AuKing Mining (AKN.AX) has started a new RC drill program at its Koongie park polymetallic project (the company calls it a copper-zinc project, but there are substantial gold and silver credits in the rocks). A minimum of 7,000 meters will be drilled to test the mineralization at a depth of 130-900 meters and the entire drill program will take about three months to be completed. First assay results are expected to be available in September.
The current Koongie Park resource estimate contains about 6.8 million tonnes of 1.3% copper, 4.1% zinc, 0.3 g/t gold and 26 g/t silver and AKN is earning a 75% interest in the Koongie Park project by spending at least A$3M in exploration over a 3 year period. Anglo Australian retains the rights on precious metals which likely is the reason why AuKing describes the project as a copper-zinc project.
Disclosure: The author has no position in AuKing. Please read our disclaimer.
