Kingsland (ASX:KNG) secure funding for Leliyn

Kingsland Minerals has secured binding commitments to raise $3.6 million, cementing full funding to advance its wholly owned Leliyn Graphite flagship in the Northern Territory.

Reverse Cycle and diamond drilling, metallurgy, geophysics and a maiden resource estimation are all on the way for a firing new graphite company which has a flow of results coming in the near term as it moves on converting a hefty exploration target of high-quality graphite into a maiden JORC resource.

An ambitious 200-250Mt at 8-11% Total Graphitic Carbon for 16-27Mt of contained graphite Exploration Target was set shortly after marking discovery, and early results are showing that the company has not overshot its quarry.

Kingsland Managing Director Richard Maddocks said the company was overwhelmed by demand for the placement and the support it received from new and existing investors to put its flagship on the pathway to development.

“Attracting such high-quality institutional investors validates the tier-1 potential of the Leliyn Graphite Project and our proposed exploration and development strategy. We would also like to thank existing shareholders for their ongoing support of the Company,” Mr Maddocks said.

“Proceeds of the Placement will strengthen Kingsland’s balance sheet and provide a pathway to accelerate
the definition of a maiden resource at Leliyn. We look forward to providing continuous news flow over the
coming months with RC drilling ongoing and several assays pending.”

There are still assays pending for a further 16 holes as RC drilling continues at Leliyn to claim a new Australian resource of a critical mineral staring down a potential shortfall.

A close up of a chip tray showing the graphitic schist.

Australian graphite

Investors took notice early of a fresh Australian graphite discovery, and since confirming graphitic schists up to 100m wide over 20 km of strike, Kingland’s has seen its share price more than double.

Automakers have been largely focused on securing supplies of better-known battery metals like lithium and cobalt, and a lack of attention to the largest component of the lithium-ion battery by weight has some of the world’s biggest auto firms scrambling to secure supply, particularly from outside dominant Chinese production.

Proposed Drilling Program and extents of Exploration Target