AuKing to Acquire High-Grade Tundulu Rare Earths Project in Malawi and

AuKing Mining Limited (ASX: AKN) (“AuKing” or “the Company”) has agreed to acquire a 100% interest in the Tundulu Rare Earth Elements (REE) project in south-eastern Malawi (Proposed Acquisition).

Highlights

• AuKing to acquire 100% of the Tundulu Rare Earths Project in south-eastern Malawi – a 5km in diameter intrusive carbonatite complex¹, ranking among the largest and most under-explored rare earth systems in the country. The Project is de-risked by high-grade historical drilling (originally targeting phosphate), highlighting strong potential for a significant rare earth discovery applying modern and REE targeted exploration.
• Established carbonatite-hosted rare earths system with historical high-grade drilling results, including²:
• JICA drilling (1G87, max depth 50m):
  • 41m @ 3.7% TREO from 8m (JMT-22) (hole ending in mineralisation)
  • 35m @ 2.7% TREO from 15m incl 14m @ 4.1% TREO from 36m (JMT-17) (hole ending in mineralisation)
• Mota-Engil / Optichem drilling (2014-2015, average hole depth 127m, with several holes ending in high-grade REE mineralisation, while targeting phosphate):
  • 15m @ 3.46% TREO from 73m (TU071)
  • 31m @ 2.27% TREO from 41m (TU048)
  • 30m @ 4.03% TREO from surface (TU014)
  • 100m @12.6% P2O5 from 30m (TU042) and
  • G7m @ 14.4% P2O5 from surface (TU050)
• Total of 24 historical drill holes conducted across the project area ended in mineralisation including 8 drill holes that ended in greater than 2% TREO. By way of example drill hole TU073 recorded 10m @ 3.13% TREO from 113m to end of hole (EOH).
• Drilling at Nathace Hill has confirmed carbonatite geology, representing one of five topographic highs across the Tundulu Project, with strong potential for Makhanga Hill, Namuka Hill, Ichigwakalu Hill and Tundulu Hill to host carbonatite mineralisation.
• Historical rock chip samples from JICA program in 1988 returned assays (to be drill tested) including:
  • 6.07% TREO at Tundulu Hill eastern flank (sample 7Y1G6)
  • 6.41% TREO at Nathace Hill (sample 7Y386)
• Located within an emerging world class rare earths district in southern Malawi, in proximity to Lindian Resources’ Kangankunde Project (261Mt @ 2.61% TREO) and the Songwe Hill Project (21Mt @ 1.41% TREO).
• Mineralisation appears high in valuable heavy rare earth elements (HREEs) and medium rare earth elements (MREEs), with low levels of uranium and thorium.³

AuKing’s Managing Director Paul Williams said: “The proposed acquisition of the Tundulu Rare Earths Project represents a further exciting step in AuKing’s strategy to build exposure to critical minerals through high-quality exploration assets.”

“Tundulu is a district-scale carbonatite ring complex in southern Malawi with an interesting profile of bastnaesite and apatite containing abundant rare earth mineralisation and easily accessible by road. AuKing intends to commence exploration activities following completion of the acquisition, with an initial drilling program planned to advance understanding of the mineralisation. Subject to results, the…