⛏️ Kula Gold Limited reports the quarterly activity report for the period ended 30 September 2022.
HIGHLIGHTS – (View PDF)
- A mag survey is being scheduled following the identification of 11 pegmatite targets at Kula’s Brunswick Lithium Project, situated 45km from the Greenbushes Lithium Mine.
- Further fieldwork is in progress to identify more potential lithium bearing pegmatites.
- A Heli VTEM & mag survey has been approved and scheduled for November with the aim to refine drill targets at Kula’s Westonia Project, situated less than 5km South of the Edna May Gold Mine.
- Commercialisation studies are progressing with the focus on showing more opportunities for bulk volume of Metakaolin production including for the Green Construction Industry.
BRUNSWICK PROJECT
Brunswick Lithium Project
The Company continued with ongoing exploration activities at its 100% owned Brunswick Lithium Project, located approximately 45km from the Greenbushes Lithium Mine in the SW of Western Australia, which successfully identified six pegmatitic target zones along a N/S striking radiometric trend that runs for over 16km (Figure 1).
Figure 1. Mapped pegmatites (red) over the 1:100k state interpreted bedrock geology.
Donnybrook Gold Mine Prospect
Prospect Exploration activities at the Donnybrook Gold Mine Prospect (“DBGM”) within the Company’s 100% owned Brunswick Project in the Southwest Region of WA saw soil sampling define a zone of up to approximately 50m wide with a current strike of 650m NNW (open in both directions) with anomalous gold in soils up to 176ppb, and rock samples to 3.47g/t gold.
Soil sampling also revealed an approximate 300m x 200m area of copper anomalism immediately northwest of Mt. Cara, with values up to 219ppm copper. This area remains open to the north. Gold micro nuggets were panned from creeks originating within volcanic tuff at the new White Sands Prospect, located approximately 6km northeast of the DBGM Prospect.
Rock sampling results were obtained across a 50cm zone of exposed saprolite at the top of Mt. Cara and returned results ranging from 1.73g/t – 3.47g/t gold. Field repeat samples of up to 7.95g/t gold were also confirmed at the DBGM.
(Refer ASX Announcement on 4 July 2022, Rock Samples up to 7.95g/t Gold at the Donnybrook Prospect).
WESTONIA PROJECT
The Company focussed a maiden exploration program on the central portion of E77/2766 of the 100% owned Westonia Project, which is situate less than 5km south of the Edna May Gold Mine (Figure 2).
The Company reported anomalous geochemical results to 125ppb Pt + Pd (combined) and up to 35ppb gold in geochemical auger sampling, as well at 1.85g/t gold in a quartz vein rock sample from a lateritic breakaway.
(Refer ASX Announcement on 30 August 2022, Maiden Exploration Program – Westonia Project)
As a result of the encouraging maiden exploration program the Company has approved an airborne Heli VTEM and magnetic survey across the entirety of its 100% owned Westonia South Project.
The VTEM survey is scheduled for November.
(Refer ASX Announcement on 29 September 2022, Heli VTEM & Mag Survey – Westonia & Mag Survey – Brunswick).
Figure 2: Location of the maiden exploration program, located less than 5km south of the Edna May Gold Mine.
MARVEL LOCH–AIRFIELD PROJECT
Boomerang Kaolin Deposit
The Company completed its maiden Mineral Resource Estimate for the Boomerang Kaolin Deposit near Marvel Loch/Southern Cross, Western Australia.
The independent JORC 2012 compliant resource estimate reported a total resource of 93.3mt of Kaolinized Granite, which is made up of an indicated resource of 15.2mt and an inferred resource of 78.1mt. The orebody is open laterally in all directions.
Commercialisation studies are progressing with the focus on showing more opportunities for bulk volume of Metakaolin production including for the Green Construction Industry.
(Refer ASX Announcements on 20 July 2022, Boomerang Kaolin Project – Maiden JORC Resource 93.3mt & Boomerang Kaolin – Presentation).
RANKIN DOME PROJECT
The Company released an update to the market on 15 July 2022 (Refer ASX Announcement on 15 July 2022, Rankin Dome Rare Earth Element Update – Southern Cross Region) followed on the 9th of August 2022 with a more significant market release in relation to this project, being the execution of a binding Farm-In Agreement with Australian Critical Minerals Pty Ltd in respect of the Company’s non-core Rankin Dome Project comprising of three tenements being E77/2709, E77/2753 and E77/2768
(Refer ASX Announcement on 9 August 2022, Farm-in and Joint Venture Agreement – Rankin Dome).
Figure 3: Auger geochemistry results (tREE ppm) over reprocessed regional RTP-TMI_VD1e magnetics
OTHER TENEMENTS
During the quarter, the Company reduced the size of its Lake Rebecca Project following the part surrender of tenement E28/2942.
CORPORATE ACTIVITIES
The Company completed capital raisings totalling $2.88m during the quarter, of which $0.5m is subject to shareholder approval at the General Meeting for an investment by Terra Capital, a specialist resource fund.
News Release
Date: 26 October 2022 | ASX Code: KGD
About the Company
Kula Gold Limited (ASX: KGD) is a Western Australian mineral exploration company with expertise in the discovery of new mineral deposits in WA. The strategy is via large land positions and structural geological settings capable of hosting ~+1m oz gold or equivalent sized deposits including Lithium.
The Company is advancing projects within the South West region of WA for Lithium and Gold at Brunswick, as well as Gold and PGE at Westonia adjacent to the producing Edna May Gold Mine (owned by ASX:RMS) in the WA goldfields.
The Company has a history of large resource discoveries with its foundation being the Woodlark Island Gold project in PNG, (+1m oz Gold) which was subsequently joint ventured and sold to (ASX: GPR).
Kula’s recent discovery was the large 93.3mt Boomerang Kaolin deposit near Southern Cross WA– Maiden resource announced 20 July 2022. This project is in the economic study phase and moving to PE funding or trade JV.
The exploration team are busily working towards the next mineral discovery, potentially Lithium near the world class Greenbushes Lithium Mine.
Contact the Company Secretary for more information – +61(08) 6144 0592 or cosec@kulagold.com.au
