The 8.9 million tonnes grading 1% copper and 3.7% zinc (plus minor gold, silver, lead) represents 90,000t of copper and 326,000t of zinc, with 97% of the resource in the ‘indicated' category.
The resources are in two deposits, Onedin and Sandiego, with drilling is on the cards in May targeting the Emull prospect.
As well as its VMS prospectivity, Koongie Park is also seen as having cobalt, molybdenum and PGE potential following more recent discoveries.
AuKing is currently moving to full ownership of Koongie Park with the acquisition of Anglo Australian Resources' 25% stake.
The acquisition involves an A$3 million cash payment next month and $1.5 million by the end of October, as well as the issue of $1.5 million worth of AuKing shares.
Earlier this week, AuKing said it aims to fund the purchase price from the proceeds of a combined proposed rights issue to existing shareholders and a strategic private placement to sophisticated investors.
AuKing started 2022 with $2.5 million cash.
Shares in AuKing last traded at 17.7c, capitalising the company at $13.4 million.
