Krakatoa Resources (ASX:KTA) has begun a two-hole for 1,000m diamond drilling program at the Jagger and Richards targets within the Stone Tank prospect in Western Australia.
Each hole is designed to test intense gravity bodies identified at both targets, where the company previously uncovered high-density gravity anomalies. The program is expected to take several weeks to complete.
Krakatoa believes the Jagger and Richards targets broadly define the lateral extent of possible carbonatite intrusive systems.
Both targets are interpreted as shallow potential intrusive bodies or alteration signatures associated with an intrusive system, such as carbonatite hosted critical mineral alkaline systems.
Executive Chairman Colin Locke says after receiving the $220,000 Exploration Incentive Scheme grant from the Western Australian Government last October, the company is “excited” to drill at the niobium-rare earths prospect.
“Our two gravity targets, Jaggery and Richards, are extensive, each over 1km long,” Locke says.
“Whilst Jagger is associated with a coincident magnetic high anomaly, Richards follows a structural feature with limited coincident magnetism.”
Stone Tank is located within the Mt Clere Project which sits on the north-western margins of the Yilgarn Craton. Mt Clere is considered prospective for rare earth deposit-styles, gold, and intrusion hosted sulphides and buried carbonatites.
Krakatoa Resources is a mineral explorer focused on acquiring and developing critical metals projects to become a prominent precious and critical metal producer.
According to the Department of Industry, Science and Resources (DISR) the weakness in nickel and other minerals is driven by price corrections after strong exploration expenditure growth for critical minerals through 2022-23.
Australia’s critical minerals sector is forecast to be worth $4.8 billion in export value by 2026-27. This increase is expected to be largely driven by the restart of manganese exports.
Critical minerals are used in applications such as high-performance alloys, permanent magnets, and high-performance electronics.
Write to Aaliyah Rogan at Mining.com.au
Images: Krakatoa
