-stage exploration through to development and production. Earlier in his career, Nick held senior finance roles with WMC Resources, Normandy Mining/Newmont Australia, and Beach Energy, gaining broad exposure across gold, copper, nickel, uranium, industrial minerals, and oil and gas.
Lincoln Ho - Non-executive Director
Lincoln Ho brings over eight years of ASX-listed directorship experience, with a strong background in corporate strategy, mining exploration, and administration across both Australian and international jurisdictions. He has played a key role in guiding companies through transactions in local and overseas markets, working closely with corporate financiers in the emerging companies space. He is currently a non-executive director of Askari Metals and has previously served on the boards of Aldoro Resources, Redcastle Resources, and Red Mountain Mining.
Chris Bittar – Exploration Manager
Chris Bittar is an experienced geologist with a strong background in advancing projects from greenfield exploration through to mine-ready feasibility studies. He most recently served as senior project geologist at Pantoro Limited’s Norseman Project, overseeing near-mine exploration and resource development programs as part of the Definitive Feasibility Study. Prior to that, he held senior geology roles with Millennium Minerals (Nullagine Gold Project) and Pilbara Minerals (Pilgangoora Lithium Project), as well as exploration roles with Sumitomo Metal Mining Oceania and Northern Minerals (Browns Range rare earths project). His expertise includes managing drilling campaigns, geological interpretation, data management, and project reporting. Throughout his career, Bittar has maintained a strong commitment to workplace safety and best practice standards.
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.
