Shares in Krakatoa Resources (ASX: KTA) soared has much as 26% today after wrapping up its acquisition of the Belgravia copper-gold project in the Central Tablelands Region of NSW.
The stock hit an intraday high of 6.3c on news the company has provided written notice to vendor, Locksley Holdings, following the satisfactory completion of legal and technical due diligence on Exploration Licence 8153, comprising the Belgravia Project.
Krakatoa Executive Chairman Colin Locke said Belgravia has six initial targets considered highly prospective for porphyry Cu-Au and associated skarn Cu-Au.
“With the due diligence now complete, we look forward to leveraging off KTA’s highly experienced porphyry team and undertaking aggressive exploration to bring serious value to shareholders,” Mr Locke said.
“Our tight capital structure, demonstrated by only 15% of our register being turned over since announcement of this transformational acquisition, is a testament to our loyal shareholders.”
Stephen Woodham of Locksley, who has held the Belgravia Project for many years, said he was absolutely confident that its prospectivity would be uncovered.
The recent success by Alkane Resources at its Boda Prospect to the north of Belgravia reinforces my belief that the Molong Volcanic Belt is a world class location for the discovery of large porphyry gold- copper mineralisation,” Mr Woodham said.
