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Significant gold and copper result increases mineralisation potential at Sugarloaf
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Mineralised float sample [IC200323-10] assays 5.19g/t gold and 1.73% copper
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Mineralised float sample is located 82m from a historical chip sample that assayed 0.53g/t gold and 1,250ppm copper, confirming the presence of significant gold and copper enrichment in the Sugarloaf area
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These results, along with the previously described legacy stream geochemistry, coincide with a large magnetic target with characteristics of porphyry-style mineralisation
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The anomalous float sample also returned 11ppm silver, 0.12% lead, 0.23% zinc, 19ppm molybdenum, and 14ppm antimony
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Further field mapping, geochemical sampling and drilling are scheduled for Sugarloaf
Krakatoa Resources Limited (ASX: KTA) is delighted to announce results including 5.19g/t gold and 1.73% copper from a float sample collected at the Sugarloaf Target on the 100% owned Belgravia Project, located near Orange, NSW.
The float sample (Figure 1) lies on the northwestern margin of a geophysical pattern considered indicative of porphyry-style mineralisation. It confirms previously recorded mineralisation in a chip sample that assayed 0.53g/t gold and 1,250ppm copper (see 11 February market release – Porphyry pattern delineated at Sugarloaf) and raises the potential of Sugarloaf for hosting porphyry-hosted mineralisation.
The Sugarloaf Target lies within the same Ordovician volcanic belt that hosts the Copper Hill Deposit to the immediate northwest, Newcrest’s Cadia Valley Operations and the recent Kaiser-Boda discovery by Alkane Resources.
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Prospectivity
The Company implemented a field mapping and sampling program after reconsidering the regional aeromagnetic data. That exercise identified a sizeable geophysical pattern considered characteristic of porphyry-style copper-gold mineralisation. The aforementioned program remains ongoing.
Cypress minerals 1989 chip result
Au_ppm: 0.53g/t
Figure 2: Sizeable porphyry pattern identified in regional aeromagnetic data
