⛏️ Kula Gold Limited is pleased to announce that RC drilling of the Boomerang Prospect at their 100% owned Marvel Loch-Airfield Gold Project has resumed in January 2022 following the festive break.

HIGHLIGHTS

• 52 RC holes (2,887m) drilled in late 2021, with 10 holes (approx. 600m) of original drill plan remaining.
• Extension of original program by 18 additional holes (approx. 1080m).
• Logging of RC holes to date show the white kaolin clays have an average vertical thickness of 29m, intercepted from around 5.7m below surface.
• Gold potential at the Boomerang Prospect is being tested by extending RC holes through to saprock or fresh rock, on discretion of the supervising geologist.

Figure 1. Rig 2 from Stark Drilling collaring 22BMRC001 (the first 2022 RC hole at the Boomerang Prospect) with the Kula on site geologist set up and ready to log. Project and Prospect location shown in inset map.

Review of geologist’s logging data for holes completed to date has warranted a further 18 holes (approx.
1,080m) be added to the original 62-hole drill program for a new total of 80 designed holes. The revised drill
program spans approximately 1.9 km from north to south, and approximately 2 km from east to west,
covering an area of around 3 km² (see Figure 2).

Originally designed to define the geographic extent and assess the resource potential of kaolin and halloysite
within the Boomerang Prospect, KGD is pleased to announce that RC drilling is now with the intent to deliver
a Preliminary Resource Estimate for the Boomerang Kaolin Prospect.

KGD is working with an independent Resource Geologist, in anticipation of being able to calculate a
preliminary resource estimate for the Boomerang Kaolin Prospect, should assays and a reasonable
expectation of economic extraction warrant.

The kaolin horizon at Boomerang averages 29m true vertical thickness (ranging 5m to 59m), with kaolin
clays starting 5.7m below the surface on average (ranging 2m to 11m), calculated from all RC holes that
have intercepted white kaolin clays to date.

To test the gold potential of the Boomerang Prospect, drill holes are being extended below the kaolin
horizon into either saprock or fresh rock, at the discretion of the supervising geologist on assessment of the
lithology, alteration, mineralogy and structure observable within the chips, in consideration with the
location of the drillhole and KGD’s evolving geological interpretation of the Marvel Loch – Airfield Project.

Drilling of the remaining 28 holes (approx. 2,680m) of the extended 80-hole program is expected to be
completed within the next 14 days.

Figure 2. Map showing location of completed RC holes, coloured by depth of vertical kaolin intercept (as determined by geologist on rig), and location of remaining planned drillholes.
Table Notes: * 21BMRC016 was abandoned and redrilled as 21BMRC016A. ** Hole 21BMRC038 drilled as twin hole to 21BMRC001. 21BMRC001 –21BMRC003 reported previously in ASX release 13 July 2021. Holes 21BMRC004 – 21BMRC027 reported previously in ASX release 3 Dec 2021. Collar Coordinates for 21BMRC004 onwards were obtained via handheld GPS and will be measured accurately by a qualified surveyor on completion of the drill program.

View the Full Release PDF

– News Release –
Date: 18 January 2022 | ASX Code: KGD

Competent Person Statement
The information in this report that relates to geology and exploration is based on information compiled by Mrs Melanie Hickman, a Competent Person who is a member of the Australian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mrs Hickman is a Geology and Exploration Consultant who has been engaged by Kula Gold Ltd. Mrs Hickman has sufficient experience, which is relevant to the style of mineralisation, geology and type of deposit under consideration and to the activity being undertaken to qualify as a competent person under the 2012 edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (the 2012 JORC Code). Mrs Hickman consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

About the Company
Kula Gold Ltd (ASX: KGD) is a West Australian gold exploration company focussed on large land positions and structural geological settings capable of hosting ~1m oz deposits.
The company has various gold, copper, nickel, PGE, halloysite and kaolin projects across the Southern Cross region including Marvel Loch, Rankin Dome and Westonia, as well as at Brunswick and Kurnalpi-Lake Rebecca. The company has a history of large gold resource discoveries with its foundation Woodlark Island Project in PNG.
Contact the Company Secretary on Tel: +61(08) 6144 0592 or via cosec@kulagold.com.au