Krakatoa Resources Limited has discovered high grades of rare earth and many other battery-critical metals at its massive Mt Clere project in Western Australia’s Gascoyne region.
The company is full-tilt with drilling after revealing samples containing REE oxides as high as 10,380 parts per million along with several areas indicating nickel, copper, cobalt, lead and chromium on tenements located on the mineral-rich northwestern margins of the Yilgarn Craton.
The discovery adds more weight to the project’s multi-mineral potential confirming earlier promising indications across the 1800 square kilometre group of tenements and at a time of surging demand for battery metals on the back of a global transition to electric vehicles.
“In just four months, we have identified significant geochemical anomalies and verified that the area is enriched with REE and Ni-PGE+/-Cu potential,” chief executive Mark Major said.
“Our exploration efforts will now focus on further delineation of these targets through a mix of systematic soil and rock geochemistry, airborne geophysical surveys, and reconnaissance drilling.
“Of great interest is that we have identified two areas where thick, well developed lateritic profiles are prevalent.
“These are believed to represent relict landforms and the source of the highly anomalous REE’s captured in the streams.
“Such laterite regolith profiles lying over the favourable alkaline igneous terrain are prospective for clay hosted REE mineralisation which may display an ionic character.”
Krakatoa will determine ion-adsorption clay drilling target locations, mapping, soil/rock surveys of previously unexplored areas and airborne EM over Ni-PGE regions of interest and report results in due course.
The company’s Australian Stock Exchange-listed shares had risen 4.17 per cent, trading at 5c today (9:30 am GMT+ 8 hours).