AuKing Mining Ltd. has agreed to acquire 100 per cent of the Tundulu rare earth elements (REE) project in southeastern Malawi.
Tundulu is a large, five-kilometre-diameter carbonatite ring complex located in the Phalombe District. The project is already recognised as an emerging, district-scale rare earth system, situated near significant regional assets such as Lindian Resources’ Kangankunde project.
Historical drilling at Tundulu, originally conducted to target phosphate, has provided strong evidence of high-grade rare earth mineralisation.
Multiple historical programs, including those by JICA (1987) and Mota-Engil/Optichem (2014–2015), returned high-grade intercepts such as 41 metres at 3.7 per cent total rare earth Oxides (TREO) and 30 metres at 4.03 per cent TREO.
Of the 24 historical drill holes across the project, all ended in mineralisation, with eight recording grades greater than 2 per cent TREO.
AuKing Managing Director Paul Williams said the acquisition is an exciting step in the company’s broader strategy to secure high-quality critical minerals 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,” Williams said.
“AuKing intends to commence exploration activities following completion of the acquisition, with an initial drilling program planned to advance understanding of the mineralisation.”
To fund the acquisition and jump-start its exploration program, AuKing has secured commitments to raise approximately A$3 million through a share placement.
The company has set an ambitious target to deliver an initial JORC-compliant Mineral Resource estimate for Tundulu within the next 12 months.
AuKing’s next steps include utilising airborne (drone-based) LIDAR and magnetics to understand the structural controls on the mineralising phases of the system and aid in planning AuKing’s initial drilling program at Tundulu.
The acquisition is part of a broader consolidation trend in the region, with the project being acquired from Tusker Minerals.
This transaction provides AuKing with a de-risked, high-potential asset that contains a mix of valuable heavy and medium rare earth elements with low levels of uranium and thorium, positioning the company to benefit from the growing global demand for critical minerals.
