Exploration mining in Western Australia. Seeking re-quotation on the ASX.
AuKing Mining Limited is a resource exploration and development company seeking to become a mid-tier copper/gold/silver producer.
The Board of AuKing Mining continues to focus on transforming the Company into a substantial mid-tier mining group, with a primary focus on acquiring and developing near-term copper, gold and other base metal production activities (both locally and overseas).
AuKing Mining’s primary activity involves the proposed earn-in agreement with Anglo Australian Resources NL in relation to the Koongie Park copper/zinc project in north-eastern Western Australia. AuKing is a high potential Copper Zinc existing JORC resource.
Some key highlights of the business include:
- Koongie Park hosts massive sulphide Cu-Zn deposits that occur in a similar geological setting and age as large world-class base metal deposits mined at Mount Isa and Broken Hill.
- Resources – Significant Koongie Park JORC 2012 resource of 6.8Mt @ 1.30% Cu, 4.10% Zn, 72,000oz Au and 6.24Moz Ag covering two deposits 5km apart. Resources are open at depth and have potential strike extensions.
- Region – Numerous other base metal prospects occur in the highly prospective tenements covering approximately 500km2 and are underexplored, increasing the probability for further discoveries
- Metallurgy – Previous conventional flotation testwork on sulphide ores at Koongie Park were positive producing saleable copper and zinc concentrates. AKN also has access to ammonia based processing technology that could provide a solution for the economic treatment of near-surface oxide ores.
- Project Economics – Koongie Park has been the subject of previous mining and feasibility studies. The last study established viability for mining the Santiago Cu-Zn deposit alone by open pit and underground methods using an on-site concentrator to produce saleable products.
- Strong Commodity Prices – Strong prices for copper, zinc, gold and silver, the prospect of increasing project resources, and establishing metallurgical solutions for oxide ores could significantly improve project life and returns.
AKN was seeking readmission to the ASX by issuing 30-35M new shares @ $0.20 to raise A$6M – A$7M, plus 1 free Option per 2 shares @ $0.25 strike price, 2 year term.