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- Krakatoa Resources (KTA) completes diamond drilling at the Sugarloaf copper-gold target within its Belgravia Project in New South Wales
- Drilling began in September with an initial two holes through the centre of a coincident magnetic high and soil geochemical anomaly
- The first hole intersected pyrite-pyrrhotite-chalcopyrite while the second hole intersected banded and colloform silica veins
- Core samples from both holes have been sent to ALS Global for multi-element analysis with results to be received in due course
- Shares in Krakatoa are steady on the market and are trading at six cents
Krakatoa Resources (KTA) has completed diamond drilling at the Sugarloaf copper-gold target within its Belgravia Project in New South Wales.
It lies within the Molong Volcanic Belt (MVB), which is home to Australia’s premier gold-copper province.
Drilling began in September with an initial two holes through the centre of a coincident magnetic low-zoned geochemical anomaly.
Hole SDD001 was drilled to a depth of 561.7 metres and ended under the coincident magnetic high and soil geochemical anomaly.
This hole intersected predominantly massive volcaniclastic sandstones, conglomerates and breccias.
Fine-grained pyrite-pyrrhotite-chalcopyrite was observed between 116.6 and 118.4 metres while trace pyrite-chalcopyrite was observed between 46 and 70 metres.
Additionally, blebby grains were observed between 180 and 400 metres.
Hole SDD002 was drilled 220 metres west of SDD001 and was drilled to a total depth of 477.6 metres.
It was drilled through the western half of a broad magnetic low zone and ended in the footwall of the Western Fault.
Multiple banded and colloform silica veins were intersected between 301 and 313 metres.
Due to slow drilling and poor ground conditions caused by rainfall, a third hole was not drilled. However, it may be drilled using a reverse circulation rig in the future.
Core samples from both holes have been sent to ALS Global for multi-element analysis with results to be received in due course.
“We are pleased to have completed this important, initial phase of this porphyry hunt,” CEO Mark Major said.
“This drilling program was a fact-finding and information gathering exercise; the data obtained from the diamond core will provide invaluable information to ascertain what level of system lies below the current drillholes and to guide future drilling.”
Shares in Krakatoa were steady on the market and were trading at six cents at 2:49 pm AEDT.
