Krakatoa sample shows potential for porphyry mineralisation at Sugarloaf
Krakatoa Resources Limited (ASX:KTA) has released promising results from a float sample collected at the Sugarloaf target on its 100% owned Belgravia Project, located near Orange, NSW.
The float sample lies on the north-western margin of a geophysical pattern considered indicative of porphyry-style mineralisation.
The sample featured 5.2 g/t gold and 1.7% copper, effectively confirming previously recorded mineralisation in a chip sample that assayed 0.53g/t gold and 1,250ppm copper, thereby supporting the potential for Sugarloaf to host porphyry-style mineralisation.
With regard to regional geological trends, the Sugarloaf Target lies within the same Ordovician volcanic belt that hosts the Copper Hill Deposit to the immediate northwest, Newcrest Mining’s (ASX:NCM) Cadia Valley Operations and the recent Kaiser-Boda discovery by Alkane Resources.
Explaining Krakatoa’s exploration initiatives executive chairman Colin Locke said, “Systematic exploration using airborne geophysics, detailed field mapping and surface geochemistry continues to pay dividends and create exciting opportunities for shareholders.
‘’The company will continue to expand upon this early success to build further successes at Sugarloaf and within the greater Belgravia Project”.
The management of ASX listed company Krakatoa Resources has recently underlined the parallels that exist between mineralisation across its tenements and that found in Newcrest's nearby Cadia Valley gold-copper porphyry region.