AuKing Mining Ltd (ASX:AKN) is on track to complete the proposed acquisition of uranium and copper interests in Tanzania before the end of this year.
The company is nearing completion of all transaction due diligence and related activities including receipt of independent technical analysis of the key project areas – Manyoni and Mkuju.
AuKing’s application for Prospecting Licences (PLs) covering an area of 541 square kilometres is expected to be granted shortly.
Looking ahead, the proposed acquisition is due for completion before the end of the year, subject to shareholder approval at an extraordinary general meeting (EGM) this week.
Strong proxy support
AuKing CEO Paul Williams said: “The proposed acquisition had already received strong proxy support from shareholders.
“In the event of approval being obtained from shareholders at the EGM, the company will then move to complete the Tanzanian acquisition as soon as possible and hopefully before the end of the year.
“We have also made excellent progress with planning for exploration activities at the primary target areas, Manyoni and Mkuju, with the intention of getting those programs underway in early 2023,”
Work program
Significant exploration activities are planned at the Manyoni and Mkuju uranium projects in early 2023.
Manyoni activities will incorporate a two-stage program involving an initial data review and reporting of a 2012 JORC resource and followed up with a detailed drilling and exploration program across the prospective areas.
Mkuju activities will comprise a systematic program of field spectrometer analysis and auger drilling over a significant area of the tenure