AuKing Mining (ASX:AKN) signed a definitive agreement to acquire a 100% interest in two strategic tin and silver exploration licence applications in north-western Tasmania.
The acquisition covers approximately 203km2 of land situated adjacent to the world-class Renison Bell tin mine and the Mt Lindsay Tin-Tungsten Project.
The project areas, located near the mining hub of Rosebery, offer significant district-scale exploration potential in a region renowned for high-grade mineralisation.
Historical drilling at the Big Wilson prospect previously yielded a high-grade intersection of 17.4m @ 2.0% Sn, including a 4m zone at 5.6% Sn.
Additional prospects within the licence area, such as Merton Hill and Laurel Creek, have historically shown evidence of tin, silver, lead, and zinc mineralisation.
Managing Director Paul Williams highlighted the rarity of securing high-grade opportunities in well-established Australian mining districts, noting that global tin prices have surged to approximately US$55,000 per tonne due to tight supply.
Under the terms of the deal, AuKing will acquire Goldtrace Exploration for $500,000, payable through the issuance of 142,857,143 new AKN shares, subject to shareholder approval.
At the time of reporting, AuKing Mining's share price was $0.0080.