AuKing Mining has successfully obtained an exploration license for the Shaib Marqan area through the Saudi Ministry of Industry and Mineral Resources’ licensing process. This site, spanning 91.8 km2, is promising for gold mineralization and remains largely unexplored. Located 100 km from the Al Amar gold mine, which produced nearly 30,000 ounces of gold in 2022, Shaib Marqan represents a significant opportunity.
Formal notification of the tender for Shaib Marqan has been received, and discussions will soon commence to finalize the grant terms. AuKing has also partnered with Barg Alsaman Mining Company (BSMC) through a memorandum of understanding (MoU) to explore and develop projects in Saudi Arabia.
The bid includes a minimum exploration commitment of US$1.2 million, with activities dependent on exploration outcomes. The MoU focuses on collaboration with BSMC on gold, copper, silver, and zinc projects, and allows AuKing to engage in existing and new projects.
Under the MoU, AuKing will fund exploration and development activities, such as those at Shaib Marqan, until a Feasibility Study is completed, with a 70:30 interest split between AuKing and BSMC. BSMC will support local administration and logistics, as well as project funding.
Managing Director Paul Williams highlights the potential of Shaib Marqan within the Arabian-Nubian Shield, near established mineral deposits. The license area has over 22 ancient workings on quartz veins, with samples showing an average of 5.8 grams per tonne (g/t) gold, peaking at 40 g/t gold.
Saudi Arabia’s Vision 2030 aims to enhance the mining sector as a central economic pillar, contributing to a green transition, economic digitization, and technological advancement. AuKing Mining, focused on copper, uranium, and other minerals, is poised to benefit from these developments.
