Kingsland (ASX:KNG) ponders on rising uranium prospects

Kingsland (ASX:KNG) ponders on rising uranium prospects

January 17, 2024 Off By Rueben Hale

Kingsland Minerals has commenced a strategic review of its 100% owned Cleo Uranium Project in Pine Creek, Northern Territory, Australia. 

The company is evaluating its options to advance its open JORC 2012 Inferred Mineral Resource that contains 6.8Mt @ 345ppm U3O8 for 5.2Mlbs U3O8, as uranium is increasingly becoming a hot commodity worldwide. 

The company began as a uranium play in June 2022 before discovering a 20km graphite schist at its Leliyn graphite project near Cleo, which is now a world-class project. 

According to the Managing Director of Kingsland Minerals, Richard Maddocks, 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.

“Kingsland listed with the Cleo Uranium Project as our flagship asset,” Mr Maddocks said.

“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.

Uranium Explosion

In January, uranium prices rose above $92 per pound, reaching the highest level since late 2007, as strong demand and supply risks drove the surge that started in late 2023. The US and 20 other countries announced plans to triple their nuclear power by 2050, driven by volatile fossil fuel prices and ambitious decarbonization goals. China is leading the way with 22 out of 58 global reactors, while Japan and Finland are also increasing their nuclear power output. In 2023, utilities signed contracts for 160 million pounds of U3O8, the most since 2012. However, the developments were accompanied by increasing threats to supply, as Western utilities continued to voluntarily shun Russian uranium imports due to its invasion of Ukraine, and US officials moved closer to outright banning imports from the world’s top producer of nuclear fuel.

KINGMINLTD FPO
Sector: Basic Materials
Industry: Other Industrial Metals & Mining
Employees:
Kingsland Minerals Ltd operates as a mineral exploration and development company in Western Australia. The company primarily explores for gold, uranium, copper, nickel, and cobalt deposits, as well as base metal mineralization. Its projects portfolio includes the Allamber, Shoobridge, Woolgni, and Mount Davis projects located in the Northern Territory. The company also holds interest in Lake Johnston project located in Western Australia. Kingsland Minerals Ltd was incorporated in 2021 and is based in West Perth, Australia.

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