AuKing Mining (ASX:AKN) has reported the presence of gold-containing rockchips on-site its Shaib Marqan project in Saudi Arabia.
Having become the beneficiary of a permit released under the Saudi resources department’s latest bidding round, AuKing and its partner Barg Alsaman Mining Company have turned up three rock chips containing gold on-site.
The company flagged one sample at 13.7g/t gold; one at 1.3g/t gold and another at 2.97g/t gold. Rock chips boasting very high grades are not particularly uncommon.
The company’s geotechs are hopeful Shaib Marqan is flush with vein-hosted gold. AuKing described its acreage as underexplored on Friday – it also pointed out that another large gold mine is located 100km northwest, which could be pushing it for a nearology play.
At any rate, AuKing said on Friday the rock chips verify “historical reported [gold] results” and provide the basis for fieldwork to continue.
“We carried out a detailed site inspection as part of the pre-bid due diligence and obtained the gold assays that clearly validate the historical reported gold mineralisation at Shaib Marqan,” AuKing MD Paul Williams said.
“Instead of project activities commencing with limited available data, these results enable us to immediately commence a targeted soil and rock chip sampling program when the new licence is granted.”
The company is one of a small but busy handful on the ASX that has recently pivoted to Saudi Arabia.
A fun fact: “Ancient workings have been documented throughout the Al Amar Belt, concentrating mainly on quartz veins with disseminated pyrite,” AuKing wrote of its project on Friday.
AKN last traded at 0.6cps.
Join the discussion: See what HotCopper users are saying about AuKing Mining and be part of the conversations that move the markets.