Krakatoa completes bedrock study

7 July 2021 14:15
Core Drilling for Exploration

Perth-based Krakatoa Resources Ltd has completed a promising aircore drilling program at Sugarloaf porphyry copper-gold target within the Belgravia Project in New South Wales.

With its project conveniently located within the mineral-rich Lachlan Fold Belt and cosy nestled between the lucrative Newcrest Mining’s Cadia Operations and Alkane Resources’ Boda Discovery, the company is upbeat about the future after completing the first phase of drilling late last month.

The 37 hole aircore drilling program, including soil survey 594 samples, had burrowed nearly 300 metres into the highly prospective ground,  located just 7 kilometres southeast of the rich Copper Hill Porphyry gold and copper deposits.

The company said relatively shallow drilling had identified distinctive magnetic low features across eight holes in the centre of a larger demagnetised zone. In addition, the uncharted drilling detected numerous soil, plus rock-chip anomalies, deep ground penetrating radar survey anomalies, structural zones and mapped alteration zones.

“We are working towards drilling a number of deeper holes into the central magnetic body in the coming months.”

“This maiden reconnaissance aircore drill program has provided useful bedrock information from several interesting zones with encouraging signs,” chief executive Mark Major said.

Significantly, the targeting of the central magnetic low,  originally covering an area 850 metres east-west by 950 metres north-south, notably extending an area spanning 1.35km east-west by 1.65km north-south.

The current work program, delayed by bad weather,  will ultimately drill around 40 holes to blade refusal depth and 700 and analyse soil from 700 sites, with the company hedging its bets on initial surface targets before digging more than 200 metres in search of mineralisation associated with a porphyry that is thought to lay deep underground.

In late trade, the company’s ASX-listed shares have risen nearly 2 per cent to 5.6c.

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