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Krakatoa flags gold and copper potential at Sugarloaf

19 August 2021 19:38
ASX: KTA
Core Drilling for Exploration

Krakatoa Resources Limited has flagged exploration potential at its Belgravia project in Central West New South Wales after investigations suggested gold and copper mineralisation at its Sugarloaf target near Alkanes’ Boda discovery and Newcrest’s Cadia gold operations.

Recent soil geochemical surveys have defined an anomaly typical of hosting large porphyry mineralised copper consistent with intrusive systems immediately south of the large target.

Geochemical relationships have also highlighted the potential for gold and silver along a northeast-trending fault margin on the tenement’s western boundary.

It’s another promising development for the company intent on building a diversified commodity portfolio including precious and base metals and battery minerals across its sites throughout Australia, getting underway with deep reverse circulation and diamond drilling at Sugarloaf in September ahead of programs rolling through its Mt Clere REE project in Western Australia in October and Rand project in NSW in January.

“The company is pleased to have reached this point after a prolonged period of landholder negotiations,” exploration manager Erik Conaghan said.

“The preliminary exploration work completed over 2020-2021 (detailed aeromagnetics, surface geochemical sampling supported by geological mapping and air-core drilling) has defined two clear, robust drill targets that we are eager to finally drill.

“The Sugarloaf target exhibits clear porphyry characteristics  and represents a potential Company-maker.”

The company’s Australian Stock Exchange-listed shares had risen 3.92 per cent, trading at 5.3c today (2:37 pm GMT+ 8 hours).

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