Krakatoa Resources Limited (ASX: KTA) has received significant results, including 5.19g/t goldand 1.73% copper, from a float sample collected at the Sugarloaf Target on its 100% owned Belgravia Project near Orange in NSW.
The float sample was acquired on the north-western margin of a geophysical pattern considered indicative of porphyry-style mineralisation.
Executive Chairman, Colin Locke, said the results confirm previously recorded mineralisation in a chip sample that assayed 0.53g/t gold and 1,250ppm copperand raises the potential of Sugarloaf for hosting porphyry-style mineralisation. Both samples lie on a northeast-trending fault along the northwest margin of the geophysical pattern with the historical sample located 82m north of the new sample
The Sugarloaf Target lies within the same Ordovician volcanic belt that hosts the Copper Hill Deposit to the immediate northwest, Newcrest’s Cadia Valley Operations and the recent Kaiser-Boda discovery by Alkane Resources.
Systematic exploration using airborne geophysics, detailed field mapping and surface geochemistry continues to pay dividends and create exciting opportunities for shareholders,” Mr Locke said.
“The company will continue to expand upon this early success to build further successes at Sugarloaf and within the greater Belgravia Project.”
To date, 37 chip or float samples have been collected mainly across the western margin of the Sugarloaf area. The collected samples are mostly in the vicinity of the historical Sugarloaf Creek copper drainage anomaly and across the western margin of the interpreted magnetic pattern.
The commodity-rich sample was comprised mainly of quartz, epidote, malachite, chalcocite and chalcopyrite veining, reported 5.19g/t gold, 1.73% copper, 10.65 ppm silver, 0.12% lead, 0.23% zinc, 19ppm molybdenum, and 14ppm antimony.
The Belgravia Project covers an area of 80km2and is located in the central part of the Molong Volcanic Belt (MVB), which forms as part of the East Lachlan province within the Lachlan Fold Belt, NSW. The East Lachlan region constitutes the largest porphyry province in Australia.
The Project lies approximately 7km east of the township of Molong and 20km northwest of the regional centre of Orange, providing excellent road, rail, power, gas and water infrastructure.
The Belgravia Project has six initial target areas considered highly prospective for porphyry Cu-Au and associated skarn Cu-Au. Historical exploration appears to have failed to adequately consider the regolith and tertiary basalt (up to 40m thick) that obscures much of the prospective geology.
