AuKing Mining Limited Will Start an Exploration Program in March Including 2000M of Near Surface Drilling At Its Recently Acquired Manyoni Uranium Project in Central Tanzania

AuKing Mining Limited will start an exploration program in March including 2000m of near surface drilling at its recently acquired Manyoni Uranium Project in central Tanzania (100%) to upgrade the historical resource estimate and establish Manyoni on a near-term production pathway. AuKing holds several granted PLs (together with PL application 20135) which include almost all of the Manyoni uranium resource areas previously held by Uranex NL (now called Magnis Energy Technologies Limited). Manyoni had been the focus of activities of UNX from the early 2000's up until 2013.

The Fukushima disaster in 2011 had a dramatic impact on the uranium market and UNX's apparent focus turned to graphite interests in the region. Uranium mineralisation at Manyoni is reported to occur as near surface secondary enrichment of unconsolidated Mbuga clay sediments and underlying saprolite material. The distribution of uranium is reported to be in the Mbugas and along catchment profiles indicating that uranium is anomalous in ground water for much of the length of the catchment into the Bahi depression.

This presents a model for precipitation of uranium within Mbuga traps and in reduced carbonate-rich fluvial channel. Uranium from underlying granitic bodies transported and concentrated in the saprolite has been later transported by enriched ground waters and surface waters then later trapped and concentrated in the playa lakes. Uranium mineralisation in the Manyoni playa lake deposits is generally present as uranium vanadates (carnotite and tyuyamunite) and uranium silicates (coffinite).

A high-grade zone noted within the identified C1 project area is dominated by schröckingerite - a water-soluble uranium carbonate. The uranium deposits discovered at Manyoni to date are shallow, generally less than 10 m deep. To date several individual uranium bearing playa lakes/project areas also referred to as Mbugas have been identified through exploration activities.

The Manyoni deposit is classed in the IAEA (International Atomic Energy Agency) classification of uranium deposits as a surficial deposit; surficial deposits typically vary in size and generally contain low grade uranium. Surficial uranium deposits were formed in the Tertiary and Recent where uranium-rich granites were deeply weathered in a semi-arid to arid climate. The uranium mineralisation is often associated with fine-grained surficial sand and clay.