Kula Gold Limited reports that the reconnaissance drilling has commenced at the helicopter VTEM and drone magnetic survey targets including the main ‘eye’ structure (Figure 3) at its 100% owned Westonia Project (Figure 1) located 5km from the Edna May Gold Mine.
Drilling is underway to test three high-priority intrusive targets.
Kula Chief Executive Officer Ric Dawson said.
“We are excited to have commenced our reconnaissance drilling program on several exciting grass roots prospects at the Westonia Project adjacent to the ~2moz Edna May Gold Mine. Our team has developed a model to target and now it is time to test it over the coming weeks.
Being able to start testing this new area will give us a pipeline of targets for future drilling and let us focus on the key intrusive targets in and around the ‘eye structure’. The combination of some very encouraging geochemistry and geophysics ranks these low resistive/high conductive polygons high on our priority list and we expect the drilling to be completed in mid-February. We look forward to sharing the outcomes of this work with our Shareholders once the assay results are returned. If positive, we will be able to get another drill program underway in April.”
Figure 1: Location of the maiden exploration program, located less than 5km South of the Edna May Gold Mine.
HIGHLIGHTS [View PDF]
- Aircore and RC drilling being completed across a number of previously untested potential mafic and ultramafic ‘eye structure’ intrusive targets throughout the project taking advantage of cleared paddocks within the tenement.
- Airborne helicopter VTEM has defined 3 conductors at various channels and has generated drill targets coincident with PGE, Nickel, Copper and Gold soil anomalies.
- RC drilling may also test two possible bedrock conductors from plate modelling generated by the VTEM survey.
- The Westonia Project is adjacent to the operating Edna May Gold Mine.
Figure 2: Drilling in an open paddock at Westonia
Helicopter VTEM
The Company engaged UTS Geophysics for the VTEM survey and following initial positive indications had an additional 30 line-kilometres completed to infill to 100m line spacing. Further modelling of EM data is in progress.
Figure 3: Combined magnetics RTP image with low resistive/high conductive areas (outlined in red polygon) with platinum and palladium auger geochemistry.
Drone Flown Magnetics
The Company engaged Atlas Geophysics to fly a 25m line spacing 25m height drone magnetic survey.
Figure 4: Drone magnetics 25m line spacing and 25m flight height providing an excellent high-resolution image of the Westonia eye (right image) over the previous 50m flight height and 150m line spacing regional public Magix version (left image).
Auger Drill Geochemistry
As previously reported on 30 August 2022, (Maiden Exploration Program -Westonia Project) the Company reported anomalous geochemical results to Cancel 125ppb Pt + Pd (combined) and up to 35ppb gold in geochemical auger sampling, as well as 1.85g/t gold in a quartz vein rock sample from a lateritic breakaway. As well as anomalous copper reported on 28 October 2022, (Amended – Anomalous Copper & PGE – Westonia Project) with 498.3ppm copper anomalism, co-incident with magnetic structures and gossanous outcrop.
Figure 5: Anomalous copper in auger and rock chips
Upcoming Activities
Following on from producing an exploration target model, with these various overlapping exploration techniques, the Company has now commenced with drilling contractor Stark Drilling to proceed with a reconnaissance drill program to test the above anomalous areas.
Figure 6: Resistivity image from the VTEM survey
Table 1: Current planned drill program (subject to change)
The Company will provide an ASX release upon ongoing operations of significance.
News Release
Date: 30 January 2023 | ASX Code: KGD
Competent Person Statement- General
The information in this report that relates to geology and exploration is based on information compiled by Mr. Ric Dawson, a Competent Person who is a member of the Australian Institute of Mining and Metallurgy. Mr. Dawson is a Geology and Exploration Consultant who has been engaged by Kula Gold Limited. Mr. Dawson 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). Mr. Dawson 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 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 and Kirup, 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
