Kingsland Minerals (ASX:KNG) has tripled the tenure at its Lake Johnston Project in Western Australia, via a strategic tenement acquisition.
The $16.95 million market capitalisation company submitted applications for 3 additional exploration tenements adjacent to Lake Johnston, which now expands the project area to 620km-square.
Kingsland reports historic drilling by Western Areas in 2004 intersected pegmatites up to 44m in thickness, and sampling of historic drill spoil confirms anomalous lithium mineralisation.
Managing Director Richard Maddocks says although Lake Johnston was originally acquired to target nickel, lithium has now also become a ‘significant’ aspect of the project area.
“Kingsland has strong evidence of lithium mineralisation within our tenement package and exploration has commenced to delineate high-grade pegmatite hosted lithium mineralisation“
“Kingsland has strong evidence of lithium mineralisation within our tenement package and exploration has commenced to delineate high-grade pegmatite hosted lithium mineralisation.”
A soil sampling program was carried out in December to define anomalous lithium and rare earths. Samples have been submitted for assay and results are expected in the coming weeks.
Once the new tenements have been granted, the soil sampling program will be extended to include prospective areas within the new tenure.
Kingsland Minerals is a diversified minerals explorer with assets in the Northern Territory and Western Australia. The company is focused on its Leilyn Graphite Project in the Northern Territory.
As of 30 September 2023, the company had $3.716 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Kingsland Minerals