AuKing Mining (ASX:AKN) has been granted 3 new prospecting licences, covering 345km-square within the existing tenure at its Mkuju Uranium Project in Tanzania.
The new licences share radiometric anomalies similar to an anomaly which defined the nearby Russian-owned Nyota Uranium Project.
AuKing, which has a market capitalisation of $14.28 million, is currently formulating a program for proposed exploration and drilling across the new licence areas.
The company says efforts are being taken to access the new areas to conduct initial survey activities and possible shallow auger drilling over selected areas, prior to the onset of wet season rainfall later in the year.
AuKing Mining Chief Executive Officer (CEO) Paul Williams says exploration and drilling activities in these new areas will be the main focus for the company in the near term.
“Our work to date has already established a strong correlation between radiometric anomalies and uranium mineralisation in particular, the radiometric anomalies in these new areas bear a striking resemblance to the radiometric high that sits over the world-class Nyota uranium deposit.”
Through the granting of these 3 licences, AuKing has now consolidated 1,070km-square of exploration tenure within an emerging uranium hotspot region in southern Tanzania.
AuKing Mining is an explorer and developer focused on uranium, copper and zinc in Tanzania and Australia. The company’s assets include the Mkuju, Manyon/Itigi, and Mpanda/Karema projects.
As of 30 September 2023, the company had $558,000 cash and cash equivalents at hand, according to its latest quarterly report. Post-quarter-end, AuKing conducted a placement to raise $1.25 million.
Write to Aaliyah Rogan at Mining.com.au
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