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Summary
- Krakatoa Resources Limited has concluded Diamond drill program at two drill holes (BD001 and BD002) at Britannia Mine and has returned favourable indicators for mineralisation.
- Subsequently, the drill rig has been mobilised to nearby Quartz Ridge gold targets and drilling at hole QRD001 has started.
- Both holes drilled at Britannia Mine have returned positive signs for mineralisation, including
- Broad zones of significant quartz veining.
- Two subparallel vertical faults interpreted as the controlling structures for mineralisation at the Mine.
- Prominent vein quartz reef interpreted to represent Nobby's Reef.
- Results further indicate that mineralisation style at Britannia is suggestive of shear-hosted gold deposits like Spring Gully, 10km east of Turon.
- KTA expects initial return assay results in about three weeks.
Aggressive junior mineral explorer, Krakatoa Resources Limited (ASX:KTA) has been consistently reporting progress across its project portfolio. KTA had commenced a diamond drill program to test exciting shallow gold targets at its 100% owned Turon Project in the Lachlan Fold Belt in August 2020.
On 01 September 2020, KTA reported that drill testing of Deep Ground Penetrating Radar (DGPR) targets (2 drill holes, BD001 and BD002) at the historical Britannia Mine has been completed. Subsequently, the drill rig has been mobilised to Quartz Ridge where drilling has commenced for drill hole QRD001 and is progressing smoothly.
Did you read: Krakatoa Cracking Crust in Drilling Quest as it Goes for Gold in the Lachlan Fold
Interestingly, Britannia Mine, as well as Quartz Ridge, are both located within the Turon Project of KTA which is placed near Bathurst in NSW.
KTA’s Turon Gold Project is believed to be highly prospective for shear-hosted gold mineralisation as well as high-grade ‘Slate Belt’ orogenic gold.
Positive Indicators For Mineralisation Returned From Britannia Mine
Previously, the DGPR survey had delineated two targets with a shallow response directly corresponding with the mineralised Britannia mine sequence along with another deeper, offset target that was not explored earlier.
Diamond Drilling DGPR Targets at Britannia Mine (Source: ASX Announcement 01 September 2020)
The stellar results from both holes at Britannia that show positive indicators for mineralisation, include the following:
- Broad zones of significant quartz veining, pervasive sericite alteration and disseminated pyrite-arsenopyrite
- Intersected prominent vein quartz reef, that is interpreted as representing Nobby's Reef, which is a historically noted gold-bearing quartz reef
- Intersected two subparallel vertical faults that are interpreted as the controlling structures for mineralisation at the Mine
Related: Krakatoa Resources Finds Shallow Gold Targets at Britannia Mine, Drilling Planned for July
Two subparallel faults were intersected at hole BD001 and were mapped earlier in the Britannia underground. Moreover, KTA believes that these faults form the basis for high-grade gold mineralisation within the Mine.
The western fault was intersected at ~171m, while the eastern fault was hit ~140m downhole and the rocks in between included pervasively sericite altered sandstone with vein quartz and disseminated pyrite and minor arsenopyrite of up to 25% and 5% respectively.
Moreover, outside this main interval, persistent sericite alteration and further plentiful pyrite were observed with varying levels of arsenopyrite mineralisation. Notably, Nobby's Reef, a noted gold-bearing quartz reef in the Box-Ridge area, was indicated through the interpretation of vein quartz intersected between 38.7 and 41.3 interpreted.
Two Subparallel Faults Intersected At Hole BD002
In addition to hole BD001, hole BD002 also intersected two subparallel faults, including eastern fault intersected ~154m downhole and the western fault hit at ~169m. Notably, the eastern fault indicates the presence of pervasively sericite altered quartz sandstone in close proximity.
Furthermore, hole BD002 exhibits attributes of being in a more deeply weathered zone as compared to BD001 with significant amounts of vein quartz (up to 80%).
Interesting Read: Krakatoa Kraks On Hammer & Tong as it Goes for Gold in the Lachlan Fold
The mineralisation style at Britannia is suggestive of shear-hosted gold deposits, Spring Gully, 10km east of Turon Project, where sheared sandstones and siltstones host gold-bearing arsenian pyrite and arsenopyrite.
KTA is highly encouraged through the conjunction between sulphide mineralisation as well as pervasive sericite alteration, quartz veining along with major structures related to high-grade gold in the adjoining Britannia mine.
On its way ahead, KTA expects assay support for further drilling on the historical workings and looks forward to highly anticipated first return assay results in about three weeks.
Interesting Read: Is KTA next to fire with Copper & Gold in the Lachlan Fold? Shallow Gold intercepts discovered
On 01 September 2020 (AEST 03:09 PM), KTA share price was noted at $0.073 with a market capitalisation of $18.82 million and has delivered 92.31% returns to its shareholders in the last three months till 31 August 2020.
