Krakatoa Resources expands King Tamba drilling campaign; shares higher
Last updated: 10:49 24 Nov 2023 AEDT, First published: 10:58 24 Nov 2023 AEDT
Krakatoa Resources Ltd (ASX:KTA) has significantly expanded its exploration campaign at the wholly-owned King Tamba Project in Western Australia by a further 6,000 metres of reverse circulation (RC) drilling.
The ASX-lister recently completed 1,800 metres of RC drilling to test the extent of high-grade lithium in soil anomalies across the Wilsons, Loader and MGM prospects.
Thirteen out of the 16 holes drilled intersected thick, continuous pegmatites from 70 metres deep, including a flat-lying blind pegmatite up to 39 metres thick underneath the 4.3% Li2O rock chip at the Wilsons prospect.
Investors have welcomed this development, sending KTA shares 7.84% higher at $0.055 in early ASX trading.
READ: Krakatoa Resources intersects thick pegmatites as King Tamba lithium potential grows
“Previous drilling covered a mere fraction of the 3-kilometre LCT corridor,” KTA executive chairman Colin Locke said.
“It’s time to take an aggressive approach and carry out comprehensive drill testing of the high grade anomalous soil zone.”
Proposed drill locations overlain on high-grade lithium soil anomaly.
December start
The planned drilling will cover a 0.5 by 1.3 kilometre high-grade soil anomaly down to 140 metres.
The company believes the source of the widespread anomalous lithium in soils will become clear once the campaign is completed.
Drill site preparation and logistical planning has already begun, with the intention to commence drilling in early December.
