Krakatoa Resources (ASX:KTA) has intersected lithium pegmatites in 75% of its drillholes to date at the King Tamba Project in Western Australia.
The $19.35 million market capitalisation company says it struck ‘significant’ pegmatites in multiple recent drillholes, including a 39m-thick unit from 123m depth in hole DAL069, a 34m-thick hit from 91m in hole DAL062, and 18m from surface in hole DAL068.
Further, Krakatoa says the mineralogy of the pegmatites demonstrates variable proportions of quartz, feldspar, and mica, along with traces of accessory minerals such as fluorite and tourmaline in places.
Krakatoa has so far drilled 27 holes out of the planned 49 drillholes in the area. This means the company has essentially drill-tested 30% of the broader 3km lithium-caesium-tantalum (LCT) corridor at the project.
Field crews and drillers have demobilised from the site for the Christmas break and will return in January 2024.
The company notes 2 batches of drilling samples, totalling 788 samples, have been delivered to a laboratory over the course of the drilling program and are now awaiting preparation for assay.
All assay results will be reported in due course.
Krakatoa Resources is a precious and critical metal-focused company with assets considered prospective for gold, copper, and critical minerals.
As of 30 September 2023, the company had $2.48 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Krakatoa Resources
