Krakatoa Resources (ASX:KTA) has signed a binding tenement option and sale agreement with Agriculture Equity Investments for the divestment of the Belgravia Project in New South Wales.
Under the agreement, the company will receive $350,000 subject to completing due diligence and other conditions.
The company intends to use the funds to conduct exploration across its Zopkhito Antimony-Gold Project in Georgia, as well as general working capital.
Executive Chairman Colin Locke says this transaction aligns with the company’s strategy to streamline its project portfolio and direct its resources towards converting and expanding the current foreign estimate at the Zopkhito Project.
At Zopkhito, a current exploration program integrates historical datasets with new mapping and assay data using advancing 3D modelling software.
Dual diamond rigs are operating across priority targets, with underground sampling and drilling progressing concurrently.
Krakatoa Resources is focused on acquiring and developing critical metal projects to become a prominent precious and critical metal producer.
Write to Aaliyah Rogan at Mining.com.au
Images: Krakatoa Resources
