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Summary
- Krakatoa Resources (KTA) has commenced a diamond drill program to test exciting shallow gold targets at the Turon Project.
- KTA has also planned activities at its Belgravia Porphyry project including an IP Program and target generation throughout its newly acquired Rand Project.
- KTA’s activities are backed by funds raised through a significantly oversubscribed and strongly supported placement of $2,400,000.
- Several critical anomalies have been identified at the Bell Valley Target within the Belgravia Project where Induced polarisation (IP) survey is planned to be executed next quarter.
Junior aggressive exploration company, Krakatoa Resources Limited (ASX:KTA) has three primary gold exploration assets in the globally renowned Lachlan Fold Belt in New South Wales including two granted projects, being the Belgravia Porphyry Project and Turon slate belt Gold Project.
The Belgravia project covers 80km2 with six initial target areas that are believed to be highly prospective for porphyry Cu-Au and associated skarn Cu-Au. The most advanced prospects are the Bell Valley and Sugarloaf targets.
Interesting Read: Is KTA next to fire with Copper & Gold in the Lachlan Fold? Shallow Gold intercepts discovered
Diamond Drill Program Commenced at Turon Gold Project
KTA’s Turon Project spreads across 120km2 and comprises of two separate north-trending reef systems, being Quartz Ridge and Box Ridge. Both the reef systems contain high-grade , shallow gold targets that are currently the subjects of KTA’s diamond drilling program.
Prior to drilling, KTA identified several exciting shallow gold targets situated within the said Box Ridge and Quartz Ridge-line of workings, including:
- The northern extension of the Quartz Ridge Mine
- The Dead Horse Reef Mine
- The Britannia Mine
Commencement of Diamond Drill at Turon (Source: ASX Announcement)
Did you read: Krakatoa Cracking Crust in Drilling Quest as it Goes for Gold in the Lachlan Fold
Interestingly, multiple highly anomalous gold intercepts with results up to 10m @ 1.64g/t gold from the surface to end of the hole were identified by a shallow RAB drill program that concluded at the northern extension of the Quartz Ridge Mine around three decades ago.
Further, several impressive gold grades from chip and mullock sampling, including 1,535g/t, 135g/t, 26g/t, 14.6g/t and 12.55g/t have been reported by past explorers at the Dead Horse Reef Mine. Also, two critical anomalies have been identified through Deep Ground Penetrating Radar (DGPR) interpretation.
Significant Funding For Forthcoming Activities
KTA’s commitment towards the advancement of the Turon and Belgravia projects are backed by funds raised through a recent placement. KTA completed the oversubscribed placement with extremely strong demand from professional and sophisticated investors raising $2,400,000.
Other than these activities, KTA also looks forward to:
- Carrying out an IP Survey at Belgravia’s Bell Valley for drilling target generation; and
- Geophysical surveys across the Rand Project that holds several historic high grade gold mines
DPGR survey across the Bella Target Area with composite representation of DGPR anomalies (Source: ASX Announcement)
The IP survey is planned for the Bella Target and the Lara 1 and 2 anomalies at Belgravia to locate sulphide mineralisation zones that were discovered by DGPR (Deep Ground Penetrating Radar). The IP survey will focus on future deep diamond drilling targets.
KTA is optimistic that its upcoming IP survey will deliver significant knowledge for the said drilling program targeting.
Did you read: Krakatoa Resources Finds Anomalous Au-Cu Geochemical Corridor Trending Towards Belgravia
Through its progressive cost-effective exploration success, KTA has delivered a compelling narrative for deeper drilling target optimism.
On 26 August 2020, KTA share price quoted at $0.075 with a market capitalisation of $18.82 million. During the last six months, KTA has delivered ~127% returns for its shareholders as at 25 August 2020.
Interesting Read: Krakatoa Resources Finds Shallow Gold Targets at Britannia Mine, Drilling Planned for July
