Kingsland considers strategic options for 6.8Mt Cleo uranium project

With Kingsland Minerals committed to advancing the potential of its world-class Leliyn graphite project, the company is undertaking a strategic review of its Cleo uranium project near Pine Creek in the NT (reports Stockhead).

Uranium2

Kingsland Minerals (ASX:KNG) listed in June 2022 with the Cleo uranium project as its flagship project, boasting an inferred resource of 5.2Mlbs U3O8 and impressive exploration results including zones of up to 29,197ppm (2.9%) U3O8.

But whilst incredibly prospective, Cleo has become second priority to the company as it continues to progress exploration at the Leliyn graphite project, which it believes holds the potential to become a globally significant asset in a Tier 1 mining jurisdiction.

The company remains on track to deliver a maiden resource at Leliyn later this quarter, home to an exploration target of 200-250Mt @ 8-11% TGC for contained graphite of 16-27Mt, based on a graphitic schist measuring 5km long, 200m deep and 100m wide.

Regional map showing Kingsland’s Northern Territory exploration projects. Pic via KNG

KNG says Cleo, along the sealed Kakadu Highway from Pine Creek and around 20km from Darwin, remains underexplored.

“It has enormous exploration upside both from extensions at depth and along strike as well as untested drill-ready targets in proximity to the existing resource,” KNG managing director Richard Maddocks says.

Plan view of the Cleo project showing U3O8 grades, intervals, and location of cross-section. Pic: Supplied (KNG)

Highlights from the last drill program at Cleo include:

  • 16m @ 1,435ppm U3O8 from 116m, including 0.4m @ 29,197ppm (2.9%) U3O8 from 120m;
  • 23m @ 1,318ppm U3O8 from 86m, including 5m @ 3,169ppm U3O8 from 102m; and
  • 47m @ 924ppm U3O8 from 53m, including 14m @ 1,772ppm U3O8 from 76m.

Radiometric anomalies correspond to the currently drilled out MRE, meaning there is excellent potential to expand the resource by drilling the untested anomalies, KNG says.

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