AuKing Mining Limited Prospectus

A U K ING M INING L IMITED I NDEPENDENT T ECHNICAL A SSESSMENT R EPORT – W ESTERN A USTRALIAN M INERAL A SSETS CSA Global Report Nº R278.2020 32 Drillhole DDH28B limits the down plunge extent of the copper Mineral Resource; however, there exists potential for the mineralisation to continue pending careful targeting based upon a review of the structural and geological logging for that hole and holes up-plunge. The strike extents of supergene copper mineralisation have largely been confined by current drilling with limited opportunity to significantly increase tonnages. There exists potential to extend the strike extent for zinc mineralisation in the supergene profile to the south and north, and a review of existing drill data will help to target potential zinc mineralisation. 2.11.3 Regional Prospectivity CSA Global considers the Koongie Park project area to be underexplored at depth and highly prospective for the discovery of further VMS base metal mineralisation below approximately 150 m. The surface and shallow potential of the property has been effectively explored by a number of different companies over many decades using a broad variety of approaches and techniques. CSA Global has concluded that the surface and shallow potential have been thoroughly tested. Several factors about the Koongie Park property make it attractive for VMS exploration. Importantly: • Favourable regional geologic setting • Presence of proximal felsic volcanic facies and bimodal volcanism • Abundant mineralisation identified at numerous locations throughout a specific stratigraphic sequence • The presence of at least two sizable VMS deposits • The extent and intensity of the alteration indicative of a high heat flow system with high fluid to rock ratios. CSA Global considers our recommendations of our previous study (Elliott et al., 2006) are still valid – that regional exploration should focus on the following vectors: • Identify similar tectonic settings – extensional regimes in possible arc‐related settings. • Identify similar geological settings – volcano‐sedimentary sequences close to major felsic volcanic centres – particularly in Paleoproterozoic rocks of 1.6–1.8Ga – as lead isotopic data show that mineralisation and host rocks are also of that age. Also, isotopic data suggest that massive sulphide mineralisation at Koongie Park is part of a regional event. • Geological mapping – in particular, it is recommended to target gossans exhalative rocks, skarns and calc‐ silicate rocks, thick sequences of felsic volcanics, zoned, semi‐conformable hydrothermal alteration assemblages such as chlorite‐talc‐carbonate. • Trace‐element geochemistry may help to identify class “A” (crustal source) felsic volcanic suites which, according to Lentz (1998), are more prospective for base metal mineralisation. Orth (2002) has shown that the felsic volcanics at Koongie Park all fall into this category as defined on yttrium‐niobium‐cerium triplot diagrams. • The presence of exhalites and their associated magnetic anomalies at Sandiego and Onedin support the use of airborne and ground magnetic surveys. • The downhole responses from downhole electromagnetic (DHEM) should be followed up and also be used as a calibration tool for surface EM surveys. 2.11.4 Geochemistry Majority of historical exploration has been strongly focused on geochemical exploration resulting in an extensive and comprehensive coverage of the prospective formations by numerous different geochemical techniques. Further surface geochemical surveys are not recommended. The numerous gossans and anomalous surface outcroppings which occur across the tenements have been thoroughly followed up with detailed exploration including significant drilling. Anomalous geochemical results in various soil and RAB programs have been effectively followed up with detailed exploration including drilling. Therefore, AuKing Mining Limited | PROSPECTUS 107