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Krakatoa Resources’ Share Price Surges 112% on Pegmatites Discovered at King Tamba

9 November 2023 12:05
ASX: KTA
KTA

Krakatoa Resources (ASX:KTA) has announced the successful completion of its drilling program, which focused on testing LCT prospective pegmatites at the former tantalum mine, King Tamba, revealing substantial, thick pegmatite intersections.

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Figure 1: Drill Collar Locations shown in relation to the three prospects of interest

The RC Drilling Program

Krakatoa’s RC drilling campaign involved a total of 16 holes spanning 1806 metres. The initial program, initially planned for 1200 metres, was expanded following the discovery of a thick pegmatite, measuring up to 39 metres in downhole width beneath a 4.3% Li2O rock chip, notably found at the Wilsons Prospect within the designated target area.

The objective of the drilling was to elucidate the origins of lithium-rich greisen-altered pegmatites, which had been extensively sampled and observed on the surface. Hole depths varied between 42 and 174 metres, with an average depth of 113 metres.

The campaign yielded positive results, with 13 holes successfully intersecting pegmatites situated within a combination of dolerite and fine-grained metasediments.

These pegmatites, found at shallower depths, typically ranged from two to five metres in thickness. Notably, a significant pegmatite, with a true thickness of up to 30 metres, was encountered at a vertical depth of 70-90 metres, extending across the entire target area.

Furthermore, UV light testing conducted on several collected samples revealed an orange-pink-salmon colouring, indicative of the potential presence of spodumene within the pegmatite samples.

Nonetheless, this is purely an estimate, and the confirmation of the presence or absence of spodumene can only be ascertained conclusively through an in-depth mineralogical analysis, a step that the Company plans to undertake in the near future.

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Figure 2: Fluorescent minerals from DAL041, 112-116m.

The Next Steps

Every pegmatite sample is slated for thorough assay, and Krakatoa intends to follow up by focusing on the recognised mineralised zones. Currently, the samples are undergoing sorting and examination at the Company’s Perth facility, after which they will be dispatched to a laboratory for comprehensive analysis.

In the interim, the exploration team will persist in their efforts to interpret the observed geological data and enhance the existing 3D pegmatite model.

Additionally, they have plans to conduct further reconnaissance activities within the identified LCT corridor.

KTA’s Australian Stock Exchange-listed share price has risen 73.08% and is currently trading at $0.045 (12.00pm UTC+ 8 hours).

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