- Krakatoa Resources (KTA) kicks off the first phase of aircore (AC) drilling at the Sugarloaf target, within the Belgravia Project in New South Wales
- The AC program will include around 40 drillholes and 700 soil sampling sites to test shallow geological features
- KTA believes the “economic potential” for copper-gold mineralisation lies at a depth of more than 200 metres, but the AC drilling will test whether copper-gold veins extend upwards from a potential porphyry source
- Once the AC drilling and a soil sampling geochemical survey are complete and and reviewed, the company will map out target zones for deeper drilling
- Shares are trading 1.8 per cent lower at 5.4 cents at 3:50pm AEST
Krakatoa Resources (KTA) has kicked off the first phase of aircore (AC) drilling at the Sugarloaf target, within the Belgravia Project in New South Wales.
The porphyry copper-gold target is one of the most advanced target areas of the 80 square kilometre Belgravia project, which is located in the central part of the Molong Volcanic Belt.
KTA explained that Sugarloaf contains a 900 metre Deep Ground Penetrating Radar anomaly, located within a distinctive magnetic low feature, considered characteristic of a porphyry-style deposit.
Following a period of extensive negotiations, the company has secured land access for the program which will include around 40 drillholes and 700 soil sampling sites.
KTA believes the “economic potential” for copper-gold mineralisation associated with a porphyry lies at a depth of more than 200 metres.
However, the aircore drilling will investigate whether copper-gold veins extend upwards from a potential porphyry source, which would provide a secondary target at shallower levels.
CEO Marke Major said the company is “extremely delighted” to have conditional access to the Sugarloaf land to undertake the maiden AC drilling to test the shallow geological features.
“The AC drilling will test the weathered basement interface which will enable better vectoring of the proposed deeper porphyry drilling and potentially highlighting areas where mesothermal or skarn related systems may be present closer to surface.”
Additionally, a large soil geochemical sampling program has commenced with more than half of the samples already taken.
Once the AC drilling and soil programs are complete and reviewed, the company will map out target zones for deeper drilling. KTA said this program will be undertaken as soon as possible, subject to the land accessibility.
Shares dropped 1.8 per cent to trade at 5.4 cents each at 3:51pm AEST.