Cleo, which sits within the wider Allamber project, boasts an inferred resource of 6.8 million tonnes grading 345 parts per million for 5.2 million pounds of contained uranium, with the mineralisation open along strike and at depth.

 

Uranium was first identified in the 1980s, and Atom Energy outlining a small JORC 2004 resource of 1.41Mt grading 304ppm during the last uranium boom. 

 

Managing director Richard Maddocks said the new resource estimate was a foundation the explorer could build on.

 

Kingsland completed its initial drilling at Cleo in November, a modest 3228m of RC and 450m of diamond core to calculate the resource, supported by the historical drilling. 

 

Work so far suggests the uranium mineralisation generally mimics the intrusive/sediment contact but is also at higher grades within the intrusive in some areas.

 

Its next step will be to drill along strike where there has been little or no previous drilling. 

 

The Allamber uranium-copper project comprises three licences in the central area of the Pine Creek Orogen.

 

The focus on Cleo means there was little effort last quarter on Kingsland's other projects, beyond aerial surveys. 

 

The company raised A$4.7 million to list and has about half that remaining.

 

Kingsland shares eased 3% today to 14c, valuing it at $5 million.

 

It has traded at 12-23c since listing.