Krakatoa Resources Limited (ASX: KTA) has identified a significant new porphyry target through its recent high resolution airborne magnetic survey and regional compilation at the Belgravia Project in the Lachlan Fold Belt of NSW.
Executive Chairman, Colin Locke, said the airborne geophysical survey has valued-added to Krakatoa’s understanding of the mineral prospectivity at Bell Valley and in other parts of the company’s holding.
It has also enabled the company to recognise the significant gold-copper porphyry potential in the Bell Valley Target, which lies in the eastern portion of the Copper Hill Intrusive Complex.
The Complex is host to the Copper Hill deposit containing a global resource of 890koz Au & 310kt Cu (87Mt @ 0.32% copper & 0.27g/t gold comprised indicated resources of 47Mt @ 0.39g/t Au and 0.4% Cu and inferred resources of 40Mt @ 0.24g/t Au and 0.32% Cu, using a 0.2% copper cut-off grade).
The Copper Hill deposit and several additional prospects all lie within a discrete low magnetic feature. The Copper Hill deposit has been the focus for historical exploration plausibly at the expense of several underexplored opportunities, e.g. Dash, Lode 3, etc.
The low magnetic features, at least locally, can result from the destruction of magnetite by propylitic and phyllitic alteration producing a smooth broad magnetic low over the vicinity of the intrusion.
Mr Locke said the imaging also demonstrates the importance that the margins of the major intrusive complexes have on locating porphyry mineralisation, with Copper Hill situated along the western margin and Bell Valley Target Area along the eastern margin.
Krakatoa is rightfully eager to explore the possibility’s presented by having approximately 6km of the ‘magnetic low signature’ interpreted to lie along the eastern margin of the intrusive complex in its Bell Valley Target Area,” Mr Locke said.
“It is worth noting that geochemical trends and anomalism outlined by the recent aircore drilling programme coincide with the northernmost magnetic low at Bell Valley.”
