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Mining industry

Krakatoa Resources Secures $1.3 Million in Funding for Maiden Drill Campaign at Zopkhito Project

Strategic Insights

— 1 min read

Krakatoa Resources' executive chairman Colin Locke announced the successful raise of just over $1.3 million, which will support the upcoming maiden diamond drilling campaign at the Zopkhito Antimony-Gold Project in Georgia. The funding is aimed at confirming and expanding on the historical data from the project, which holds a primary antimony resource grading 11%, derived from sampling only 16 of more than 60 adits. The campaign is set to commence in July, with two rigs expected to be in operation, and efforts underway to secure a third. Locke also highlighted the company's plans for a second drill campaign at the Stone Tank target within its Mt Clere project, funded through a $220,000 state government grant.

Key Takeaways:

  • Krakatoa Resources secured $1.3 million in funding for the maiden diamond drilling campaign at the Zopkhito Antimony-Gold Project in Georgia, with the campaign set to commence in July.
  • The funding will support the confirmation and expansion of the historical data from the project, which holds a primary antimony resource grading 11%.
  • The drilling campaign will involve two rigs, and efforts are underway to secure a third.
  • The Zopkhito Project has more than 60 adits, with only 16 having been sampled.
  • Krakatoa Resources is planning a second drill campaign at the Stone Tank target within its Mt Clere project, funded through a $220,000 state government grant.
  • The Stone Tank target was identified among a shortlist of five standout gravity anomalies across Western Australia.
  • The access track at the Zopkhito Project has been mostly cleared, and bridges have been repaired, confirming the project is on track for the July drilling kickoff.

Statistics:

  • $1.3 million - the successful raise of funding secured by Krakatoa Resources.
  • $220,000 - the state government grant funding the second drill campaign at the Stone Tank target.
  • 11% - the primary antimony resource grade at the Zopkhito Project.
  • 60 - the number of adits at the Zopkhito Project.
  • 16 - the number of adits that have been sampled.
  • 2 - the number of rigs expected to be in operation for the drilling campaign.
  • 3 - the number of rigs that the company is looking to secure.

Sources:

  • Locke, C. (2023). Interview with Proactive.

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