Krakatoa Resources (ASX:KTA) has begun a phase two reverse circulation (RC) drilling program across its wholly owned King Tamba Project in the Murchison Province of Western Australia.
The $22.17 million market capitalisation company says drilling will comprise about 45 to 50 holes for 6,000m and is expected to be completed between December 2023 and January 2024.
The company notes drilling has been designed to test the full extent of the ‘high-grade’ lithium in soil anomalies within a 0.5km by 1.3km halo.
However, a small break in drilling will be taken during the festive season.
Krakatoa reports the phase two program follows the identification of a continuous ‘thick’ pegmatite of up to 39m below a series of ‘high-grade’ rock chips of up to 4.3% lithium oxide (Li2O) in phase one drilling.
Samples from drilling are expected to be taken and submitted to a laboratory in Perth, with results to be reported once received.
The start of drilling comes off the back of a $1.6 million placement undertaken by Krakatoa in November.
Krakatoa issued just over 37 million ordinary shares at a price of $0.043 per share. As part of the placement, the company received firm commitments from drilling partner Topdrill for $600,000 in drilling equity.
The company’s King Tamba project is considered prospective for lithium, tantalum, niobium, rubidium, and tin mineralisation and sits about 80km northwest of Mount Magnet within the Dalgaranga Greenstone Belt.
Write to Adam Drought at Mining.com.au
Images: Krakatoa Resources
