Krakatoa Resources (ASX:KTA) expects to complete its phase two reverse circulation (RC) drilling program at its King Tamba Project in 2 weeks, following resuming activities since the Christmas / New Year break.
The $16.99 million market capitalisation company is yet to complete 22 RC holes for 2,000m, subsequent to completing 27 holes for 4,000m during December 2023.
As previously reported, drilling to date has returned ‘significant’ pegmatite intersections from several drillholes.
The mineralogy of the pegmatites drilled so far has shown variable proportions of quartz, feldspar, and mica, as well as traces of accessory minerals, including fluorite and tourmaline.
Krakatoa Resources is a minerals explorer focused on precious and critical metals. The company’s projects are considered prospective for gold, copper, and other critical elements essential for technology and defence applications.
The King Tamba Project sits 80km north-west of Mount Magnet in Western Australia and lies within the Dalgaranga Greenstone belt.
As of 30 September 2023, the company had $2.484 million cash and cash equivalents at hand, according to its latest quarterly report.
