PROJECT

Cobalt Camp, Ontario

The Cobalt-Gowganda mining area (otherwise known as the Cobalt Camp) of Ontario, Canada is historically one of the most prolific cobalt and silver mining areas in the world. Over 600 million troy ounces of silver have been produced from mines in the area since 1903.

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Between 1910 and 1989, the Gowganda area produced 60 million ounces of silver and 1.4 million pounds of cobalt representing 11% of the total silver and 6% of the total cobalt production of the Cobalt-Gowganda camp (Ontario Geological Survey, Open File Report 6318, pages 7-10). The claim blocks, lie ~73km to the northwest and west-northwest of Cobalt.

The Cobalt-Gowganda mining district has recently been targeted by several cobalt-focused companies, including Winmar Resources Limited (ASX: WFE) and Battery Mineral Resources Pty Ltd, who partially enclose the companies Corkill-Lawson Claims.

Krakatoa anticipates further acquisition opportunities associated with cobalt and other energy storage and transportation elements.

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Project Geology

The silver-cobalt deposits at Gowganda occur within fracture-fill type carbonate veins. The veins occur within Nopissing Diabase that have intruded Archaean metavolcanic rocks which are unconformably overlain by flat-lying metasedimentary rocks of the Coleman Member of the Gowganda Formation. The vein systems are mostly fault controlled, with mineraliastion occuring adjacent to or within the diabase sills. The veins tend to be vertical to sub-vertical narrow and somewhat discontinuous, but very high-grade.

A thick blanket of cover (averaging 30m) at Corkill-Lawson obscures much of the prospective Nipissing Diabase and has severely constrained past exploration.

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Historical Exploration

Cobalt minerals within the claim areas were historically disregarded as mineral exploration was focused on silver, gold, nickel or copper. Klondike Silver Corp was active at Corkill-Lawson in the late 2000’s, using remote sensing geophysical techniques like Induced Polarisation (IP) and electromagnetic methods (VTEM), and geochemical techniques like Mobile Metal Ions, to see through the interpreted thick cover sequence to target features within the obscured Nipissing Diabase.

Klondike drilled 12 holes at Corkill-Lawson into various interpreted IP targets. Ten of the holes lie within the claim area. The pertinent drill information and results are listed in Annexure 1. The Company is yet to assess most historical activity related to the claim blocks.

Proposed exploration program

Krakatoa intends to compile the legacy data with a focus on reprocessing the existing geophysical datasets (IP, Aeromagnetics and VTEM) using modern approaches and enhancements. Similarly, the existing MMI geochemistry will be re-evaluated in light of any new discoveries that result from the aforementioned exercise.

The Company will also move to recover any remaining drill cores for relogging and scanning with a PXRF.
Upon completion of the above, the Company will generate a comprehensive exploration strategy per claim block and move to commence fresh field exploration. Ground electromagnetic methods will be considered prior to nominating drill targets.