Join our daily newsletter At The Bell to receive exclusive market insights
Krakatoa Resources Ltd (ASX: KTA) has picked up an unexpected copper-gold mineralisation through early exploration at a new prospect close to the Hills End gold mine in New South Wales.
Expecting only to find lode gold, Krakatoa instead found both good grades of gold – up to 1.24 gram per tonne – but also 10.45 percent copper being lifted from reconnaissance and rock chipping work at the Jews Creek prospect.
The precious and base metals junior company was also sniffing at another project – Mount Rosette – which joins Jews Creek as one of several exploration sites with Krakatoa’s Turon project near Bathurst.
Assaying results also indicated the presence of molybdenum and tin within the new prospect, and four samples returned copper grades averaging 4.83 percent, to a maximum of 10.45 percent.
Krakatoa CEO Mark Major said the unexpected find would propel more detailed work in the future.
“Our NSW Projects continue to deliver promising results,” he said.
“Jews Creek Prospect within the Turon tenement, widely considered prospective for lode gold only, has delivered encouraging, intrusive-related Cu-Au results at a time when the demand for copper is booming and gold is threatening to break out to an all-time high.
“These are promising results, and we look forward to future investigations.”
Krakatoa is trading at 0.8c.
