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Summary
- Krakatoa Resources Limited has been progressing at its Turon Project since it was granted in February 2020.
- Britannia Mine’s Deep Ground Penetrating Radar (DGPR) survey results offer KTA the focus to advance the Britannia target to drill-ready status.
- Highly anomalous gold intercepts were discovered through the historical RAB drilling north of the Quartz Ridge Mine, situated within the Turon Project.
- KTA has raised $2,400,000 by way of a placement that was significantly oversubscribed to advance its three projects in Lachlan Fold Belt, NSW.
Junior aggressive gold explorer, Krakatoa Resources Limited (ASX:KTA) emphasises on gold exploration in the globally renowned Lachlan Fold Belt, New South Wales across its project portfolio comprising of the Belgravia Porphyry Project, Turon Gold Project and Rand Gold Project.
KTA shares a strong commitment towards substantially boosting the wealth of its shareholders by way of dilution minimisation during the acquisition and development of high-value metal projects.
Interesting Read: Krakatoa Secures Historic High-Grade Gold Mines in the Lachlan Fold via Non-Dilutive Acquisition, Stock Hits Multi Year Highs
KTA holds 100% of the Belgravia Porphyry Project as well as the Turon Project (EL8942), which was granted in February 2020 subsequent to the direct licence application (ELA5882) in late November 2019.
The description of the project’s location is as follows:
- Situated approximately 50km east of the Company’s Belgravia Project
- Lies within the eastern Hill End Trough, where a number of mineral deposit styles are present
- Same Hill End Trough is where the world’s biggest gold specimen was dug up
- Located 60km northeast of Newcrest Mining’s, Cadia Valley Operations, and 30km north of Bathurst in the Central Tableland region, NSW
Gold Targets Outlined at Turon Project
Fast-forwarding to June 2020, KTA reported additional Deep Ground Penetrating Radar (DGPR) results for its survey of the historical Britannia Mine that lies within the 100% owned Turon Project. The mine forms the southern extent of the historical Box Ridge line of gold workings which strike over a length of 2.4km.
Historical workings at the Britannia Gold Mine returned 10,000oz from a small development area attesting to significant high-grade gold mineralisation. DGPR identified two shallow targets directly corresponding with the mineralised Britannia mine sequence.
Related: Krakatoa Resources identifies multiple porphyry targets at its Belgravia Project
The DGPR survey was believed to offer KTA a focus and advance the Britannia target to drill-ready status. Moreover, the outcome, particularly following the identification of a remnant pod of high-grade mineralisation that was expected to be amenable to further testing and early exploitation was a shot in the arm for KTA.
Two critical anomalies, which were believed to coincide with structurally controlled quartz veining were identified through the DGPR interpretation across Britannia. The relative depth of these critical anomalies differentiates them with a shallower anomaly that directly corresponds with the historic Britannia workings.
Britannia Mine DGPR Survey interpretation, Turon Project (KTA Announcement)
Numerous other near-vertical or steeply dipping structures were identified through the survey that comprises of corresponding substantially broad anomalous zones related to alteration of the host beds in the country-rock.
The survey response was highly encouraging for KTA, and the Company expected beyond a technical success. Moving forward, the Company has planned to implement drill program as soon as possible.
Details at: Is KTA next to fire with Copper & Gold in the Lachlan Fold? Shallow Gold intercepts discovered
Gold Intersected at Quartz Ridge, Turon Project
The historical RAB drilling north of the Quartz Ridge Gold Mine, also situated within the Turon Project, discovered numerous highly anomalous gold intercepts with results up to 10m @ 1.64g/t gold from the surface to end of the hole.
18 shallow RAB holes drilled north of the historical Quartz Ridge Mine returned Exciting assay results, including the following:
Sampling of all holes throughout their developed length as a single composite sample of 10m was completed, and the anomalous results were not followed up. It had been around 30 years since the drilling program was completed across the northern extension of the Quartz Ridge Mine.
KTA believes that Quartz Ridge exhibits an exciting shallow exploitable opportunity for them where multiple walk-up drill targets with significant gold tenor have been discovered.
Funds Raised for Diamond Drill Program at The Turon Project
Towards the end of June 2020, KTA lodged an application with the NSW Resources Regulator to conduct a diamond drill program at the Turon Project that sought approval for up to 1,770m of diamond drilling at several exciting shallow gold targets situated within the Box Ridge and Quartz Ridge line of workings at Turon.
Details at: Krakatoa Delivers Diamond Drill Program at Turon Gold Project, Stock Surges Beyond 18%
In order to advance the Company’s three projects in Lachlan Fold Belt, KTA announced a capital raising and received firm commitments from professional and sophisticated investors to raise $2,400,000 through the placement of 30,000,000 ordinary shares.
The advancement work includes the following
- Drill programs at Turon and Belgravia (Sugarloaf Target Area),
- IP Program at Belgravia (Bell Valley Target Area)
- Target generation including geophysical surveys across the Rand Project
Details at: Krakatoa Resources Limited Concludes Significantly Oversubscribed Share Placement to Advance Projects
On 23 July 2020, KTA stock was trading at$0.100, up by 12% with a market capitalisation of $ 22.14million. Over the last six months till 22 July 2020, KTA has increased by 147%.
