Company
ASX:KTA
Krakatoa Resources Ltd is advancing the world class Zopkhito high-grade antimony and gold project in Georgia, while actively exploring for other critical and precious metals in Western Australia and NSW, Australia. The company's mission is to discover, explore and develop high value critical metal projects to be a prominent critical and precious metal producer.
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“This could well be one of the largest clay-hosted REE deposits within the southern hemisphere. We have only explored one of the many clay-hosted REE areas identified within the extensive land package at Mt Clere," says CEO.
“With buoyant prices of the project’s critical and tech metals fuelled by demand, we look forward to announcing the nature and extent of this potential maiden resource,” CEO Mark Major says.
Funds raised will primarily be used for continued exploration at Mt Clere Rare Earths Project which includes exploration/resource drilling, assaying and metallurgical work.
Krakatoa will fast track a drill program to infill and extend the drilling traverses within the Tower prospect as well as reconnaissance drilling of other highly prospective areas.
"The Phase 2 soil survey has better defined the broad anomalies from Phase 1 and has defined a significant new gold zone. This zone is supported by rock-chips of 70 g/t gold from historical workings that have never been explored,” says CEO.
The company’s exploration rationale is to conduct shallow aircore drilling across areas of known and interpreted intrusives within the granted tenements, testing for REE enrichment.
“To be able to get on the ground so quickly following the completion of the VTEM targeting survey will allow us to complete this critical work program before Easter and plan for drilling in late May,” Krakatoa CEO Mark Major said.
“This is a major achievement for the company. It took close to 10 months to get the VTEMTM Max system to the project and the wait has been well worth it. We now have world-class late time conductive targets at key structural intersection, c
The company has also put forward additional land applications surrounding the Rand project.
Looking ahead, Krakatoa plans to unveil results from the aircore drilling and VTEM survey in the first quarter of 2022 — results that will underpin ground exploration in the new year.
Rare earth oxides (REO) hosted within ionic clay confirmed at the Rand Project in the Riverina region of New South Wales.
“This is the first discovery of clay-hosted REE within this area of NSW. The company has significantly expanded its landholding over the already large area via applications of additional tenure with similar geophysical signatures and underl
According to the company, the drilling along with an expansion of a soil survey will assist with deeper porphyry vectoring at the project in the Lachlan Fold Belt of NSW.
The company is confident that the high-grade results not only demonstrate the potential calibre of the gold system but have confirmed the geochemical signature of an Intrusive Related Gold System (IRGS).
According to the company, the magnetic survey provides a platform for assessing the considerable regional exploration gold potential available at Rand and the bullseye targets are an example of this.
Six diamond holes have been completed totalling about 1,295 metres and multiple zones of quartz veining with associated mineralisation was intersected.
The exploration project is in the East Lachlan province, a tier-one mining jurisdiction which constitutes the largest porphyry province in Australia, and hosts about 59 million ounces of gold as part of the Macquarie Arc.
The company increased its landholding at the Mt Clere Rare Earth Project from 403 to 556 square kilometres.
