Krakatoa Resources (ASX:KTA) is today (27 November 2023) in a trading halt which follows an announcement released on Friday the company will test the extent of ‘high-grade’ lithium in soil anomalies at its King Tamba Project.
The $22.17 million market capitalisation company says the expanded 6,000m reverse circulation (RC) drilling program is scheduled for December 2023 and will be led by Topdrill, with drill site preparation and logistical planning already underway.
The planned drilling at the project in in Western Australia will cover the entirety of the ‘high-grade’ soil anomaly on a roughly 200m by 50m basis within a 0.5km by 1.3km halo, down to an average depth of 140m.
The works follows a recently completed 1,800m RC drilling program, which underlined the exploration potential of King Tamba by returning a continuous ‘thick’ intersection of blind pegmatite.
This pegmatite sits directly underneath the previously reported ‘high-grade’ rock chips of up to 4.3% lithium oxide within a ‘large’ soil anomaly.
Once complete, Krakatoa believes the source of widespread anomalous lithium in soils will become clear.
Krakatoa Resources Executive Chairman Colin Locke says: “Previous drilling covered a mere fraction of the 3km LCT corridor. It’s time to take an aggressive approach and carry out comprehensive drill testing of the high-grade anomalous soil zone.”
Krakatoa Resources has a focus on acquiring resources-based projects through the discovery, acquisition, and development of natural resources for gold, copper, iron ore, base metals, and coal projects.
The company’s King Tamba Project sits in the Murchison Province and is considered prospective for lithium, tantalum, niobium, rubidium, and tin mineralisation.
As of 30 September 2023, Krakatoa had $2.484 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Krakatoa Resources
