⛏️ Kula Gold Limited reports results from the 375 auger sample Phase 2 program, designed to further test the low-level lithium and gold anomalism identified during first pass sampling on its 100% owned Rankin Dome Project within the Southern Cross Region.
HIGHLIGHTS
- Rankin Dome Project reveals 70% of 375 samples are above 115ppm Total Rare Earth Elements (REE) with 2 samples peaking at 1080ppm from Phase 2 geochemical program.
Given the region’s known Rare Earth Element (REE) potential, Phase 2 samples were analysed for an extended element suite, with results identifying elevated REE concentrations from two potential host sources.
Results are presented in Figure 2, with relevant geostatistics provided in Table 1.
Two samples returned total REE (tREE) values of over 1000 ppm, and a further 17 samples returned tREE values of over 450 ppm (representing the 95th percentile of results for the sample population).
Figure 1: Location Map of Kula Gold Projects within the Southern Cross Region – Red box indicating the area of interest within the Rankin Dome Project.
Figure 2: Auger geochemistry results (tREE_ppm) over reprocessed regional RTP-TMI magnetics
For context on grade results – refer to this resource announcement from Iconic Rare Earths on 3 May 2022.
The Phase 2 Auger program also aimed to test orientation and extent of the low-level gold anomalism returned in first pass sampling. Results are inconclusive at this stage and further work may be conducted in conjunction with REE exploration.
Geochemical sampling of this target within the NW section of Rankin Dome confirmed the presence of lithium co-incident with a NW trending low magnetic response rock unit, however Lithium values across both phases of sampling once analysed fall within expected normal ranges for the interpreted felsic basement rock and therefore don’t warrant further follow up.
The REE results are significant and follow up exploration is in progress, with results to be reported in due course.
Date: 13 May 2022 | ASX Code: KGD
Competent Person Statement: The information in this report that relates to geology and exploration is based on information compiled by Ms. Sarah Dyer – a Competent Person who is a member of the Australian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Ms Dyer is a Geology and Exploration Consultant who has been engaged by Kula Gold Ltd. Ms Dyer 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). Ms Dyer consents to the inclusion in the report of the matters based on his 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, lithium, 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
