Krakatoa Resources Limited announced the completion of a 27 hole, 1318m Air Core (AC) drill program at the Company's 100% owned Rand Project, centred approximately 60km NNW of Albury in Southern NSW. The AC program was drilled on roadside easements during February 2023. Eight holes were collared within EL9000 "Rand" and the remainder on EL9366 "Urana".

A total of 27 vertical, 89mm diameter holes (RAC001 to 027 inclusive; Table 1) for 1318.7 metres were completed. Twelve (12) holes tested the Ryan Granite ("Dury") at 1km centres along 7.5 km of (NE-SW) strike, a further 12 holes tested the northern Jindera Granite ("Durj") as wide-spaced E-W fences with 1.5 to 2.5km spacings and RAC020 tested an unassigned Devonian rhyolite dyke. The final two holes that targeted Durj intersected Abercrombie Fm ("Oada").

Hole depths ranged from 3 to 72 metres, with a median depth of 54 metres. Wallis Drilling completed the drill program using a Toyota Landcruiser-mounter Mantis AC rig. Most holes were terminated at the top of saprock, unless terminated sooner due to bad drilling conditions.

The holes intersected various Fe-oxide- (goethitic and hematitic) bearing zones (interpreted as mottled zones and ferruginous saprolites), in addition to clean clays (interpreted as the pallid (or upper) saprolite). Almost 400 composited samples are currently being prepped by ALS Global for a lithium borate, multi-element suite analysis. Assay results are expected in approximately 8 weeks.

If the results are encouraging, KTA will move to quickly start follow-up drilling, as 90 holes have been permitted, of which only 27 were drilled in this initial program.