Krakatoa commences gold drilling at Bell Valley
Emerging Lachlan Fold Belt explorer, Krakatoa Resources Limited (ASX:KTA), has commenced drilling at the company’s Bell Valley Target Area.
This includes three porphyry prospects, namely Bella, Lara 1 and Lara 2.
The drilling also covers a demagnetised zone immediately south of the Lara 2 Prospect referred to as the Lee Prospect.
The drill program comprises 127 air core holes over parts of the Copper Hill and Larras Lee igneous complexes.
The former is host to the Copper Hill copper-gold deposit, which lies 2.7 kilometres immediately south-west of the drilling grid and is the subject of a prefeasibility study (PFS).
Management will be looking to identify signals related to large porphyry-style gold and copper systems in magnetically complex zones of the East Lachlan Fold Belt (ELFB).
The ELFB is the same Ordovician volcanic belt which hosts the giant Cadia-Ridgeway mine and recent Boda discovery by Alkane Resources (ASX:ALK).
Diamond drilling at Belgravia anticipated in coming months
It is also worth noting that the company has made an application through the NSW Government’s New Frontiers Cooperative Drilling program to receive co-funding for a 600 metre diamond drill hole at Belgravia.
The program provides grants to exploration companies to assist in exploration drilling programs and encourage exploration.
Allocation of co-funding is expected late in the March quarter, or early in the June quarter.
If successful, the company will use the funds on a single diamond drill at the Bella Prospect.
As indicated below, this is situated in a premium porphyry copper-gold region with Newcrest Mining’s (ASX:NCM) low-cost, long life Cadia East project lying to the south and Alkane Resources’ Boda discovery to the north.
The Belgravia Project covers an area of 80 square kilometres and is located in the central part of the Molong Volcanic Belt (MVB), which forms part of the East Lachlan province within the Lachlan Fold Belt, New South Wales.
The East Lachlan region constitutes the largest porphyry province in Australia.
Belgravia lies approximately 7 kilometres east of the township of Molong and 20 kilometres north-west of the regional centre of Orange, providing excellent road, rail, power, gas and water infrastructure.
The Belgravia Project has six initial targets considered highly prospective for porphyry copper-gold and associated skarn copper-gold.