Traka Raises $300K as Drilling Plans Progress at Gorge Creek and Cranbrook

• Ongoing land access negotiations and planned drilling at Gorge Creek targeting SEDEX-style lead, zinc, REE, and uranium
• Maiden rare earth element drill program planned at Cranbrook pending government approvals
• Withdrawal from Mozambique Mavago and Meponda projects after due diligence
• Successful $300,000 capital raise through share placement in December 2024
• Continued focus on identifying complementary projects to enhance shareholder value

Exploration Momentum at Gorge Creek

Traka Resources Limited (ASX: TKL) has reported a productive December 2024 quarter, with its flagship Gorge Creek Project in Queensland advancing steadily. The company is actively pursuing land access agreements with local Heritage groups, a critical step before resuming on-site exploration. Once secured, Traka plans to initiate a diamond drilling program targeting the Typhoon and Hercules prospects, large-scale, flat-lying SEDEX-style lead and zinc deposits along the Fish River Fault Zone.

Beyond base metals, Traka is expanding its exploration scope at Gorge Creek to include rare earth elements (REE) and uranium. The geological setting, including radiometric uranium anomalies and phosphate-rich volcanic units, presents promising targets. Preparatory work is underway to assess these commodities, subject to regulatory approvals, signaling a diversified approach to resource potential.

Cranbrook Project: New REE Drilling on the Horizon

In Western Australia, the Cranbrook Project is poised for its maiden drill program targeting clay and rock-hosted rare earth elements. Covering 900 square kilometers over the Albany Fraser Orogen Zone, the project has secured land access agreements over priority geophysical and geochemical targets. Traka is awaiting government approvals to commence drilling, which could unlock significant REE mineralisation potential in this underexplored region.

Strategic Withdrawal from Mozambique Projects

Following a thorough due diligence process, Traka has withdrawn from its option agreement to acquire an 80% interest in the Mavago and Meponda REE and niobium projects in Mozambique. The decision reflects a strategic realignment to focus resources on more accretive opportunities within Australia. Importantly, no further payments are required, allowing Traka to conserve capital while continuing to evaluate complementary projects that align with its growth strategy.

Capital Position and Corporate Developments

Traka successfully raised $300,000 before costs through a December placement, issuing 150 million shares at $0.002 each. This capital injection supports ongoing exploration activities and corporate operations. The company’s capital structure now includes over 2.1 billion fully paid ordinary shares and a suite of options and performance rights, reflecting a balanced approach to incentivising management and consultants.

Corporate changes included the resignation of Joint Company Secretary Ira Gibbs, with Jay Stephenson continuing in the role. Payments to related parties during the quarter amounted to $69,334, consistent with director remuneration and fees.

Looking Ahead: Exploration and Growth

Traka’s management remains committed to unlocking value from its existing tenements while actively seeking new projects that complement its portfolio. The company’s focus on SEDEX-style deposits, REE, and uranium aligns with global demand trends for critical minerals. However, progress is contingent on securing regulatory approvals and successful drilling outcomes. Investors will be watching closely as Traka advances its drilling programs and evaluates acquisition opportunities that could reshape its growth trajectory.

Bottom Line?

Traka’s disciplined focus on core Australian projects and capital management sets the stage for potential value creation, but exploration success and regulatory clearances remain key hurdles.

Questions in the middle?

• When will Traka secure final land access and regulatory approvals to commence drilling at Gorge Creek and Cranbrook?
• What are the initial exploration results expected from the upcoming diamond drilling programs targeting SEDEX deposits and REE?
• Which new complementary projects is Traka evaluating, and how might these acquisitions impact the company’s strategic direction?