AuKing Mining and Saudi Partner Secured Licence for Shaib Marqan Gold Site

November 06, 2024 06:43 PM AEDT | By Team Kalkine Media

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AuKing Mining and Saudi Partner Secured Licence for Shaib Marqan Gold Site — Image source: Shutterstock

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Highlights:

AuKing Mining secures Shaib Marqan project in Saudi Arabia’s sixth licensing round.

The Shaib Marqan site hosts at least 22 ancient workings and promising gold assays.

The project is located within the mineral-rich Arabian-Nubian Shield, near key deposits.

AuKing Mining (ASX:AKN), in partnership with Saudi Arabian firm Barg Alsaman Mining, has successfully secured the Shaib Marqan gold project through the Saudi Ministry of Industry and Mineral Resources’ sixth licensing round. The Shaib Marqan site is located approximately 100 kilometres from the Al Amar mine, a gold producer operated by Ma’aden Gold, which produced nearly 30,000 ounces of gold in 2022.

Covering 91.8 square kilometres, Shaib Marqan is an underexplored area with significant geological potential. The project area contains at least 22 ancient workings, which focus on quartz veins that extend up to 300 metres long and 10 metres wide. Historical exploration has also identified 50 vein and wall rock samples, averaging 5.8 grams per tonne of gold, with assays showing a maximum of 40 grams per tonne.

AuKing Mining’s Managing Director, Paul Williams, expressed the company’s satisfaction with the successful bid. He highlighted the significant global interest in this bidding round and noted the importance of the Shaib Marqan project’s location within the Arabian-Nubian Shield, a highly mineralized region known for hosting multiple valuable mineral systems. The area is already home to several established deposits, including gold, copper, and zinc.

The Shaib Marqan project sits within the Ar Rayn terrane, a region noted for its diverse mineral systems, including volcanogenic massive sulfide-hosted copper and zinc, epithermal gold, and iron oxide copper-gold deposits. Historical exploration in the region dates back to 1956, with intermittent work conducted through the 1990s, primarily focused on quartz veins with disseminated pyrite.

Given the historical exploration and geological setting, AuKing Mining plans to conduct systematic exploration across the Shaib Marqan area. The company believes that this approach could lead to the rapid identification of new mineral deposits, contributing to the growing mineral development potential in Saudi Arabia.

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