Krakatoa Resources exploration to date has assigned nearly 1500 parts per million rare earth oxides at the aptly named Bullseye target, part of the Rand Gold Project in Australia’s New South Wales Riverina region.
Drilling struck the low-cost clays during an extensive campaign late last year, whetting the company’s appetite to claim the district potential project area.
Critical rare earths outside of China’s dominance are internationally scarce, and the Australian Government today announced a $140 million project investment to get its abundance out of the ground.
Australia has enormous volumes of rare earth minerals, and the renewed push aims to protect battery critical industries by providing alternative supply options other than an overwhelming reliance on China.
Reconnaissance drilling continues while the company awaits test work on zones surrounding the anomalies, with drilling expected mid-way through the year.
KTA’s Australian Stock Exchange-listed price has risen 2.38 per cent today, selling at 4.3c.