The Auking Mining Ltd (ASX: AKN) share price is soaring into the green during afternoon trade today and now trades at 29.5 cents apiece.
Auking shares are on the move after the company announced a key update at its flagship Koongie Park copper/zinc project.
Here’s what we know out of the resource exploration company’s camp today.
What did Auking Mining announce today?
The Auking Mining share price has jumped today after the company announced the first assay results had been obtained from its drilling program at Koongie Park, located in the Kimberly, WA.
The results indicate “high-grade, near surface c copper, zinc, silver, and other mineral intersections across all holes drilled”.
Each of the 5 drill holes were performed using reverse circulation (RC) drilling at the Onedin deposit, with no assays undertaken for the presence of gold.
Specifically, Auking advises the results show a “124 metre, continuous near-surface, high-grade zone of > 1% grade copper, lead and zinc mineralisation”.
It also contains high-grade silver mineralisation and molybdenum, despite limited evidence of the latter being displayed from previous activity at the site.
As the hole was terminated at 132 metres “for water bore purposes”, Auking will now extend the hole depth by a further 170 metres to attempt to intersect the mineralisation at a further depth.
Regarding the results, Auking Mining CEO Paul Williams appeared encouraged.
Speaking on the announcement, Williams said:
These first assay results from initial drilling at Koongie Park are very encouraging and provide a strong
foundation for our future activities at this project… AKN continues to make strong progress with its drilling program at Koongie Park and we look forward to presenting further results over the next couple of months.
Shareholders appear encouraged too, as the Auking Mining share price has climbed a further 40% into the green since the market open today.
Auking Mining share price snapshot
The Auking Mining share price has skyrocketed almost 64% in the last month, after the company listed on the ASX in June of this year.
Prior to this, it was trading flat at around 20 cents apiece but has stepped well ahead of the broad indices this past few weeks.
At the time of writing, Auking Mining has a market capitalisation of $12.66 million.
The post Auking Mining (ASX:AKN) share price rockets 40% on mineral update appeared first on The Motley Fool Australia.
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The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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