Krakatoa launches REE drill run at WA’s Mt Clere Tower prospect
Krakatoa (ASX:KTA) launching 3000m drilling campaign for rare earths in the famous Yilgarn Craton
Source: iStock
Mentioned
KEY POINTS
- Company running 3000m aircore drill campaign at Mt Clere Tower Prospect
- The Mt. Clere project is located within the lauded Yilgarn Craton
- Resource defining drilling also underway; company seeking rig to test extension targets
Krakatoa Resources (ASX:KTA) has commenced 3000m worth of aircore drilling at its Mt Clere rare earth element (REE) project in WA at Mt. Clere.
The Yilgarn Craton acreage is home to a range of prospective REE targets and aircore drilling is to support resource defining drilling underway.
The Mt. Clere acreage is believed to host REE mineralisation attached to clays, which ultimately allows for a cheaper downstream refining process.
The current drill program is expected to wind up in four weeks.
A map locating Krakatoa's Tower Prospect
Secondary drilling program set for Q3
In the background, the company is preparing to drill up to 15 new targets on-site mostly within a northwest portion of the project boundaries.
In Q3 of 2022 those targets, believed to be prospective for platinum group elements (PGE), nickel and copper, will form a fresh drill campaign.
The targets were logged in an electromagnetic survey earlier this month.
Further drilling in Q2 upon rig acquisition
Krakatoa notes it is waiting to acquire a more portable drill rig to further test targets prospective for REEs on site believed to be extensions of current targets.
It is also waiting for test results to come back from Australian nuclear regulator ANSTO’s laboratory.
ANSTO is responsible for all REE metallurgical testwork in Australia due to REEs often being slightly radioactive, coinciding with thorium and other elements.
A number of companies are waiting for results to come back from the testwork facility, delays are due to high levels of demand.
How is Krakatoa travelling?
Year-to-date (YTD), Krakatoa’s share price is up 8.16% to 5.3c.
Most of that growth has been in 2022, with 12 month performance currently at 6%.
Krakatoa’s share price rose to 13c in April.
Krakatoa's three month performance relative to the materials index (XMJ)
Krakatoa Resources was a Market Index client at the time of publishing. All coverage contains factual information only and should not be interpreted as opinion of financial advice.
