Kula Gold Limited notes the $30m cash sale of Lithium Power International’s wholly-owned Australian subsidiary, Western Lithium Ltd (including through its subsidiary, CMC Lithium Pty Ltd) tenements to Albemarle Lithium Pty Ltd (an Australian subsidiary of Albemarle Corporation).
The tenements being sold are adjacent to Kula’s Brunswick and Kirup Lithium Projects – located on the Donnybrook Shear Zone in Western Australia which hosts the world’s largest hard rock lithium mine, Greenbushes Lithium Mine (20km east of Kirup).
Kula Gold CEO Ric Dawson said “this is a fantastic endorsement of the area and Kula’s Lithium strategy”.
Read Lithium Power International’s ASX Release
Figure 1: Kula’s Kirup and Brunswick Projects, DBSZ and location of Greenbushes Mine and infrastructure. LPI’s Western Lithium’s tenements that were sold are located east of Kula’s Kirup Project.
In early June 2022, Kula Gold announced strike length increases at the new Mustang and Cobra Prospects at its Kirup Lithium Project.
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- 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.
News Release
Date: 19 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 Lithium, Caesium or Tantalum near the world class Greenbushes Lithium Mine.
Contact the Company Secretary for more information – +61(08) 6144 0592 or cosec@kulagold.com.au
