AuKing Mining enters Saudi mining sector

AuKing Mining (ASX:AKN) has successfully secured the Shaib Marqan exploration license in Saudi Arabia. Partnering with Barg Alsaman Mining Company, this acquisition was part of the Saudi Ministry's 6th Licensing Round. The site, located in the Ar Rayn Terrane, is promising for gold mineralization.

Strategic exploration and future goals

AuKing Mining has entered into a joint venture with Barg Alsaman Mining Company to explore the Shaib Marqan site in Saudi Arabia, focusing on gold, copper, silver, and zinc. This initiative is aligned with Saudi Arabia's Vision 2030, aimed at diversifying the economy by expanding the mining sector. The Shaib Marqan site is highly prospective, with historical samples indicating significant gold mineralization. AuKing is committed to a minimum exploration investment of US$1.2 million over the first two years. The joint venture aims to uncover substantial mineral deposits, leveraging AuKing's expertise and investment in the initial exploration phase. Future exploration results will be reported following the JORC Code 2012.

Executive insights on exploration strategy

Paul Williams, Managing Director, expressed satisfaction with securing the exploration license and highlighted the potential for a significant mineral discovery in a renowned geological region.