Copper-gold explorer Krakatoa Resources (ASX:KTA) is looking to undertake additional exploration following the identification of further ‘high-grade’ lithium and gallium at its King Tamba Project in Western Australia.
The company, which has an $11.93 million market capitalisation, says these results were generated from the third phase of rock sampling and highlight ‘significant’ and ‘high-grade’ gallium near the Loader prospect.
Krakatoa Resources reports 6 samples gathered from this area have returned over 100 parts per million (ppm) gallium (Ga), with a peak assay of 186ppm Ga.
Further, the company says 7 rock samples have returned over 1% lithium oxide (Li2O). These samples were gathered along a 130m strike length.
Krakatoa also notes ‘highly elevated’ niobium and tantalum are also present, with peak assays of 0.27% tantalum (Ta2O5) and 0.66% niobium (Nb2O5).
The company states following the return of these results, it has now identified 3 subparallel lithium-enriched pegmatites over a 300m span, with the potential for more discoveries.
As a result, Krakatoa announces it will move forward with planning for further programs of mapping and rock sampling, as well as a systematic campaign of reverse circulation (RC) drilling program across the most prospective zones, which is currently pending heritage approval.
A program of works (PoW) has been submitted and approved by the Western Australia Department of Mines, and heritage approvals are being sought in conjunction with discussions with drilling contractors.
Krakatoa’s phase three rock sampling was completed in July and was designed to further investigate the Loader prospect and to determine the extent of lithium mineralisation in the area, following on from a single sample at 1.7% Li2O in the previous phase of sampling.
Krakatoa Resources is an ASX-listed explorer committed to the acquisition of mineral and energy projects. The company’s portfolio of projects comprises projects located in the Lachlan Fold Belt of New South Wales and the Yilgarn Craton in WA.
The King Tamba project is located about 80km northwest of Mount Magnet in WA and lies within the Dalgaranga Greenstone Belt.
Krakatoa Resources had $952,000 cash at hand as of 30 June 2023, according to its latest quarterly report, though this does not take into account the $3.78 million placement and $1.01 million entitlement offer launched by the company in July.
Write to Adam Drought at Mining.com.au
Images: Krakatoa Resources Ltd
