Krakatoa Resources Rise On Strong Gold And Copper Results From Turon

Krakatoa Resources Ltd (ASX: KTA) has defined a new copper-gold prospect at the Turon Project in New South Wales following the receipt of rock-chip assays.

Results up to 10.45% copper, 1.24g/t gold along with anomalous molybdenum and tin have been identified at the Jews Creek Prospect within Turon.

The Turon Project is located 30km north of Bathurst and 10km east of Vertex Minerals Ltd’s (ASX: VTX) high-grade Hill End Gold Mine.

Bullish on Jews Creek potential

Krakatoa shares surged intra-day today after revealing the assays, last trading at A$0.02, up 150%.

Krakatoa CEO Mark Major said: “Jews Creek Prospect within the Turon tenement, widely considered prospective for lode gold only, has delivered encouraging, intrusive-related Cu-Au results at a time when the demand for copper is booming and gold is threatening to break out to an all-time high.”

Multi-element potential

At Jews Creek South, Krakatoa located an area of apparent hard-rock workings over at least 100 x 100 metres.

The workings comprise several shallow prospecting pits and a significant mullock dump adjacent to a back-filled shaft.

The most promising sample returned values including 1.235g/t gold, 39.1g/t silver, 10.45% copper, 45.3ppm molybdenum and 19.6ppm tin.

Notably, all four samples from Jews Creek South returned over 1% copper, averaging 4.83% to a maximum of 10.45%.

Next steps

Krakatoa will now look to define the extremities of the intrusive and copper-gold mineralisation at Jews Creek, through further mapping and sampling.

During the December quarter of 2023, the company raised A$1.6 million through a placement of shares.

Krakatoa ended the quarter with a cash balance of A$2.3 million.

 

 

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