The fieldwork involved prospecting in and around the paddocks that host the Welcome Find reef and several other unnamed historical workings.
The majority of samples returned highly elevated metals and pathfinder elements characteristic of intrusive related gold systems (IRGS), reinforcing the prospectivity of the Rand area.
The Project covers a combined area of 580 square kilometres and is centred around 60 kilometres NNW of Albury in southern NSW within an under-explored part of the mineral enriched Lachlan Fold Belt.
“Results demonstrate calibre of gold system”
Krakatoa’s Chief Executive Officer, Mark Major commented. “This initial reconnaissance prospecting at Rand only covered a small area of the extensive Bulgandry Goldfields.
“These results not only demonstrate the potential calibre of the gold system but have confirmed the geochemical signature of an Intrusive Related Gold System (IRGS) at Bulgandry.
“The company is currently halfway through a regional scale auger geochemical survey, which covers the entire known Bulgandry goldfield and underlying magnetic lineaments believed to be associated with the mineralisation system.
“Our focus now is to define the full extent of the system through the auger survey, complete reconnaissance drilling under the unexplored areas of historical working and to continue with our systematic exploration strategy.”
Rock chip sample assays
The company has received assay results from a total of 19 chip or float rock samples, which were taken from silage face outcrop, subcrop exposure, surface outcrop or historical mine dump areas.
Rock samples were chipped from outcrop or collected as ‘float’ when encountered in the scarified and cleared crop paddocks, and assays returned confirm the potential for economic grades of gold (up to 80.6 g/t) and minor silver (up to 56.3 g/t).
Highly elevated base metals (copper, nickel, lead, zinc) were also present in as well as the pathfinder elements typically characteristic of IRGS, including bismuth, tellurium, tungsten, molybdenum, arsenic, antimony, indium and tin with a low sulphide content.
Rock chip samples (exhibiting IRGS pathfinder elements) locations, over satellite image.
Current exploration programs
The company is undertaking an extensive auger geochemical soil survey over the Bulgandry area; one of many priority targets identified by the recent, tenement-wide aeromagnetic survey.
The Bulgandry Goldfields are characterised by numerous historical workings where gold was mined from shallow outcropping veins that produced gold at very high grades, of up to 265 g/t.
Krakatoa is starting a 2,500 metre air-core (AC) drilling program in mid to late March over the twin magnetic ‘bullseye’ targets recently defined by the successful aeromagnetic survey.
This will be followed up by a 1,500 metres reverse circulation (RC) drilling program expected to start in early April, to test undrilled historical workings such as the Goodwood and Lone Hand Reefs.