Auking Mining's Acquisition of Grand Codroy Uranium Project

AuKing Mining Limited (ASX:AKN) has announced the proposed acquisition of the Grand Codroy uranium exploration project in Newfoundland, Canada. The project covers an area of 2,200 ha and exhibits significant uranium mineralisation within extensive, organic-rich siliciclastic rocks. The acquisition involves a conditional binding term sheet to acquire all the shares in Australian-registered company Lithium Rabbit Pty Ltd, the owner of the mineral claim. The purchase price includes a cash payment, ordinary AKN shares, and a net smelter royalty on all materials produced from Grand Codroy.

Executive Commentary on Grand Codroy Uranium Project

AuKing's Managing Director, Mr Paul Williams, expressed excitement about the acquisition, citing the strong industry sentiment emerging from the World Nuclear Association symposium. He highlighted the strategic location of the mineral claim, its excellent accessibility, and the significant exploration potential. Mr Williams welcomed the opportunity to commence exploration activities after the completion of the acquisition, emphasizing the global search for sources of uranium mineralisation.

Summary of Grand Codroy Uranium Project Acquisition

AuKing Mining's acquisition of the Grand Codroy uranium project in Newfoundland, Canada marks a significant move in expanding its portfolio. The project's high-grade uranium mineralisation, strategic location, and extensive exploration potential position it as a valuable asset for the company. The proposed capital raising activities, including a small placement and a rights issue to existing shareholders, reflect the company's commitment to funding the exploration activities. With the global search for uranium sources gaining momentum, AuKing's strategic acquisition aligns with the industry's growing interest in uranium projects. The company's ambitions to evaluate the potential for economic uranium mineralisation and its plans for future reporting under the JORC Code 2012 demonstrate a proactive approach towards responsible exploration and reporting.