InvestingCongress
  • Investing
  • Business
  • Stock
  • Politics
Investing

Option to Acquire Niobium/REE Project in British Columbia, Canada

by July 24, 2024
July 24, 2024

AuKing Mining Limited (ASX: AKN) is pleased to announce the proposed acquisition of a 100% interest in the Myoff Creek Niobium/REE project in British Columbia, Canada.

HIGHLIGHTS

Carbonatite Mineralisation: Near-surface carbonatite mineralisation spans an extensive area of 1.4 km by 0.4 km, based on historical exploration.High Grade Intercepts: Notable high-grade intercepts include 0.93% niobium (Nb) and 2.06% total rare earth oxides (TREO).Significant Exploration Potential: The mineralisation remains open (subject to verification) at depth and along strike, indicating significant potential for further mineral discovery and expansion. Maximum detection limits of Nb and Ce were detected in rock chips ~2km away from the historically drilled zone.Strategic Location: The claims are strategically situated in the South-Central mining region of British Columbia, known for its rich mineral deposits.Excellent Accessibility: The site offers excellent accessibility with well-maintained road infrastructure leading directly to the area.Upcoming Exploration: Drill targets have been identified, setting the stage for an extensive upcoming work program aimed at further exploration and development.Capital Raising: Proposed placement of $150,000 together with upcoming rights issue to existing shareholders.

AuKing’s Managing Director, Mr Paul Williams, said that with the strong levels of market interest in the exploration and development of niobium/rare earth elements (REE) the Company was excited to have been able to secure the Myoff Creek project. With the global search for sources of critical minerals in full steam he welcomed the opportunity to immediately commence exploration activities after the completion of the acquisition.

“Myoff Creek is situated in south-eastern British Columbia and has been the subject of exploration activities for 40 years. Previous exploration activities (including drilling programs) have identified a 1.4km by 0.4km area of near-surface Nb-REE bearing carbonatite hosted mineralization. Upon completion of the proposed acquisition of Myoff Creek, AuKing plans to immediately carry out a detailed soil sampling and initial drilling program, based on the historical workings,” Mr Williams said.

Background

Niobium is a vital element used to create nanocrystalline materials, which are a new generation of advanced soft magnetic alloys that are used to control and convert electricity. By adding niobium to the alloys, the materials can have a crystal size of <10 nanometers.

That means high permeability and a high heat tolerance – perfect for making miniature and lightweight materials that advanced technology is increasingly seeking.

Most of the world’s niobium (Nb) production (around 82%) derives from the largely Chinese- owned CBMM mine in Brazil. Just 8% of production comes from outside South America at IAMGOLD Corp’s Niobec mine in Quebec, Canada.

The West Arunta region of eastern Western Australian has also become the focus of a substantial amount of activity largely off the back of WA1’s major 200Mt Luni discovery which has seen that company achieve a share market capitalization of more than $1Bn.

Myoff Creek Project

Strategically located in south-eastern British Columbia, Canada, the Myoff Creek project is situated in South Central Mining Region, well known for mineral extraction and processing. This region is host to some major mining operations including; Teck Resources Limited’s Highland Valley Copper Mine, and Hudbay Minerals Inc’s Copper Mountain Mine.

The nearest township of Seymour Arm, which is accessible by road from the claims, has accommodation and logistical support. Kamloops (pop. 108,000), the major commercial centre for the region, has numerous resources such as equipment and professional services for mining and exploration activities.

British Columbia hosts several significant Niobium / Rare Earth projects including but not limited to, Wicheeda (Defense Metals Corp) with 34.2Mt @ 2% TREO, Blue River (Commerce Resources Corp) with 53Mt @ 1,680 ppm Nb.

Geological Setting

Myoff Creek lies within the Proterozoic (Aphebian) age metamorphic carbonatite belt of the Shuswap Metamorphic Complex, a belt of high-grade and intensely deformed metamorphic and intrusive rocks in the core of the Columbian Orogen in south-eastern British Columbia. This is a known area for Nb-REE-P-Ti bearing carbonatites. The Shuswap Complex, along its eastern margin, is characterized by a series of fault-bounded domal culminations that expose mixed paragneiss, granitic gneiss and migmatite of Paleoproterozoic age.

There are two types of carbonatite recognized in the area. Type I, the intrusive phase (the REN carbonatite) and Type II, the extrusive phase (the Mount Grace carbonatite – MGC).

Click here for the full ASX Release

This post appeared first on investingnews.com
previous post
Trump vs. Harris: How Could the US Election Affect the Gold Price?
next post
House GOP leaders ask members to stop making racial attacks against Harris

You may also like

NorthStar Gaming Announces Grant of Equity Incentive Awards...

July 12, 2025

Top 5 Canadian Mining Stocks This Week: Avanti...

July 12, 2025

JZR Gold Inc. Announces Private Placement Offering of...

July 12, 2025

DoD Invests US$400 Million in Rare Earth Firm...

July 11, 2025

Crypto Market Recap: Bitcoin Hits All-Time High as...

July 11, 2025

Blue Lagoon Resources Officially Opens Dome Mountain Gold...

July 11, 2025

FPX Nickel Announces Share-Based Compensation Grant

July 11, 2025

Cygnus Metals Limited: Issue of Performance Rights

July 11, 2025

EVs Now Emit 73 percent Less Than Gasoline...

July 10, 2025

Trump Tariffs to Raise US Medical Device Costs,...

July 10, 2025
Join The Exclusive Subscription Today And Get Premium Articles For Free

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Recent Posts

    • Some Walmart garment orders from Bangladesh on hold due to U.S. tariff threat

      July 13, 2025
    • NorthStar Gaming Announces Grant of Equity Incentive Awards to Non-Executive Directors in Lieu of Cash Compensation

      July 12, 2025
    • Here’s What’s Fueling the Moves in Bitcoin, Gaming, and Metals

      July 12, 2025
    • Top 5 Canadian Mining Stocks This Week: Avanti Gold Gains 158 Percent on Misisi Settlement

      July 12, 2025
    • JZR Gold Inc. Announces Private Placement Offering of Units to Raise Up To $1,500,000

      July 12, 2025
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 investingcongress.com | All Rights Reserved

    InvestingCongress
    • Investing
    • Business
    • Stock
    • Politics