AuKing Mining has signed an option agreement to acquire North American Exploration (NAE), which holds the Myoff Creek Project in British Columbia, Canada.
This agreement includes the issuance of 57 million new AuKing shares and 28.5 million options to NAE shareholders.
AuKing must exercise the option by 26 July 2024 or it may lapse.
The Myoff Creek Project is located in the South Central mining region of British Columbia, an area known for significant mineral extraction and processing.
This region hosts major operations such as Teck Resources’ Highland Valley Copper Mine and Hudbay Minerals‘ Copper Mountain Mine.
Myoff Creek lies within the Proterozoic-age metamorphic carbonatite belt, known for Nb-REE-P-Ti bearing carbonatites.
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AuKing plans to conduct a limited due diligence review during the option period, having already accessed a substantial data package from NAE.
Subject to the due diligence outcome, AuKing intends to proceed with the acquisition promptly.
The Myoff Creek Project’s geological setting is within the Shuswap Metamorphic Complex, characterised by high-grade and intensely deformed metamorphic and intrusive rocks.
AuKing managing director Paul Williams said: “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 programmes) have identified a 1.4km by 0.4km area of near-surface Nb-REE bearing carbonatite hosted mineralisation.
“Upon completion of the proposed acquisition of Myoff Creek, AuKing plans to immediately carry out a detailed soil sampling and initial drilling programme, based on the historical workings.”
