Krakatoa Resources Ltd (ASX:KTA) has successfully completed an extensive versatile time domain electromagnetic (VTEM™ Max) survey, defining 52 VTEM conductors of which 20 are strong, high-priority targets.
These 20 discrete, late-time targets are along regional structural trends highly prospective for a mineralisation system similar to Chalice Mining Ltd (ASX:CHN, OTCQB:CGMLF)’s nickel-copper-platinum group elements (PGE) Julimar discovery.
“Hallmarks for company-defining discoveries”
Krakatoa Resources CEO Mark Major commented: “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, close to the craton margins. All the hallmarks for company-defining discoveries.
“We look forward to proving up the priority targets with ground exploration activities followed by drilling as soon possible.”
Processing of the survey data has defined localised focal clusters of discrete priority targets positioned close together within a central area, and multiple discrete priority targets clustered along extensive structural lineaments (geomorphic features such as faults and linear valleys).
Some of best EM responses in 30 years
“It is a privilege to be able to assist Krakatoa Resources with the interpretation of this data,” geophysical consultant David McInnes said.
“The survey has discovered multiple isolated late-time conductors that form discrete shapes, situated next to large-scale magnetic lineaments.
“The data records some of the best EM responses representing potential basement conductors I have seen in my 30 years of AEM data review.”
Next steps
Krakatoa says the VTEM survey results are highly encouraging.
A ground-based moving loop electromagnetic (MLEM) and geochemical surveys will now be targeted at defining conductor plates and surface geochemical outcrops for the selection of drill targets.
The MLEM crew is expected to mobilise to site as soon as possible and will initially focus on the strongest late-time conductors identified in the VTEM survey.
A drill program will be based on data generated by the planned surveys, designed to test the preferred targets defined by the MLEM and geochemical results.
Krakatoa is working to obtain all statutory approvals to avoid delays in drill testing over several of the higher ranked targets cluster areas.
About Krakatoa
Krakatoa Resources is committed to the acquisition and value addition of mineral and energy projects with a focus on high value metals.
The company intends to emerge into a prominent electrical energy, precious metal and critical elements producer.
The board is committed to significantly increasing shareholder value by aggressively, acquiring and developing projects containing gold, copper and critical elements essential for technology and defence applications.