Krakatoa Resources to expand Dalgaranga footprint; climbs 5pc
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Explorer Krakatoa Resources has moved to expand its flagship Dalgaranga tantalum, niobium and lithium project in Western Australia by 300 per cent.
Krakatoa (ASX: KTA) has applied for two new prospecting licences which adjoin its existing Dalgaranga project area.
The applications, which cover 322 hectares, would expand Dalgaranga’s footprint to 430 hectares.
Krakatoa shares gained on the news, closing 5 per cent higher at 4.5c.
Geological mapping and gathering of historical exploration data would begin once the new prospecting licences were confirmed.
Dalgaranga lies 80 km north west of Mount Magnet in Western Australia and is considered prospective for tantalum, lithium, niobium and rubidium.
It was initially discovered in 1961 and has undergone small-scale mining over many years producing tantalum, tin and tungsten.
The company will also begin a 20-hole drilling campaign shortly at Dalgaranga to test mineralisation around the open pit at the project.
Krakatoa has a market cap of $4.5 million.