- Krakatoa Resources has successfully concluded its maiden drill program at fully owned Rand Gold Project.
- KTA has provided all samples from the drilling program to ALS Global for assay.
- The explorer anticipates receiving the initial batch of assay results within the next few weeks, which would help in refining targets for the next stage drilling program.
Copper-gold focused explorer Krakatoa Resources Limited (ASX:KTA) is expediting exploration activities across its project portfolio, especially the Rand Gold Project. The Company has been reporting progress on both fronts - the commencement of exploration activities as well as reporting back-to-back successful results.
Drill rig setup over GoodWood Mine area (Source: KTA Announcement 06/05/2021)
KTA wraps up maiden drill program
The Company has completed a maiden drill program as part of its exploration program over fully owned Rand Gold Project that comprises:
- Extensive 806-hole auger soil sample over the 8km length of ENE-trending Bulgandry magnetic lineaments.
- 2,760m of Air-Core (AC) drilling for 43 holes over the magnetic bullseye targets.
- 1,275m of Reverse Circulation (RC) drilling for nine holes over the historical workings at Bulgandry.
The extensive auger soil sampling program over the Bulgandry goldfield area targeted magnetic lineaments beneath the historical mines, some of which recorded head grades of 265g/t gold.
Subsequent to this, KTA completed a 1,275-metre RC drilling program within nine holes placed over the Goodwood Mine, Lone Hand and Showday reef areas. Through this, KTA tested multiple historical gold mines and workings throughout the Bulgandry Goldfield.
PREVIOUS RAND PROJECT UPDATE: Krakatoa Resources (ASX:KTA) announces high-grade gold results at Rand Project
Interestingly, few of these workings have never been drilled, while others have undergone ineffective drilling.
Priority exploration targets (Source: KTA Announcement 06/05/2021)
In addition to this, KTA also concluded a 43-holes AC drilling for a total of 2,760 metres over the magnetic bullseye target, where holes were designed to test for IRGS mineralisation related to discrete bullseye magnetic anomalies.
Furthermore, few holes were designed to test for deep lead alluvial gold in palaeochannels as well as other anomalies delineated in the latest IP geophysical survey.
KTA has sent all the samples from the drilling program to ALS Global for assay. As all laboratories are currently experiencing logjam and time delays for carrying out the analysis, the Company expects results for the initial exploration within the next few weeks.
The Company stated that it could take around six weeks for the more recently submitted samples. KTA is optimistic that the results will enable the Company in refining targets for the Stage 2 drilling program.
On 6 May 2021, KTA was trading at AUD0.061 at 11:27 AM AEST.