AuKing Mining Ltd, in partnership with Barg Alsaman Mining Company (BSMC), has secured the Shaib Marqan exploration license in Saudi Arabia. This acquisition was part of the Saudi Ministry of Industry and Mineral Resources’ competitive 6th Licensing Round.
The project spans 91.8 square kilometers and is highly promising for orogenic vein-hosted gold. According to a report from August 2024, the area is largely unexplored.
Gold-Rich Region
Located near the Al Amar gold mine, which produced almost 30,000 ounces in 2022, the Shaib Marqan area contains at least 22 ancient workings. Samples from quartz veins averaged 5.8 g/t gold, with some reaching 40 g/t. These veins can extend up to 300 meters in length and 10 meters in width.
Negotiations will continue in the coming weeks to finalize the exploration license terms.
Strategic Location
Shaib Marqan is situated in the Ar Rayn Terrane, approximately 240 kilometers southwest of Riyadh. This terrane is part of the Arabian-Nubian Shield, known for its mineral-rich systems including copper, zinc, gold, and iron deposits.
Despite its smaller size compared to other terranes, the Ar Rayn Terrane hosts significant mineral systems, making it a target for exploration since the 1950s.
Managing Director Paul Williams expressed enthusiasm about securing the license, highlighting the area’s potential due to its proximity to established deposits.
Exploration Plans
Williams emphasized the potential for discovering significant mineral deposits through systematic exploration. The company plans to work closely with BSMC and the Ministry to finalize the license grant over the next few weeks.
Partnership with BSMC
Earlier this year, AuKing and BSMC, part of the Segia Gulf Group, signed an MoU to jointly explore and develop mineral projects in Saudi Arabia. The focus is on gold, copper, silver, and zinc, particularly in the western region.
Under the MoU, BSMC will facilitate AuKing’s participation in existing and new projects. AuKing will fund exploration and development until feasibility studies are completed. Interest in projects will be split 70/30 between AuKing and BSMC.
The agreement includes a minimum exploration commitment of US$1.2 million for the first two years, contingent on successful exploration outcomes.
