Krakatoa Resources (ASX:KTA) has commenced diamond drilling at its Zopkhito Project in Georgia to target mineralised antimony and gold veins uncovered in a historical adit development program.
This program previously established the areas to host a foreign resource estimate of 225,000 tonnes @ 11.6% antimony for a contained 26,000 tonnes of antimony and 7.1 million tonnes @ 3.7 grams per tonne for 815,119 ounces of gold.
Drilling will span between 7,000 and 10,000m for the maiden campaign, with intention of converting and expanding the previous findings into a JORC-compliant resource estimate.
CEO Mark Major says the company currently has one drill rig actively operating at the site, with another to begin soon.
“This is a significant event for the project, being its first ever drill campaign and a major step for the company as we look to modernise the resource estimation to a JORC classification system,” Major says.
“It’s been a great effort for the team to get to this stage and we look forward to advancing the progress of our exploration efforts over the course of the next few weeks.”
Krakatoa has the option to acquire up to an 80% stake in the mining license that hosts the Zopkhito Project.
Krakatoa Resources is focused on advancing its Zopkhito Project in Georgia, Eastern Europe for its ‘high-grade’ antimony and gold, while also developing its portfolio of assets in New South Wales and Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Krakatoa Resources
