AuKing Mining Limited (“AKN” or “the Company”) is pleased to announce significant highgrade assay results from drill hole AORD004, one of seven (7) drill holes from the Onedin drilling program at Koongie Park that was conducted between November and December 2021. These holes were all diamond drillholes at the Onedin deposit. A total of 1433m of drilling was completed with these holes, with a maximum depth of 243m at hole AORD006.
- First assay results obtained from AKN’s drilling program at Onedin conducted in November/December 2021.
- High-grade, near surface copper and silver, and other mineral intersections identified at drill hole AORD004 including:
105.3m @ 1.94% Cu, 0.76% Zn, 0.70% Pb, 55g/t Ag and 106ppm Mo from 46m including
16.6m @ 10.20% Cu, 1.03% Zn, 0.46% Pb & 316g/t Ag from 130m
- AORD004 is one of seven (7) diamond drill holes drilled at Onedin as part of the proposed metallurgical testwork program.
- Assay results for AORD004 provide strong confirmation of high-grade mineralisation to the north of drill hole AOWB003 which reported 124m @ 1.03% Cu, 1.08% Zn, 1.54% Pb & 50g/t Ag from 8m. (See AKN release to ASX 4 October 2021).
- More anomalous zones of molybdenum in AORD004 – consistent with the strong Mo intervals previously reported at drill holes AOWB003 and AORC004.
- Remaining assays from the Onedin drilling program are expected to be received and reported within the next week.
AKN Chief Executive Officer, Paul Williams said “We are excited to report these outstanding intersections from the drilling undertaken at Onedin late last year. The results from drill hole AORD004 are phenomenal – especially the very high-grade zone of more than 10% Cu from 130m depth.
“Following the excellent results from AKN’s first drilling program reported last year, the Company has now clearly identified a significant copper deposit at its Koongie Park project which we now have a 75% interest in.
“Results such as these from AORD004 set the scene for the commencement of AKN’s metallurgical testwork program on the near-surface Onedin ores.
In addition, these results should be highly complementary to AKN’s Koongie Park resource upgrade work that has already commenced and with a report likely to be available later this quarter.”
Koongie Park Resource Update
CSA Global has been engaged to prepare an update of the Koongie Park resource estimate based on greater information and resource definition from the 2021 drilling program and further information identified by AKN from existing historic data. Resource update work is expected to be completed in late March 2022.
Koongie Park copper/zinc project overview
Koongie Park is situated in north-eastern Western Australia in the highly mineralised Halls Creek region. The Koongie Park project comprises 15 licences (two mining, eight exploration and five prospecting) covering an area of over 500km2. The asset has existing JORC 2012 resources of 6.8Mt at 1.3% Cu, 4.1% Zn, 0.3g/t Au and 26g/t Ag*. [*See full resources table at the end of this Release and CSA Global Independent Report, AKN Prospectus dated 9 March 2021]
Koongie Park remains significantly under explored at depth and along strike and highly prospective for further VMS base metal mineralisation discoveries in the tenement package. The Company has identified multiple drill targets to expand on the existing known resources at both the Sandiego and Onedin deposits. Both deposits remain open at depth and to the south.
DATE: February 21, 2022