- Krakatoa Resources Limited is committed to advancing its Lachlan Fold gold projects and has raised $2.1 million for the same through recent placement.
- Exploration activities like drilling and aeromagnetic surveys across project areas have returned significant results for the Company.
- The results have helped KTA to develop better understanding of the geology and the controls on mineralisation.
- KTA looks forward to undertaking major activities across its Rand Project in the coming times.
Gold-focused exploration company Krakatoa Resources Limited (ASX:KTA) is undergoing an exciting time of evolution, with great Au & Cu potential in the world-class Lachlan Fold Belt, New South Wales.
The Company is aggressively seeking to value add to its gold projects, namely Belgravia Cu-Au Porphyry Project, and Rand Gold Project in Lachlan Fold Belt. At the same time, KTA is also finalising heritage agreements at the Mt Clere Project in the Narryer Terrane, Western Australia next to Desert Metals (ASX: DM1).
KTA Cashed Up to Fund Exploration
For this purpose, KTA recently raised ~ $2.1 million by way of placement to professional and sophisticated investors to fund exploration, project generation and assessment.
Subsequent to the placement, KTA is confident that the company is well placed to unlock significant shareholder value through exceptional projects, a quality board, dedicated corporate strategy, and a veteran discovery team.
The placement concluded in October 2020, and the Company has come a long way since then.
Important Discussion at: Jackpot! Will this be a turning point for Krakatoa Resources? Co Granted Historic Rand Gold Project
Aeromagnetic Survey Over Historic High Grade Gold Mines at Rand Concluded
Recently, KTA also concluded an aeromagnetic survey over the Rand Project, which showed encouraging preliminary results with high-quality and detailed data that surpassed KTA’s anticipation.
Aeromagnetic Image (TMI-RTP) of the Survey Area (Source: ASX Announcement 2 December 2020)
KTA believes that the area is prolific, and the aeromagnetic survey has helped in identifying quality targets, which were previously not known. Moreover, the same has bolstered the prospective force behind the known historical working and direct the Company on the path to generate shareholder value.
KTA therefore plans to push ahead with the systematic exploration of these targets and is optimistic about making major gold discoveries in the region.
Figure 2 – Location of Magnetic Bullseye Targets at Rand with GSNSW drill holes, on TMI RTP 1VD aeromagnetic image with vertical sun angle.
Exploration Work Expedited at Priority Targets
Most lately, KTA had expedited exploration on several priority targets, which were revealed through the high-quality aeromagnetic survey. The Company strongly believes that the survey offers an outstanding stage for evaluating and emphasising the substantial regional exploration gold potential offered at its Rand Project, for example, the above bulls eye targets.
With the survey demystifying the fact that the main target area had not witnessed government drilling, KTA now plans to align future drilling for more accurate positioning. Moreover, KTA shall continue to identify further opportunities through work, regarding constant review of the airborne magnetics. Further, exploration at two distinct splayed shear system under Rand is also planned.
It will be interesting to see how things unfold in the current quarter as KTA gears up for an aggressive push to pursue its objectives and is optimistic about making major discoveries across its landholdings.
KTA stock was noted at $ 0.076 at AEDT 01:00 PM on 08 January 2021 with a market capitalisation of $20.36 million.