AKN - Auking Mining

[greggles]

AKN has been reinstated to official quotation today after a 19 month suspension from trading. It has raised $7million (before costs) through the issue of 35 million new FPO shares at an issue price of 20c per share. As part of the capital raising, the Company has also issued 17.5 million free-attaching options that will be exercisable at 25c each on or before 30 June 2023.

AKN will now focus on progressing its agreement with Anglo Australian Resources NL (ASX: AAR) to earn up to a 75% interest in the Koongie Park copper/zinc project (“Koongie Park”) (refer ASX announcement 25 June 2020).

Koongie Park is situated in north-eastern Western Australia in the highly mineralised Halls Creek region. The Koongie Park project comprises of 10 licences (two mining and eight exploration) covering an area of over 500km2. The asset has existing JORC 2012 resources of 6.36Mt at 1.3% Cu, 4.1% Zn, 0.3g/t Au and 26g/t Ag.

Lots of work to do now by AKN management to restore confidence in the company and to progress the Koongie Park Project. Might be something here down the track, but it's currently too early to tell.

 

[greggles]

AKN hit copper, zinc, and silver at Koongie Park. Over 100m of continuous near surface mineralisation is nothing to sneeze at and today's share price is reflecting that, currently up 52.4% to 32c.

Drilling is ongoing at Koongie Park and is expected to continue for another two months, so we should see a steady flow of assay results announced between now and the end of 2021.

 

[Sean K]

100m at nearly 2% Cu is quite an intersection.

 

[Sean K]

I'm not sure how much this is going to extend the historical resource though. It looks like it will add a very high grade zone, but the rest? This looks like infill drilling of the old resource. It's outstanding grade, but low tonnage, so far.

 

[Dona Ferentes]

AKN says the first nine holes of a 13-hole drilling program have hit “significant” near surface copper mineralisation at the Cosmo prospect, part of the 8.9 million tonne Koongie Park copper-zinc project in WA.

Despite being a stone’s throw (~500m) from the open pittable 4.8Mt Onedin deposit, the Cosmo area has largely been untested by exploration and drilling.

“The discovery at Cosmo, while still at very early stages of an unexplored system, was very encouraging especially due to its proximity to the existing Onedin deposit and its potential to add more resource tonnes to Koongie Park,” CEO Paul Williams says.

Further drilling is now planned at Cosmo before the end of 2022.
The market cap stock is under $12M and down 11% year-to-date. It had $3m in the bank at the end of June.

- Stockhead

 

[Country Lad]

Kingdom, AKN shares have shot up after it announced it had secured the Shaib Marqan exploration license in a government bid process.
Shaib Marwan is a tenement area that’s considered highly prospective for orogenic vein-hosted mineralisation and is said to be significantly underexplored and right near the Al Amar gold mine 100km to the northwest, producing 30,000oz in 2022.
At least 22 ancient workings over quartz veins have been noted in the area, with 50 vein and wall-rock samples averaging ~5.8g/t gold, with a maximum hit of 40g/t.
The quartz veins have lengths of up to 300m, with widths of up to 10m being reported.
“AuKing is very pleased to have secured the Shaib Marqan exploration licence with its local partner BSMC,” the company’s MD Paul Williams says.
Shaib Marqan is situated in a highly mineralised area within the famous Arabian-Nubian Shield geological region within close proximity to various established deposits.
The explorer says systematic exploration across the licence area could lead to the rapid identification of a significant mineral deposit within the Ar Rayn terrane.

Up 66% today which may sound a lot but actually 0.3 cent to 0.5 cent.
391 million shares on issue so $1.9 mil mc.