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Mining industry

Krakatoa Resources Secures Funding for Maiden Diamond Drilling Campaign at Zopkhito Project

Strategic Insights

— 1 min read

Krakatoa Resources Ltd, a Australian-based mining company, has successfully raised A$1.3 million through a placement to fund its maiden diamond drilling campaign at the Zopkhito Antimony-Gold Project in Georgia. The funds will be used to undertake a 7,000-10,000-metre drill program, targeted adit drilling, and geophysical surveys aimed at verifying and expanding a foreign resource estimate of 26,000 tonnes of antimony and 815,119 ounces of gold. This development marks a significant step forward for the company, as it seeks to convert the current foreign resource into a JORC-compliant resource. The project, located in northern Georgia, offers a strategic advantage due to its proximity to major transportation routes and its access to 2.8 billion consumers through duty-free trade agreements.

Key Takeaways:

  • Krakatoa Resources Ltd has secured A$1.3 million through a placement to fund its maiden diamond drilling campaign at the Zopkhito Antimony-Gold Project.
  • The funds will be used to undertake a 7,000-10,000-metre drill program, targeted adit drilling, and geophysical surveys to verify and expand the foreign resource estimate.
  • The current foreign resource estimate is 26,000 tonnes of antimony and 815,119 ounces of gold.
  • The Zopkhito Project is located in northern Georgia, with access to major transportation routes and duty-free trade agreements.
  • Directors of the company will participate in the raise, pending shareholder approval.
  • The company aims to convert the foreign resource into a JORC-compliant resource.

Statistics:

  • A$1.3 million raised through the placement to fund the maiden diamond drilling campaign.
  • 7,000-10,000 metres of drilling planned as part of the exploration program.
  • 26,000 tonnes of antimony and 815,119 ounces of gold in the current foreign resource estimate.
  • 1,779 hectares of land area covered by the Zopkhito Project.
  • 170 kilometres from Kutaisi, with road and rail access to Black Sea ports.

Sources:

  • ASX:KTA - Krakatoa Resources Ltd.

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