Resource Minerals International (ASX:RMI) has exercised an option to proceed with acquiring AuKing Mining’s (ASX:AKN) rights, obligations, and interests in its joint venture arrangements that have been established in Saudi Arabia.
The Shaib Marqan exploration licence, covering 91.8km2, is considered prospective for gold and base metals.
No consideration is payable by Resource to AuKing in respect of exercising the option, other than Resource assuming all AuKing’s obligations under the Saudi joint venture and to assist the joint venture partner Bard Alsaman Mining Company.
Resource will help Bard Alsaman to secure the Shaib Marqan licence and start exploration activities at the Wadi Salamah Project.
Executive Chairman Asime Kabunga says Resource is one of the few ASX-listed companies to have a foothold in the Saudi exploration sector.
“The company continues to expand its portfolio of prospective gold and critical minerals assets,” Kabunga says.
“Assay results from recent rock chip sampling at Shaib Marqan will be available in the coming weeks and this will assist the development of the detailed first phase exploration program at the Shaib Marqan and Wadi Salamah projects.”
A further field reconnaissance program was conducted in March 2025with 87 rock chip samples collected from the southern and central areas of the project. The samples are being assayed for gold and base metals, with the results expected in the next few weeks.
The company intends to undertake a detailed exploration program starting with collating all available data held by the Saudi Arabian Geological Survey.
This work includes geophysics and broad scale geochemical data, followed by geophysical data interpretation, detailed field mapping, and sampling. Stream sediment sampling and targeted drilling will also be carried out.
Field exploration is anticipated to begin early Q4 2025.
Resource Minerals International is a diversified mineral explorer focused on copper, gold, lithium, and nickel in Tanzania and Finland.
Write to Aaliyah Rogan at Mining.com.au
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