- Krakatoa Resources (KTA) begins diamond drilling at the Sugarloaf Copper-Gold Porphyry target in Central NSW
- Initially drilling will consist of two deep holes which will be drilled across the centre of a coincident magnetic low-zoned geochemical anomaly
- A third shallower hole may be drilled on the north-western margin to test for shallow structurally controlled gold and copper mineralisation
- Krakatoa has ended the day 1.25 per cent in the green with shares trading at 8.1 cents
Krakatoa Resources (KTA) has begun diamond drilling at the Sugarloaf Copper-Gold Porphyry target in Central NSW.
The Sugarloaf target is part of the Belgravia Project which covers an area of 80 square kilometres and lies seven kilometres east of Molong in the Lachlan Fold Belt.
It is a prominent, structurally bound magnetic low zone spanning 800 metres by 900 metres and within the centre lies a central discrete magnetic high core measuring 400 by 200 metres.
The magnetics and geochemistry support the belief a buried, blind intrusive system is located at depth.
Initially, diamond drilling will consist of two deep holes, totalling 1100 metres, which will be drilled across the centre of a coincident magnetic low-zoned geochemical anomaly.
A third shallower hole may be drilled on the north-western margin to test for shallow structurally controlled gold and copper mineralisation.
CEO Mark Major is excited to begin diamond drilling at Sugarloaf.
“We are thrilled to have reached this point after such a protracted process of landholder negations during which time we were only permitted to complete preliminary exploration work,” Mr Major said.
“We are now ready to test the magnetic anomaly and ascertain what level of system lies below.”
Krakatoa ended the day 1.25 per cent in the green with shares trading at 8.1 cents.