Kula Gold Limited is pleased to report reconnaissance field mapping and sampling on a lithium and tantalum bearing pegmatite at its 100% owned Marvel Loch-Airfield Project, approximately 90km north of the hard rock Mt Holland Lithium Mine in Western Australia.
Kula’s Chief Executive Officer Ric Dawson said:
“This new target in the Marvel Loch-Airfield Project with a LCT suite mineralisation focus, opens up a whole new area of interest for the Company.”
Figure 1: Kula’s Marvel Loch- Airfield Project and location of Mt Holland Mine and infrastructure.
HIGHLIGHTS [View PDF]
- Rock chip sampling at Marvel Loch E77/2806 has resulted in anomalous Lithium and Tantalum results.
- Up to 59.8ppm and 40.2ppm Lithium (Li) and 55.5ppm Tantalum (Ta), along a magnetic structure of up to 4km.
Marvel Loch -Airfield Project – E77/2806 – 100% owned
Recent reconnaissance mapping and rock chipping has detected anomalous readings of 59.8ppm and 40.2ppm lithium and reading of 55.5ppm tantalum which is significantly above background of approximately 1-5ppm (Table 1). As seen in Figure 2 and 3, a strong magnetic structure is adjacent to the anomalous rock chips.
A follow-up field mapping and rock chipping programme is scheduled for the next quarter.
Figure 2: Regional magnetics TMI_RTP with anomalous lithium rock chips and locations
Figure 3: Regional magnetics TMI_RTP with anomalous tantalum rock chips and locations
Figure 4: Coarse grained pegmatitic rocks from location RK000098
Rankin Dome Project – E77/2768, E77/2753 and E77/2709 – 100% owned
The binding Farm-In Agreement with Australian Critical Minerals Pty Ltd has been granted an extension for 3 months to 30 June 2023 by mutual agreement.
Competent Person Statement
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.
News Release
Date: 27 March 2023 | 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, Caesium ot Tantalum near the world class Greenbushes Lithium Mine.
Contact the Company Secretary for more information – +61(08) 6144 0592 or cosec@kulagold.com.au
