Resource Mining Corporation (ASX:RMI) announced a binding agreement with AuKing Mining (ASX:AKN) to potentially acquire all of AuKing's interest in two exploration projects in Saudi Arabia, namely Wadi Salamah and Shaib Marqan.
The agreement gives RMI the option to assume AuKing's 70% stake in the joint venture, established with Barg Alsaman Mining, within 30 days of obtaining the Shaib Marqan licence.
The Wadi Salamah Project recently showed gold grades in rock chip samples, with the highest at 3.56 grams per tonne.
The samples provide a foundation for further exploration, focusing on a specific area south of the G-23 license application to enhance future activities.
Shaib Marqan, covering 91.8km2 in central Saudi Arabia, lies within the mineral-rich Ar Rayn Terrane.
Past exploration indicates potential for gold, copper, and zinc deposits. The site remains under-explored, and further analysis is expected.
Saudi Arabia's Vision 2030 emphasises the vital role of the mining sector in economic diversification.
The mining reforms aim to boost employment and reduce imports, encouraging significant developments in mineral extraction and processing to contribute over 200,000 jobs by 2030.
"This option provides significant upside potential," said Asimwe Kabunga, Executive Chairman of Resource Mining.
The company aims to secure essential exploration permits and assist BSMC in commencing exploration activities.
