Kingsland Minerals locks-in NT government co-funding at Leliyn graphite project
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The NT government has committed $92,500 to co-fund diamond drilling at the Leliyn graphite project as part of the Resources the Territory initiative.
Kingsland Minerals (ASX:KNG) plans to use the grant to conduct a four hole diamond drilling program in the next couple of weeks, targeting the graphitic schist unit which hosts the graphite mineralisation.
Leliyn has a large exploration target of 200-250Mt at 8-11% Total Graphitic Carbon for 16-27Mt of contained graphite.
While reverse circulation (RC) drilling has already intersected the graphitic schist, KNG says the core from diamond drilling will be used to obtain assay data, as well as bulk density measurements, and more importantly, material for metallurgical test work.
“We would like to thank the NT Government for its support of our exploration program at Leliyn,” KNG managing director Richard Maddocks says.
“The funding will help us drill four important holes as part of our strategy to establish a maiden JORC resource in the area where we have already established a big exploration target and identified the presence of an extensive graphitic schist”.
Under the agreement, the NT government will fund 50 per cent of the total drilling costs of these holes.
This drilling is expected to start in coming weeks.
Diamond drilling has already commenced on other, non-funded, holes at the Leliyn Graphite project in the Northern Territory.
This article was developed in collaboration with Kingsland Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.