Acquisition of Grand Codroy Uranium Project in Newfoundland, Canada

AuKing Mining Limited (ASX: AKN) is pleased to announce the proposed acquisition of a 100% interest in the Grand Codroy uranium exploration project in Newfoundland, Canada.

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HIGHLIGHTS

• Uranium Mineralisation: Uranium mineralisation within extensive, organic-rich siliciclastic rocks is similar to sandstone-hosted uranium districts in the western United States.
• High Grade Samples: Notable high-grade historical rock samples including:
  • Grand Codroy River #6 (Sample 153) - >20,000ppm (2%) Cu and 435ppm U
    (Sample 3522) - >20,000ppm (2%) Cu and 400ppm U
  • Grand Codroy River #4 – 22,000ppm (2.2%) U
  • Overfall Brook – 595ppm U
    (Source – Newfoundland Labrador Dept of Industry, Energy and Technology)
• Significant Exploration Potential: Grand Codroy tenure area largely untouched by modern exploration. Note the impressive results being reported by Infini Resources Limited (ASX:I88) at its Portland Creek uranium project, to the north of Grand Codroy in western Newfoundland.
• Strategic Location: The mineral claim is strategically situated approximately 50 km north of Port aux Basque, Newfoundland.
• Excellent Accessibility: The site offers excellent accessibility with well-maintained road infrastructure leading directly to the area.
• Capital Raising: Placement of $130,000 to sophisticated investors with Melbourne's boutique Peak Asset Management leading the Placement, together with upcoming entitlement offer to existing shareholders.

AuKing’s Managing Director, Mr Paul Williams, said that with the strong industry sentiment emerging from last week’s World Nuclear Association symposium in London, there is likely to be renewed levels of interest for uranium projects. The Company already has a significant position with its Mkuju uranium project in Tanzania and that the Company was excited to have been able to secure the Grand Codroy project in North America. With the global search for sources of uranium mineralisation in full steam he welcomed the opportunity to commence exploration activities after the completion of the acquisition.

Grand Codroy Uranium Project

AuKing has acquired a uranium bearing mineral claim in the Codroy Valley of south-west Newfoundland, Canada known as the Grand Codroy Uranium Project. The claim, covering an area of 2,200 ha, was selected due to presence of several documented uranium occurrences located along a major radiometric high. The Grand Codroy Uranium Property is approximately 50 km north of Port aux Basque, Newfoundland.

Figure 1 – Location of Grand Codroy uranium project, showing historical uranium and copper occurrences across the tenure (Source – Newfoundland Labrador Dept of Industry, Energy and Technology’s “Mineral occurrences database system report”)

The style of low-grade uranium mineralisation within extensive, organic-rich siliciclastic rocks is similar to sandstone-hosted uranium districts in the western United States. These districts have produced significant amounts of uranium from conventional and low-impact, low-cost in-Situ Recovery (ISR) operations. The potential for ISR amenable uranium mineralisation has never been evaluated in the Bay St. George Sub-basin. Based on regional maps the widespread nature of the noted uranium occurrences and the volume of potential host-rock is significant in this area and could potentially represent an economic uranium target.

ASX-listed Infini Resources Limited (ASX: I88) holds the Portland Creek uranium project in western Newfoundland, which is to the north of the Grand Codroy area. I88 is well advanced with a major surface geochemical sampling program and reporting results such as a 74,997ppm U₃O₈ assay result. (See I88 ASX release on 29 August 2024).

Click here for the full ASX Release

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