Krakatoa Resources identifies multiple porphyry targets at its Belgravia Project

Emerging exploration company, Krakatoa Resources Limited (ASX: KTA) has identified multiple porphyry targets across the Bell Valley area, part of its 100% owned Belgravia Project, located in the central part of the Molong Volcanic Belt (MVB), NSW.

As per the Company’s update provided on Friday 24 January 2020, KTA has made significant and positive developments at Belgravia Project including identification of several targets with geological elements similar to known deposits elsewhere within the MVB. This announcement follows the Company’s update in relation to the identification of anomalous Au-Cu geochemical corridor trending towards Belgravia.

Aeromagnetic survey and Field Mapping

The Company has been conducting aeromagnetic survey and fieldwork at Bell Valley area for quite some time now. UAV aeromagnetic survey identified several magnetic and structural features demanding immediate investigation due to their geological similarity to the adjacent Copper Hill and Cadia Valley copper-gold deposits.

These similarities include:

• doughnut-shaped magnetic patterns thought to reflect the intrusion of porphyritic rocks;
• identification of the right host rocks, including those with breccia textures within the survey area;
• presence of the key target minerals including gold and copper;
• zoned mineral alteration and geochemical patterns;
• feature a significant demagnetised zone indicative of fluid movement from depth;
• coincide or lie adjacent to a northwest-trending structure interpreted to control emplacement of nearby mineralised granitic complexes (CHIC and LLIC).

The Company has already lodged an application to undertake a high impact aircore drilling program to rapidly advance exploration at Belgravia.

Along with the Drone Aeromagentic Survey, the Company implemented a campaign of field mapping and rock chip sampling across the Bell Valley target area. The field mapping identified copper sulphide (chalcopyrite) hosted by monzodiorite and other intrusive host rocks ideal for porphyry and/or skarn-type mineralization. The mapping supports several opportunities within the Bell Valley area, which sits within the Copper Hill Igneous Complex, host to the Copper Hill deposit containing a global resource of 87Mt @ 0.32% copper & 0.27g/t gold.

Gold (left) and copper (right) geochemistry from the historical Larras Lake anomaly identified by MIM/Newcrest geochemistry (Source: Company’s Reports)

The comprehensive mapping program conducted by the Company has established the presence of dioritic host rocks which display classic porphyry-style alteration like that present at the nearby Copper Hills and Cadia deposits.

Till now, the Company has collected 87 rock chips from across the survey area and has submitted them for analysis as part of the mapping campaign. Assays for the rock chips are expected to release in late February.

Air-core Drill Program Planned

The Company is now planning to implement an 87-hole air-core drill program which will test multiple drill targets, focusing on the northern and southern edges of the Copper Hill and Larras Lake igneous complexes, the demagnetised zone between the complexes and along the NW-trending structure. Drilling will commence upon receipt of the appropriate approvals.

Further, KTA has also made an application through the NSW Government’s New Frontiers Cooperative Drilling program to receive co-funding for a 600m diamond drill hole at the Bella Prospect. This will assist in exploration drilling programs and encourage greenfields exploration in the state.

Notably, in the past six months, KTA stock has provided a return of 58% to its shareholders. By AEDT 2:21 PM, KTA’s stock was trading at $0.038, up by 2.703% intraday, with a market cap of ~$6.47 million.

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