AuKing Mining Limited (ASX: AKN, AuKing) is pleased to advise that recent rock chip sample assays have confirmed potentially significant gold mineralisation at the Shaib Marqan project in Saudi Arabia.
HIGHLIGHTS
As announced on 6 November 2024, the Company was successful (in conjunction with its Saudi partner, Barg Alsaman Mining Company (BSMC), in being awarded the Shaib Marqan exploration project as part of Saudi Ministry of Industry and Mineral Resources (Ministry) 6th Licensing Round bid process.Shaib Marqan is considered highly prospective for orogenic vein-hosted gold mineralization and is significantly under-explored. The Al Amar gold mine is 100km to the north-west and produced nearly 30,000oz Au in 2022 (Source: Ma’aden Gold).During a recent due diligence site visit prior to submission of the AuKing/BSMC bid, rock chip samples were obtained and gold assays reported with the following highlighted results:SM 015 – 2.97g/t AuSM 016 – 1.31g/t Au and SM 017 – 13.72g/t AuThese results have validated the historical reported Au results and provide a clear basis for an extensive soil/rock chip sampling and survey program immediately after the new Shaib Marqan exploration license is granted.Managing Director, Paul Williams commented: “AuKing is very pleased to have secured the Shaib Marqan exploration license with its local partner BSMC. 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. 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 license is granted by the Ministry”, he said.
Shaib Marqan Gold Project
Shaib Marqan is situated in central Saudi Arabia and covers an area of 91.8km2. The project area is around 240km south-west of Riyadh and is part of the Ar Rayn Terrane along the eastern margin of the Arabian-Nubian Shield (ANS). Despite being smaller than other terranes within the ANS, the Ar Rayn Terrane is known for hosting multiple mineral systems and mineral commodities, including volcanogenic massive sulfide (VMS)-hosted copper and zinc, epithermal and orogenic gold, and iron oxide copper/gold (IOCG) deposits.
Ancient workings have been documented throughout the Al Amar Belt, concentrating mainly on quartz veins with disseminated pyrite. The area was first mapped in 1956, with intermittent exploration occurring between 1970 and 1994.
The Ar Rayn Terrane in general has been the focus of exploration activities since the 1950’s. Notably, the Al Amar Au-Ag-Zn-Cu deposit, the Khnaiguiyah Zn-Cu-iron-manganese deposit and the Jabal Idsas magnetite prospect are all hosted within the Ar Rayn Terrane. The Al Amar Mine is located 100km northwest of Shaib Marqan project area and produced 27,443 ounces Au in 2022 (Ma’aden, 2022).
Previous exploration within the Ar Rayn Terrane includes mapping, regional geophysical surveying, and geochemical sampling of a single mineral occurrence within the Kingdom’s Mineral Occurrence Documentation System (MODS). Shaib Marqan stands out as a relatively under-explored area of the Ar Rayn Terrane in close proximity to several established deposits. Based upon the previous exploration work in the region, further systematic exploration activities could lead to the rapid generation of new precious and base metals targets.
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