Kula Gold Limited reports progress on potential Lithium bearing pegmatites at the Mustang and Cobra Prospects in the Kirup Project, approximately 20km West of the world’s largest hard rock lithium mine, Greenbushes Lithium Mine in Western Australia.
HIGHLIGHTS
- Mustang Prospect – recent mapping, rock chipping and soils programme confirms several pegmatites with strikes up to 1km and over 100m wide, drill planning in progress.
- Cobra Prospect – recent mapping and rock chipping near anomalous lithium (Li) rock chip results up to 240.8ppm and 71.9ppm, 20km from Greenbushes has increased the strike to ~2km and greater than 300m wide.
- New LCT suite mineralisation targeting for new drill prospects continues
Kula’s Chief Executive Officer Ric Dawson comments:
“The Mustang Prospect is progressing to be our first target for drilling out of the two new lithium prospects at the Kirup Project in the next month or two.
The extent of the strike at the Mustang and Cobra Prospects with potential LCT suite mineralisation is testament to the lithium prospectivity being uncovered in this world class lithium region.”
Figure 1: Kula’s Kirup and Brunswick Projects, DBSZ and location of Greenbushes Mine and infrastructure.
Kirup Project – E70/5452 – (70% LCT mineralisation rights, 30% Sentinel Exploration Ltd)
Mustang Prospect
A recent mapping, rock chip and soil sampling programme is progressing to a 1km x 100m pegmatite zone providing a walk-up drill target for Kula to test for LCT mineralisation below the weathered zone estimated at 30-50m, similar to the nearby Greenbushes Mine.
Figure 2: Recent rock chip RK000427 by Kula geologist in the Mustang Prospect with a weathered pegmatite, large green crystals with bladed spodumene and/or tourmaline in a 100% felsic matrix, no sulphides.
The Mustang Prospect sits in the northern part of E70-5452, in an area of NNW trending magnetic lineaments, comprises a series of NNW striking pegmatitic bodies that occur within intercalated felsic gneiss and amphibolite sequences. Preliminary mapping has identified several pegmatite bodies with probable strike lengths approximately 1km and greater than 100m width.
Figure 3: Location of interpreted pegmatite over regional magnetics
Exploration drill planning is in progress and further results will be reported in due course.
Cobra Prospect
Cobra Prospect sits in the central part of E70-5452, on a regional NE magnetic lineament.
Pegmatites with high lithium content (up to 240ppm) containing muscovites, tourmalines and garnets (fractionated minerals) have been mapped out across an area of ~ 2km in strike length and >300m wide. Recent mapping continues to increase the dimensions of this prospect.
The mineralogy of pegmatites is composed of predominantly quartz, feldspar, tourmaline, muscovite, garnet, others (to be determined). Generally, poorly foliated and with a grainsize locally very coarse, up to 10cm crystals of feldspars, and muscovite crystals up to ~5cm.
Figure 4: Location of Cobra Prospect over regional TMI_RTP magnetics
Figure 5: 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
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 – Kirup Project – Two New Lithium Prospects- 29 May 2023
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.
News Release
Date: 8 June 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 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
