Kula Gold Limited reports progress on potential Lithium bearing pegmatites at the recently acquired Kirup Project, approximately 20km west of the world’s largest hard rock lithium mine, Greenbushes Lithium Mine in Western Australia.
HIGHLIGHTS
- New Mustang Prospect– evidence of bladed spodumene crystals at surface, large up to 100m wide x 1-3km strike, drill planning in progress.
- New Cobra Prospect – follow-up mapping and rock chipping near anomalous Lithium rock chip results up to 240.8ppm and 71.9ppm, 20km from Greenbushes. Large 100-200m wide x 1-3km strike.
- New LCT suite mineralisation targeting for new drill prospects continues.
- Drilling completed at the DBGM Prospect for 4 RC holes, results pending.
Kula’s Chief Executive Officer Ric Dawson said,
“The Kirup Project is progressing to drill programmes on these new prospects.
These new Mustang and Cobra Prospects with evident spodumene, potential LCT suite mineralisation are an encouraging development from some regional work to add to our advancing lithium portfolio of projects.”
Figure 1: Kula’s Kirup and Brunswick Projects, DBSZ and location of Greenbushes Mine and infrastructure.
Kirup Lithium Project – E70/5452 (70% LCT mineralisation rights, 30% Sentinel Exploration Ltd)
Mustang Prospect
A reconnaissance mapping and rock chip sampling has detected bladed spodumene and pegmatite providing a walk-up drill target for Kula to test for LCT mineralisation below the weathered zone, estimated to be 15-50m as is evident at the nearby Greenbushes Mine that too has a deep weathering profile down to a similar depth.
Figure 2: Reconnaissance rock chipping last year by Kula geologist in the Kirup Project with weathered pegmatite with bladed spodumene in a 2-3cm green crystal sprays in a 100 % felsic matrix – chipped off a large rock with an obvious flat quartz surface, no sulphides left image, as a reference the ASX release by Azure Minerals Limited (ASX: AZS) Accelerates Lithium Exploration at Andover – 11 November 2022- right image.
Figure 3: Location of rock chip and interpreted pegmatite targets over regional magnetics
Exploration drill planning is in progress and further results will be reported in due course.
Cobra Prospect
Figure 4: Recent rock chips RK000405 sent for geochemical analysis from the Cobra Prospect near a 240ppm lithium rock chip. Pegmatite – large muscovite crystals (>3cm) – purple muscovite purple, grey colour Quartz (45%), K-Feldspar (45%), Biotite (10%), No sulphides.
Figure 5: Location of rock chips and interpreted pegmatite targets over regional magnetics.
Table 1
*Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analysis where concentrations or grade are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
Brunswick Project – 100%
Figure 6: Drilling at the DBGM Prospect at Brunswick
DBGM Prospect – Drilling now completed.
Recent RC drilling has concluded with 4 holes for 360 metres being drilled into felsic augen-gneiss, 4m composite samples have been sent for geochemistry analysis to determine the potential LCT and gold mineralisation.
Results will be reported in due course.
News Release
Date: 29 May 2023 | ASX Code: KGD
Competent Person Statement
The information in this announcement that relates to geology, exploration and visual estimates is based on, and fairly represents, information and supporting documentation 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 and is a related party of the Company. 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). This market announcement is issued with the prior written consent of Mr. Dawson as to the form and context in which the exploration results, visual estimates and the supporting documentation are presented in the market announcement.
References:
KIRUP PROJECT
ASX release- Kula To Acquire A 70% Interest in Key Lithium Tenement – Kirup Project- 22 November 2022
ASX release – Azure Minerals Limited (ASX: AZS) Accelerates Lithium Exploration at Andover- 11 November 2022
BOOMERANG PROSPECT
ASX release- – Boomerang Kaolin Deposit- Maiden JORC Resources – 20 July 2022
Kula confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements, and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcements.
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 Lithiumy, 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
