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AuKing charge its Koongie battery

26 April 2022 12:36
ASX: AKN

AuKing Mining has confirmed potential company-making broad cobalt stretching across the Sandiego deposit, part of the 8.9Mt Koongie Park copper-zinc-lead-silver-gold project near Halls Creek in Western Australia.

Consistent with previous results, further exploration will focus on realising the extent of the critical lithium-ion battery cathode material to be included in Koongie’s updated mineral resource estimate.

Cobalt remains one of the most critical of all critical minerals, with prices soaring to their highest level since 2018 amid continued strong demand from the electric vehicle sector.

Trading Economics reports cobalt production has been pushed to its limits as any nation producing electronics is a cobalt buyer while mounting sanctions on Russia sideline roughly 4 per cent of global supply.

JORC resource at Koongie Park currently holds no provision for cobalt, now trading at its highest point since 2018.

The company said the levels of cobalt established the project as a potential contributor to Australia’s supercharged hunt for battery metals.

“The latest Resource Estimate for Koongie Park does not include this cobalt mineralisation.

“A focus of future drilling and geological modelling will be to capture cobalt in future resource estimates,” chief executive Paul Williams said.

Next up for the explorer is completing the acquisition of the remaining interest in Koongie Park and rights for all gold and platinum group finds.

Highlighted results:

  • 60m @ 1.79% Cu, 5.96% Zn, 58g/t Ag & 0.1% Co from 191m
  • 21m @ 2.55% Cu, 0.18% Zn, 17g/t Ag & 0.13% Co from 289m
  • 18.4m @ 6.22% Cu, 1.02% Zn, 8g/t Ag & 0.07% Co from 108.6m
  • 8.87m @ 0.18% Cu, 9.41% Zn, 38g/t Ag & 0.14% Co from 156m

AKN’s Australian Stock Exchange-listed share price was trading at 14c today (11. 58 am UTC+ 8 hours).

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