Krakatoa Resources Limited (ASX: KTA) has identified a number promising targets after completing pre-drill exploration work at its 100% owned Belgravia Project in NSW.
The systematic exploration within the Bell Valley area at Belgravia included an Unmanned Aerial Vehicle (UAV) aeromagnetic survey in conjunction with field mapping and rock chip sampling.
Executive Chairman, Colin Locke, said the work has identified several targets with geological elements similar to known deposits elsewhere within the Molong Volcanic Belt (MVB) where Belgravia is located.
The company has moved quickly to lodge an application to undertake a high impact air- core drilling programme to rapidly advance exploration at Belgravia.
The UAV (drone) survey, flown east-west on a 25m line spacing with north-south tie lines every 250m and at a flying height of 30-35m, led to the identification of several magnetic and structural features.
Mr Locke said these targets demanded immediate investigation due to their geological similarity to the adjacent Copper Hill and Cadia Valley copper-gold deposits.
Field mapping by Krakatoa and nearby historical exploration activity support several opportunities within the Bell Valley area, which sits within the Copper Hill Igneous Complex, host to the Copper Hill deposit containing a global resource of 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)2.
To quickly advance exploration at Belgravia, the company will now implement an 87-hole air-core drill programme.
Mr Locke said the programme will test multiple drill targets, focusing on the northern and southern edges of the Copper Hill and Larras Lake igneous complexes, the demagnetised zone between the complexes and along the NW-trending structure. Drilling will commence upon receipt of the appropriate approvals.
Additionally, the Company has made an application through the NSW Government’s New Frontiers Cooperative Drilling programme to receive co-funding for a 600m diamond drill hole at the Bella Prospect.