Krakatoa completes successful drilling campaign at Bell Valley
On Wednesday, Krakatoa Resources Limited (ASX:KTA) announced the results and findings from the company’s geochemical aircore drilling program at Bell Valley, one of six target areas, at its 100% owned Belgravia Project in the central Molong Volcanic Belt (MVB), Lachlan Fold Belt (LFB), New South Wales.
The drilling program comprised 128 inclined holes for a total of 2,358 metres at an average depth of 18 metres.
Drilling was to blade refusal, providing management with an understanding of mineralisation close to surface.
The drilling was fairly broadly spaced at 100 metres along lines with 200 metre spacing between lines.
The objective was to test below tertiary basalt and locate patterns of zoned alteration and mineralisation halos related to large porphyry-style gold and copper systems in magnetically complex zones of the LFB, similar to that found at Cadia where Newcrest Mining (ASX: NCM) has one of the largest producing lowest cost gold-copper mines.
Experienced porphyry geologist Mr Ian Cooper who has had on the ground experience at Cadia summed up the findings in saying, “The drill program went better than expected with previously hidden zones of monzodiorite and shoshonitic volcanics encountered and a geochemical halo identified at the Bella Target co-incident with anomalous gold and the previously defined geophysical signature.
‘’These features are encouraging and give us confidence for our on-going exploration.”
Management buoyed by increased prospectivity at Bell Valley
Gold and multi-element assay results and geological logs from the aircore drilling program have been assessed and interpreted to have further heightened the prospectivity of the Bell Valley target area.
Zones of enrichment in elements typically useful for evaluating porphyry prospectivity, including gold, copper, bismuth, lead, zinc, arsenic and molybdenum were located near the diorite/monzodiorite intrusions and co-incident with previously identified geophysical targets – Bella, Lara 1 and 2 and Power.
The Bella Target now comprises a “doughnut” shaped magnetic pattern, considered characteristic of porphyry intrusion, supported by a geochemical halo of pathfinder minerals associated with porphyry-style mineralisation, and elevated gold and copper including two gold highs, 0.192 ppm gold and 0.187 ppm gold, on its western margin.
In this context, the company is confident the assay results and geological findings from the aircore drilling program at Bell Valley have confirmed its prospectivity warranting immediate additional work.
Management is currently arranging work programs as it systematically advances to drill testing priority target areas at depth.
This will include continued expansion of work to other prospective target areas, including Sugarloaf Creek and Guanna Hill.