Krakatoa Resources (ASX:KTA) has a second drill rig working at the Zopkhito Antimony-Gold Project in Eastern Europe, to support a ramp up in drilling within its main 7,000-10,000m drilling program.
Works are focused on areas where the mineralised antimony and gold veins have been identified between historical adit development. The program is also designed to assist with converting the foreign estimate into a JORC-compliant mineral resource.
Zopkhito hosts a foreign estimate of 225,000 tonnes @ 11.6% antimony for a contained 26,000 tonnes and 7.1 million tonnes @ 3.7 grams per tonne gold for 815,119 ounces.
CEO Mark Major says having a second drill rig is one step forward in building momentum across the maiden drilling program at Zopkhito.
“Our strategy is to systematically test the mineralised zone between the adits, where both Soviet-era and more recent sampling have highlighted high-grade antimony and gold mineralisation,” Major says.
“By targeting these areas, we aim to not only validate the historical work but also expand our understanding of the broader gold alteration system and quartz-antimony vein development.
“Over the coming months, this program will be critical in shaping our understanding of this world-class project and laying the foundations for future work.”
Major notes that at a time of record gold and antimony prices, the project offers a strategic resource opportunity in Europe.
Over the past month, gold’s price has risen 7.36% – sitting at US$3,588 ($5,474.89) as of 10.30am AEST – and is up 43.18% compared to the same time last year, as reported by Trading Economics.
Antimony prices also continue to rise and are expected to rise even further due to supply shortages. Antimony’s ingot price sits at an average of US$23,182.89 per metric tonne, according to Shanghai Metals Market.
Krakatoa Resources is a junior mineral explorer focused on acquiring and developing critical minerals projects to be a prominent precious and critical metal producer.
Write to Aaliyah Rogan at Mining.com.au
Images: Krakatoa Resources
