The King Vol Underground Mine site is situated 25km North-West of the Mungana Mine Site. The zinc-rich King Vol polymetallic base metal deposit is entirely hosted within sediments and carbonate rocks of the Chillagoe Formation. The King Vol deposit was first mined in 1922 from shallow underground workings. Records from the Chillagoe Smelters show small parcels of oxide ore being treated for Pb, Ag and Cu up until mid-1925. The records indicate that about 2200 tonnes of ore was produced before groundwater stopped the mine in 1925.
Modern exploration in the King Vol area recommenced in the late 1960s, with Aztec Mining Company Ltd gained control of the King Vol prospect in 1986. In conjunction with joint venture partners BP Minerals Ltd (BP) and Australian Ore and Minerals Ltd (AOM), Aztec conducted regional soil and stream sediment sampling, Induced Polarisation (IP) and Ground Magnetic geophysical surveys over King Vol, along with regional mapping, prospect mapping and costeaning.
In 1988, a shallow 11-hole RC program into the gossan zone was the first drilling of the prospect. Every hole produced anomalous zones of Zn, Pb, Cu and Ag. In late 1989 Aztec commenced a two-hole diamond drilling program testing for primary mineralisation. Both holes intersected zinc-rich massive sulphides, which encouraged Aztec to drill a further 29 holes. In 1992 Perilya purchased the project and drilled 6 diamond holes before focusing their exploration efforts elsewhere.
Kagara Ltd acquired the project in 1998 and commenced drilling in 1999. Over the next 12 years Kagara carried out extensive drilling, defining the bulk of the King Vol mineral resource. Mungana Goldmines Ltd (later Atherton Resources Ltd) purchased the project from the liquidators of Kagara in 2014. Atherton Resources conducted a scoping study on mining of the King Vol deposit followed by the most recent drill program in 2015. Auctus Resources acquired Atherton Resources in late 2015 and are now developing the King Vol mine.
In March 2016, Auctus Resources engaged Entec Mining to complete a feasibility study into the development of the mine at the King Vol lease. Since acquiring the site in 2015, Auctus Resources has set and met several key milestones.