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AuKing intersect Koongie Park’s copper crown

21 February 2022 15:19
ASX: AKN

AuKing Mining revealed outstanding high-grade and near-surface copper and silver intersections at its Koongie Park project 25 kilometres southwest of Halls Creek in Western Australia.

First assay results from the Onedin deposit came up trumps with one drill hole returning over 105 metres of 1.94 per cent copper and bonus hits of silver, lead and molybdenum.

Just one of the site’s seven diamond drill holes returning impressive results, the drilling confirmed the site’s northern mineralisation and provided further evidence of a promising zone of alloy-critical molybdenum.

The intersections continue to grow the explorer’s 75 per cent owned Koongie Park project and with an existing JORC resource of 6.8Mt, clarity grows for a significant copper deposit.

The price of copper is near an all-time high off the back of importance in renewable technology construction while the instability of the Russia-Ukraine situation and pessimism around the US dollar has traders keeping an eye focused on safe-haven silver.

The company said it was thrilled to report on the results.

“The Company has now clearly identified a significant copper deposit,” chief executive Paul Williams said.

“These results should be highly complementary to the Koongie Park resource upgrade work that has already commenced and with a report likely to be available later this quarter.”

The remaining assays from Onedin are expected within the next week as the company prepares for the commencement of metallurgical testwork on near-surface ores at the site.

AKN’s Australian Stock Exchange-listed price has risen over 40pc, currently trading at 26c (12:23 pm UTC+ 8 hours).

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