Krakatoa Resources (ASX:KTA) will sort pegmatite samples in its Perth facility before being delivered to the laboratory for analysis after completing a reverse circulation (RC) drilling program at the King Tamba Project in Western Australia.
During the intervening period, the exploration team will, amongst other things, work on interpreting the observed geology and updating the existing 3D pegmatite model plus additional reconnaissance within the identified LCT corridor. Geophysical logging of selected boreholes may also take place.
Over a 7-day period, 16 holes for 1,806m were drilled at King Tamba, that tested LCT prospective pegmatites at the ex-tantalum mine.
The program was expanded from the initial 1,200m due to the discovery of a 39m thick pegmatite at depth below the target area.
Following today’s (9 November) announcement, Krakatoa’s share price had surged 104% to $0.053as of 1:40pm AEDT (9 November).
The $12.61 million market capitalisation company reports 13 of the 16 drillholes intersected with consistent intersection of flat-lying pegmatite logged from 70m vertical depth.
Krakatoa adds that drilling sought to explain the source of lithium-rich greisen altered pegmatites which were evident on the surface and had been widely sampled.
A number of samples were noted to fluoresce orange-pink-salmon under shortwave ultraviolet (UV) light. Fluorescence in this colour range is often used to suggest the presence of spodumene within pegmatite samples, however it is not an exact method and many other fluorescent minerals are known.
The company notes that the presence of pegmatites does not confirm the presence of lithium (spodumene or other lithium minerals). Pegmatites are fractionated coarse grained igneous rocks commonly associated with lithium and niobium mineralisation; however, many pegmatites do not contain appreciable quantities of mineralisation. The presence of any mineralisation can only be confirmed with assaying.
Krakatoa Resources is a critical and precious metals explorer headquartered in Perth, Western Australia.
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