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AuKing confirm pivotal discovery

12 August 2022 12:16
ASX: AKN

AuKing Mining have confirmed a deposit of broad and shallow copper-zinc system at Emull, inside the borders of its expansive Koongie Park project near Halls Creek in the east Kimberley region of Western Australia.

The system could prove to be a focal point for the explorer — holding eye opening potential for a bulk tonnage open pit operation within its flagship project.

Copper has been swelling under the spotlight this week after industry titfan BHP was rebuffed with a $8.4 billion acquisition offer for Oz Minerals and its expansive assets of the red metal, who deemed current spot prices do not accurately reflect rising demand for multifaceted and future facing uses.

Holding an expanded 8.9 million tonne JORC resource at its Koongie crown, AuKing has already highlighted potential for significant upgrades, with a possible addition of broad stretches of cobalt to the estimate.

 

AKN Emull Map

Emull drill locations and potential extensions

 

The company said the discovery had potential to spur a pivotal change in its development strategy.

“Mineralisation at Emull is open along strike and down dip and appears to be strongly correlated with a magnetic high where two additional magnetic anomalies are repeated to the south-west of the known mineralisation,” chief executive Paul Williams said.

“Even more encouragingly, along a 1.5km strike of defined mineralisation, the magnetic high continues to the north-west and is essentially untested by historic drilling repeat structures of 1.7km and 2km respectively are also possibly present to the south-west of the existing Emull deposit,” he said.

Given the results, AuKing eye another hefty RC program over Emull as soon as this year as it prepares for a maiden resource, with further Koongie Park drilling results expected over the coming weeks.

AKN’s Australian Stock Exchange-listed share price was trading at 12.5c today (12.15pm UTC+ 8 hours).

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