The diversified junior on Wednesday published a maiden inferred mineral resource estimate for the project of 194,000 tonnes at 7.3% total graphitic carbon for 14.2 million tonnes of contained graphite.
This resource is based on just 4km of the 20km of outcropping graphitic schist in the project area.
Following the release of the resource, Kingsland shares spiked roughly 10% to A24c in morning trade, capitalising the company at $12.56 million.
Managing director Richard Maddock said not only did the maiden inferred resource mark the largest graphite deposit in Australia, based on contained graphite, it was also one of the largest on the planet.
“The demand for graphite is only going to increase, and Kingsland is very well placed to develop Leliyn into a globally significant graphite project,” Maddock said.
The maiden Leliyn resource is based on more than 7750m of drilling across the project; 51 reverse circulation holes for 5384m and 11 diamond holes for 2386m. All holes were drilled by Kingsland in 2023 except for one RC and one diamond hole completed by Thundelarra Exploration in 2012 and 2015, respectively.
Kingsland sent Leliyn samples off to a lab for metallurgical testwork in late 2023, and this work is still ongoing.
Looking ahead, the company plans to start spinning drill rigs at Leliyn again sometime in the June quarter of 2024 to infill some gaps in the resource area, with metallurgical characterisation to commence around the same time.
Kingsland had roughly $2.4 million in the bank at the end of December.
Further to its Leliyn assets, Kingsland Minerals owns the Cleo uranium deposit, also in the NT, and the Lake Johnston nickel project in Western Australia, alongside a portfolio of “very prospective” future energy mineral commodities.
