- Krakatoa Resources (KTA) announces a “major” clay hosted ionic rare earths discovery at its Mt Clere project in Western Australia’s Gascoyne region
- The company says the first batch of reconnaissance drilling geochemical analysis results from the project’s Tower prospect “confirms” significant and widespread clay hosted rare earth elements (REEs) mineralisation
- Some of the stand-out thick intersections from the Krakatoa’s recently completed 39-hole aircore program include 15 metres at 1,395 parts per million (ppm) total rare earth oxides (TREO) from 16m and 12m at 1,130 ppm TREO from surface
- Krakatoa is currently awaiting assay results for almost half of the total holes and says it is planning an infill and extensional drilling program at Tower
- KTA shares soar 116 per cent to 12.8 cents
Krakatoa Resources (KTA) shares more than doubled after the company announced it had made a major clay hosted ionic rare earths discovery at its Mt Clere project in Western Australia’s Gascoyne region.
The company said the first batch of reconnaissance drilling geochemical analysis results from the project’s Tower prospect “confirmed” significant and widespread clay hosted rare earth elements (REEs) mineralisation.
Some of the stand-out thick intersections from the Krakatoa’s recently completed 39-hole aircore program included 15 metres at 1,395 parts per million (ppm) total rare earth oxides (TREO) from 16m and 12m at 1,130ppm TREO from surface.
The company has received assays for 21 of the holes drilled at Tower to date, with results pending for the remaining 18 holes.
“These results have now confirmed that widespread clay hosted, ready soluble REEs exist at significant concentrations within the thick saprolite regolith of the Mt Clere project,” CEO Mark Major said.
“This discovery has come at a great time for the company and our shareholders. Demand for these magnetic and critical REEs are expected to increase over the next 10 years, as the world embarks on the electric revolution.
“We are now in a strong position to capitalise on this potential as we have only covered a six square kilometre area, mineralisation is open, thick and close to surface. Significantly, we have multiple other high-priority targets within the extensive 2,300 sq.km property.”
Krakatoa said an infill and extensional drilling program at Tower and reconnaissance drilling of other prospective targets within the project area would be fast-tracked.
KTA shares had soared 116 per cent to 12.8 cents at 12:20 pm AEST.