• April 7, 2022

AuKing Mining delivers 30% increase to Koongie Park resource estimate

Published on April 7th, 2022

Highlights

  • Upgraded resource estimate for Koongie Park has been established as follows:8.9Mt @ 1.01% Cu, 3.67% Zn, 0.16g/t Au, 32g/t Ag and 0.77% Pb
  • Represents a 30% increase on the previously published resource estimate for the project
  • Upgrade follows the completion of 2021 drilling program – AKN engaged CSA Global to prepare an update to the existing JORC (2012) Mineral Resource Estimate for the Onedin and Sandiego deposits
  • Confidence in the existing Koongie Park Mineral Resource Estimate is now 97% in the Indicated classification. Metal values include:
    • 90k tonnes copper;
    • 326k tonnes zinc;
    • 46koz gold;
    • 9.1Moz silver; and
    • 68k tonnes lead.

No provision made for cobalt and molybdenum discoveries in the updated resource estimate, pending additional drilling

  • Enhanced understanding of the structural geology around the Onedin and Sandiego deposits developed
  • High priority areas for expansion of existing resources and potential discovery of new VMS-style mineralised “shoots” near the two major deposits identified
  • Access approval granted for the proposed drilling at the Emull prospect – subject to final heritage survey clearance, drilling at Emull is expected to commence within the next 4-5 weeks

Updated Mineral Resource Estimate for Koongie Park:

AuKing Mining Limited (“AKN” or “the Company”) is pleased to advise that it has completed an upgrade of its existing JORC (2012) Mineral Resource Estimate (MRE) at its Koongie Park copper/zinc project in north-eastern Western Australia (shown in Figure 1 below).

The Company has significantly increased its MRE by 30% and the new total resources estimate is as follows:
8.9Mt @ 1.01% Cu, 3.67% Zn, 0.16g/t Au, 32g/t Ag and 0.77% Pb

AKN engaged CSA Global to undertake an independent Mineral Resource Estimate (MRE) for the Onedin and Sandiego deposits. The new estimates are set out in Figures 2 and 3.
below.


Improved Geological Model

Over the last 6 months, AKN’s geology team has a developed a strong understanding of the controls of mineralisation and disposition of mineralised lodes around the Onedin and Sandiego deposits. AKN now recognises the Onedin and Sandiego deposits as volcanogenic massive sulphide (VMS) style deposits with the following alteration/metamorphic mineral assemblages:

(a) Lower tenor, primary syn-depositional or stratabound disseminated sulphides; and
(b) Higher grade, structurally controlled mineralised shoots representing both remobilised stratabound syngenetic mineralisation, possibly related to a late regional intrusionrelated mineralising event.

Higher grade mineralised shoots are the result of reworked and remobilised primary stratabound base metals during deformation. During late-stage deformation, regional-scale granite intrusions likely provided the heat and fluids that remobilised the mineralisation from primary (stratabound) units, into structural traps such as anticlinal fold hinges. The structural framework for this is supported by the recent study commissioned by AKN (Davis 2022).

The improved geological model, upon which this latest Mineral Resource Estimate is based, widens opportunities to target higher grade extensions and repetitions within favourable host rocks and structures in other areas adjacent to the Onedin and Sandiego deposits and in other prospects across the Koongie Park tenure package.

Read full Announcement

DATE: April 7, 2022
SOURCE: AuKing Mining

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