Krakatoa Resources (ASX:KTA) Announces December 2024 Quarterly Activities
Zopkhito Sb-Au Project Acquisition
Krakatoa Resources has entered a binding exclusive option to acquire an 80% interest in the Zopkhito Sb-Au Project in Georgia. The project boasts a foreign resource estimate of 225Kt @ 11.6% Sb and 7.1Mt @ 3.7g/t Au, containing 26,000 tonnes of antimony and 815,119 oz of gold. With only 16 of over 60 mineralised veins explored, significant exploration upside remains. Metallurgical tests have achieved a 56% antimony concentrate, and Krakatoa aims to convert the foreign estimate into a JORC classification resource during the option period.
Mt Clere REE Project Drilling Grant
The company has been awarded up to $220,000 from the Western Australian Government’s Exploration Incentive Scheme for drilling at the Stone Tank Prospect within the Mt Clere REE Project. The planned drilling will target two high-priority gravity anomalies, Jagger and Richards, anticipated to be associated with intrusive systems. Preparations are underway for the drilling program, expected to commence by mid-2025.
Financial Highlights
As of December 2024, Krakatoa Resources holds $1.42 million in funds. The company successfully raised $1.18 million through the issuance of 118,026,805 fully paid ordinary shares at $0.01 each. Additionally, Krakatoa holds a $109,000 drilling credit with Topdrill for future exploration activities. Total exploration expenditure for the quarter amounted to $497,000.
Corporate Updates
Krakatoa held its Annual General Meeting on 29 November 2024, with all resolutions passed. The company reported a strong financial position and continues to advance its exploration and processing strategies for both the Zopkhito and Mt Clere projects.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.