Kula Gold Limited reports that the helicopter VTEM and a drone magnetic survey has now produced images that has an ‘eye’ structure (Figure 2) at its 100% owned Westonia Nickel-PGE-Gold Project located 5km from the Edna May Gold Mine following the Company’s initial survey exploration program, announced on 30 November 2022.
Kula Chief Executive Officer Ric Dawson said.
“What an exciting grass roots prospect that the Company is about to drill test at the Westonia Project adjacent to the ~2moz Edna May Gold Mine. Our team has acquired, processed and now interpreted three different forms of exploration techniques to develop a model to target and commence drilling this week.”
Figure 1: Location of the maiden exploration program, located less than 5km South of the Edna May Gold Mine.
HIGHLIGHTS [View PDF]
- The recent drone magnetic survey has defined an ‘eye structure’.
- Airborne helicopter VTEM has defined 3 conductors at various channels and generated drill targets coincident with PGE, Nickel, Copper and Gold anomalism.
- The Westonia Project is adjacent to the Edna May Gold Mine.
- An aircore and/or reverse circulation (RC) program is scheduled to commence this week.
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 2: Combined magnetics RTP image with low resistive/high conductive areas (outlined in red polygon) with platinum and palladium auger geochemistry.
Figure 3: Helicopter with VTEM receiver underneath
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).
Figure 5: Drone with magnetics equipment payload (left middle) on the ground preparing for take-off
Auger Drill Geochemistry
As previously reported on 30 August 2022, (Maiden Exploration Program -Westonia Project) the Company reported anomalous geochemical results to 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 6: 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 engaged a drilling contractor for later this month to proceed with a reconnaissance drill program to test the above anomalous areas. The Company will provide an ASX release upon the rig commencing operations.
Figure 7: Resistivity image from the VTEM survey
Further results will be reported in due course.
News Release
Date: 23 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
