AuKing Mining Ltd has successfully finalized the acquisition of the Myoff Creek niobium and rare earth elements (REE) project located in British Columbia, Canada. The company is now set to commence exploration with a proactive strategy aimed at uncovering the project’s potential.
Paul Williams, Managing Director of AuKing, commented, “There is growing interest from investors in critical minerals projects, particularly niobium and rare earths. The Myoff Creek Project offers us a prime opportunity to attract significant investor interest. While we will continue exploration at our other projects, such as the Mkuju uranium project in Tanzania, our immediate focus will be on generating results from Myoff Creek.”
The acquisition involved purchasing all shares of North American Exploration Pty Ltd (NAE), which owns 100% of the eight contiguous claims that make up the Myoff Creek Project. In exchange, AuKing will issue 57 million new AKN shares at 1.5 cents per share and 28.5 million free-attaching options exercisable at 3 cents on or before April 30, 2027. A non-refundable fee of A$50,000 was paid upon signing the agreement on July 22.
Of the total shares, 40 million have been issued to NAE vendors, with the remaining 17 million shares and 28.5 million options to be distributed pending approval at an upcoming extraordinary general meeting.
AuKing’s exploration team plans a site visit in early August to kick off the first phase of exploration. This will include assessing potential drill sites and organizing logistics for a comprehensive sampling and drilling campaign to evaluate the mineral potential at both depth and along strike.
Due to current bushfire emergencies in the region, site visit plans may be affected, but further details will be assessed closer to the time.
The Myoff Creek Project is situated in South-Central British Columbia, a region known for its rich mineral deposits and significant mining operations. Notable projects in the area include the Wicheeda Project, the Blue River Project, and major mining operations like Teck Resources’ Highland Valley Copper Mine and Hudbay Minerals’ Copper Mountain Mine.
In addition, AuKing is planning a rights issue to existing shareholders to fund the exploration at Myoff Creek and other projects in its portfolio, including the Koongie Park Copper-Zinc Project in Western Australia and several uranium and copper projects in Tanzania. Empire Capital Partners Pty Ltd is expected to be appointed as the lead manager for the rights issue, ensuring any shortfall is covered by sophisticated and strategic investors. Further details about the proposed offer will be provided soon.
