Krakatoa’s share price erupts on new prospect 

Shares in Krakatoa Resources (ASX:KTA) have erupted 162.5% higher today (11 April 2024) off the back of the delineation of a new copper-gold prospect at its Turon Project in New South Wales. 

As of 2:15pm AEST the company’s share price was 125% higher. 

The company has defined the new prospect after posting results from reconnaissance and rock sampling, which returned gold grades up to 1.24 grams per tonne and peak copper grades of 10.45%. Four samples returned over 1% copper. 

Turon sits 30km north of Bathurst and 10km east of the Hill End Gold Mine. 

CEO Mark Major says the company’s NSW projects continue to deliver promising results.

“Jews Creek Prospect within the Turon tenement, widely considered prospective for lode gold only, has delivered encouraging, intrusive-related copper-gold results at a time when the demand for copper is booming and gold is threatening to break out to an all-time high. These are promising results, and we look forward to future investigations.”

During the reconnaissance work 17 samples were collected and analysed by ALS Global for gold and 48 other elements. The company will look to define extremities of the intrusive and copper-gold mineralisation at Jews Creek through additional mapping and sampling. 

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.

As of December 2023, the company had $2.31 million in cash and cash equivalents at hand, according to its latest quarterly report.  

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Images: Krakatoa Resources
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.