The interest in energy-related commodities like uranium continues to increase and earlier this month, Kingsland Minerals (KNG.AX) released assay results from its maiden drill program at the Allamber Uranium project. Cleo, the main prospect on the Allamber land package, is located in the Northern Territory area of Australia and thanks to the existing infrastructure in the Pine Creek region of the Territory, drilling should be relatively easy and fast and Kingsland aims to complete 3,800 meters of RC drilling as well as 900 meters of diamond drilling on the property.
The initial drill program consisted of 30 holes and the company reported on the assay results of the first 16 of those. Most of the holes indeed did encounter uranium mineralization and although some of the holes had relatively weak grades, the width of some of the intervals is quite interesting (the true width is expected to be 70-80% of the reported width) and hole CLRC015 clearly is the best hole of the pack with 54 meters of just under one pound of uranium per tonne of rock with several narrow but higher grade intervals. Hole CLRC029 is a close second with for instance 42 meters containing 679 ppm U3O8 but the 8 meter interval containing just over 3.5 pounds of uranium per tonne is intriguing as well.
While it’s still early days at Cleo, Kingsland Minerals is off to a decent start.
Disclosure: The author has no position in Kingsland Minerals. Please read our disclaimer.
