AuKing (ASX:AKN) reports 30pc increase in Koongie Park MRE

• AuKing (AKN) reports a 30 per cent increase to the mineral resource estimate (MRE) at its Koongie Park copper zinc project in Western Australia’s East Kimberley
• The new total resources estimate is 8.9 million tonnes at 1.01 per cent copper, 3.67 per cent zinc, 0.16 grams per tonne gold and 0.77 per cent lead
• The upgrade follows the completion of the 2021 drilling program
• AuKing said confidence in the existing Koongie Park MRE is now 97 per cent in the indicated classification
• Auking shares are down 16.7 per cent, trading at 17.5 cents

AuKing (AKN) has reported a 30 per cent increase to the mineral resource estimate (MRE) at its Koongie Park copper zinc project in Western Australia’s East Kimberley.

The new total resource estimate is 8.9 million tonnes at 1.01 per cent copper, 3.67 per cent zinc, 0.16 grams per tonne gold and 0.77 per cent lead.

The upgrade follows the completion of the 2021 drilling program.

AuKing said confidence in the existing Koongie Park MRE is now 97 per cent in the indicated classification.

“The additional data obtained from recent drill programs conducted last year and the findings from a detailed AKN structural geology review have significantly improved the confidence in the geological models for Onedin and Sandiego,” CEO Paul Williams said.

“This has provided the basis for the 30 per cent increase in tonnage and nearly 100 per cent of the resource is now in the indicated classification.”

AKN said the new estimate has provided many opportunties for it to target higher grade extensions and repetitions within favourable host rocks.

The company has now engaged with CSA Global to prepare an update to the existing JORC mineral resource estimate for the Onedin and Sandiego deposits.

Additionally, the company has received approval to obtain land access for the proposed 10-12 drill hole program at the Emull prospect, which forms part of Koongie Park.

However, the drilling program at the prospect is subject to a final heritage survey, scheduled for later this month, and if that goes to plan drilling is expected to commence soon after.

On the market, Auking shares have fallen 16.7 per cent and trading at 17.5 cents each at 1:03 pm AEST.