AuKing Mining (ASX:AKN) has proposed an acquisition of 100% interest in the Myoff Creek Niobium-REE Project in British Columbia, Canada.
Strategically located in south-eastern British Columbia, Canada, the Myoff Creek project is situated in South Central Mining Region, well known for mineral extraction and processing.
Niobium is a vital element used to create nanocrystalline materials, which are a new generation of advanced soft magnetic alloys that are used to control and convert electricity.
By adding niobium to the alloys, the materials can have a crystal size of <10 nanometers. That means high permeability and a high heat tolerance – perfect for making miniature and lightweight materials that advanced technology is increasingly seeking.
Most of the world’s niobium (Nb) production (around 82%) derives from the largely Chinese-owned CBMM mine in Brazil. Just 8% of production comes from outside South America at IAMGOLD Corp’s Niobec mine in Quebec, Canada.
AuKing Myoff Creek acquisition Canada
AuKing Managing Director Paul Williams says that with the strong levels of market interest in the exploration and development of niobium/rare earth elements (REE) the company was excited to have been able to secure the Myoff Creek project.
“With the global search for sources of critical minerals in full steam he welcomed the opportunity to immediately commence exploration activities after the completion of the acquisition,” Williams says.
“Myoff Creek is situated in south-eastern British Columbia and has been the subject of exploration activities for 40 years. Previous exploration activities (including drilling
programs) have identified a 1.4km by 0.4km area of near-surface Nb-REE bearing
carbonatite hosted mineralisation.
“Upon completion of the proposed acquisition of Myoff Creek, AuKing plans to immediately carry out a detailed soil sampling and initial drilling program, based on the historical workings.”
Write to Adam Orlando at Mining.com.au
Images: AuKing
