Krakatoa back drilling King Tamba next week after $1.6 million raise
November 30, 2023 at 02:46 pm EST
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Krakatoa Resources Ltd (ASX:KTA) chairman Colin Locke tells Proactive the company has received firm commitments to raise $1.6 million through a share placement to advance an expanded drilling campaign at the wholly-owned King Tamba Project in Western Australia. Locke says now’s the time to take an aggressive approach in the search for lithium after an initial 1,800-metre reverse circulation drilling program intersected thick, continuous pegmatites, including a flat-lying blind pegmatite up to 39 metres thick underneath a 4.3% Li2O rock chip at the Wilsons prospect.
“We thank investors for their continued support and welcome new shareholders to our registry,” Locke said. “Our drilling partners, Topdrill, have demonstrated their confidence in the project by drilling for equity.”
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Proactive Investors
Jonathan Jackson
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jonathan@proactiveinvestors.com
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Krakatoa Resources Limited is an Australia-based company, which is engaged in the mineral exploration and evaluation of acquisition opportunities. Its projects include Mt Clere Rare Earth Project, King Tamba Speciality Metals Project, Belgravia Porphyry Project, Turon Gold Project, Rand Gold Project and Mac Well Project. The Mt Clere Rare Earth Project is located approximately 200 kilometers (km) northwest of Meekatharra. Belgravia Porphyry Project is located in the central division of the Molong Volcanic Belt (MVB) and covers an area of over 80 square kilometers (km2) located in the tier 1 mining jurisdiction of the Lachlan Fold Belt, New South Wales, Australia. The Turon Project covers 120 km2 and is positioned approximately 50km east of the Companyâs Belgravia Project and 60km northeast of Newcrest Miningâs Cadia Valley Mine in the central tableland region, NSW. The Rand Gold Project covers a substantial area of 580 km2 in the Central Lachlan Fold Belt, New South Wales.