Kingsland Minerals (ASX:KNG) has begun a strategic review of its wholly owned 5.2 million pound Cleo Uranium Project in Pine Creek, Northern Territory, amid current price increases.
The $17.53 million market capitalisation company is considering strategic options for Cleo while advancing its potential ‘world-class’ Leliyn Graphite Project. Leliyn is scheduled for a maiden Mineral Resource Estimate (MRE) in Q1 2024.
Kingsland Minerals says Cleo demonstrates ‘significant’ upside to the existing 5.2Mlb triuranium octoxide (U3O8) resource through testing depth extensions of ‘high-grade’ zones, which returned uranium grades up to 29,197 parts per million (2.9%) U3O8.
The company notes a ‘high priority’ untested drill ready regional target has also been identified to the north of Cleo.
Managing Director Richard Maddocks says Cleo remains underexplored yet demonstrates ‘enormous’ exploration upside both from extensions and along strike.
“Kingsland listed in June 2022 with the Cleo Uranium Project as our flagship asset. Up to the announcement of the maiden JORC 2012 inferred resource of 5.2Mlbs U3O8 in March 2023, we had exceptional exploration results including zones up to 29,197ppm (2.9%) U3O8.
Cleo remains underexplored and has enormous exploration upside both from extensions at depth and along strike, and untested drill-ready targets in proximity to the existing resource.
Cleo, whilst incredibly prospective, has become second priority to Kingsland as we are committed to the exploration and development of our Leliyn Graphite Project, which has potential to be a world-class graphite deposit, uniquely in a tier one mining jurisdiction.”
The Cleo Project sits near Pine Creek in the Northern Territory and can be accessed via sealed roads about 200km from Darwin along the Kakadu Highway.
Kingsland Minerals is an explorer with assets in the Northern Territory and Western Australia.
As of 30 September 2023, Kingsland Minerals had $3.716 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Kingsland Minerals
