A Walk-Through Krakatoa Resources’ Progress at Turon Project, KTA to Undertake Drilling Program at the Earliest

  • Jul 23, 2020 AEST
  • Team Kalkine
A Walk-Through Krakatoa Resources’ Progress at Turon Project, KTA to Undertake Drilling Program at the Earliest

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) 

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%.

 


Disclaimer
The website https://kalkinemedia.com/au is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The article has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above article is sponsored but NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. All pictures are copyright to their respective owner(s). Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.

 

There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

CLICK HERE FOR YOUR FREE REPORT!
   
x
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK