AuKing (ASX:AKN) has mobilised a track-mounted diamond drill rig to carry out a 600m drilling program at its Mkuju Uranium Project in Tanzania.
The $11.28 million market capitalisation company aims to test for uranium mineralisation at depths of 100m, with this program to be completed before the end of the year.
Based on previously undertaken rock chip, soil sampling, and shallow auger drilling activities, certain ‘high-priority’ holes have been targeted for this drilling program.
AuKing Chief Executive Officer (CEO) Paul Williams says with the wet season set to begin next month, the company is aiming to drill as many diamond holes as possible over the next few weeks.
This news comes after AuKing identified ‘significant’ soil and rock samples as part of its stage one exploration and drilling program at Mkuju.
Some of the ‘high-grade’ results include soil sample MKGS056 with 652 parts per million (ppm) triuranium octoxide (U3O8); rock chip sample MKGS056 with 1,344ppm U3O8; and rock chip sample MKGS057 with 549ppm U3O8.
The company notes that these results further confirm the potential of ‘significant’ uranium mineralisation across the historical radiometric survey undertaken over the project area.
A hand-held spectrometer is also being used as part of the stage one program and is producing ‘highly’ elevated radiation readings in and around the same sample areas.
Williams adds that the recent results demonstrate a correlation with delisted Mantra Resources’ historical radiometric anomaly.
“We will continue to carry out preliminary pXRF and spectrometer measurements on the drilling and other samples prior to their dispatch for assay.”
AuKing is a mining explorer focused on uranium, copper, and zinc projects in Australia and Tanzania. The Mkuju project covers a 730km-square area and is immediately adjacent to the ‘world-class’ Russian-owned Nyota Uranium Project.
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, the company conducted a placement to raise $1.25 million.
Write to Aaliyah Rogan at Mining.com.au