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Summary
- Krakatoa Resources has ripped into a diamond drill program at its Turon Gold Project located in the Lachlan Fold Belt.
- Several exciting shallow gold targets will be tested in the vicinity of old mines including:
- Historic RAB results of up to 10m @ 1.64g/t Au from surface to end of the hole which has never been followed up at the old Quartz Ridge Mine
- Several high-grade rock chips up to 1,535g/t gold at the historic Dead Horse Reef Mine
- Deep Ground Penetrating Radar (DGPR) sourced anomalies at historic gold producing Britannia Mine
- 3 historic mine areas to be drilled supported by a racetrack, 3 hotels, school and supply stores.
- One of Turon drill targets historically won 10,000 oz of gold from a very small area at the Box Ridge Precinct.
Junior aggressive explorer, Krakatoa Resources Limited (ASX:KTA) has been expanding and advancing its land assets in the Lachlan Fold Belt focusing on gold exploration through its 100% Belgravia Cu-Au Porphyry and Turon Au Projects.
On 17 August 2020, KTA announced the commencement of a diamond drill program at its 100% owned Turon Project located in the Lachlan Fold Belt in order to test several exciting shallow gold targets including:
- RAB drill hole results from the surface to end of the hole at the Quartz Ridge Mine
- Multiple high-grade rock chips of gold at the Dead Horse Reef Mine
- DGPR anomalies at historical gold producing Britannia Mine
Related Update: Krakatoa Resources Identifies Several Anomalous Zones in the Bell Valley; DGPR Survey Reinforces Au-Cu Prospects
Commencement of Diamond Drill at Turon (Source: ASX: Announcement)
Several exciting shallow gold targets will be drilled in the vicinity of 3 historic mines including:
- Northern Extension Of The Quartz Ridge Mine
KTA identified several highly anomalous gold intercepts with results up to 10m @ 1.64g/t gold from the surface to end of the hole through a historic shallow RAB drill program to the north of the Quartz Ridge Mine.
Notably, several substantial gold grades from chip and mullock sampling, including 1,535g/t, 135g/t, 26g/t, 14.6g/t, 12.55g/t and 11.3 g/t Au have been reported by past explorers.
Furthermore, to the north of the Quartz Ridge Mine, a peak value of 11.3g/t gold was returned from a chip sample, proximate to the RAB drilling.
Related: Is KTA next to fire with Copper & Gold in the Lachlan Fold? Shallow Gold intercepts discovered
KTA believes that Quartz Ridge is an exciting shallow exploitable opportunity where the Company has identified several walk-up drill targets with significant gold tenor.
- The Dead Horse Reef Mine
The Dead Horse Reef Mine hosts an adit approximately 130m long while a high-grade rock grab sampling of up to 1,535 g/t gold was previously declared at the Mine in the far south. Moreover, past explorers have reported several substantial gold grades from chip and mullock sampling, encompassing 1,535g/t, 135g/t, 26g/t, 14.6g/t and 12.55g/t.
The outstanding result of 1,535g/t gold south of the Dead Horse Reef remain untested by drilling.
- The Britannia Mine
The historical Britannia Mine is found within the 100% owned Turon Project and forms the southern extent of the historical Box Ridgeline of gold workings. A DGPR survey delineated two targets with a shallow response directly corresponding with the mineralised Britannia mine sequence.
The DGPR results offered a focus for KTA and advanced the Britannia target to drill-ready status.
A second deeper offset target has not been previously explored, and the high correlation between the shallow DGPR anomaly with the exploited high-grade mineralisation at Britannia is quite significant for the second deeper target.
The outcomes from the DGPR survey, especially the identification of a remnant pod of high-grade mineralisation that has potential for additional testing and early exploitation are very encouraging for KTA.
Detailed discuss at: Krakatoa Resources Finds Shallow Gold Targets at Britannia Mine, Drilling Planned for July
The program is expected to finish next month with assays due in further 3-4 weeks.
On 18 August 2020 (AEST 03:09 PM), KTA stock was up by ~6.25% while trading at $0.085 with a market capitalisation of $ 20.08 million. Over the last three months till 17 August 2020, KTA has increased by ~166%.
