Kula Gold Limited is pleased to report that its joint venture partner, Australian Critical Minerals Limited (“ACM”) has closed its prospectus oversubscribed and is seeking listing on the Australian Stock Exchange proposed listing date is for 3 July 2023.
It is a significant advancement of the Rankin Dome Joint Venture with existing geochemistry, mapping, geophysics already performed, and ready for drilling in the next quarter, approximately 50km from the existing IGO’s Lake Campion REE Prospects.
Kula’s Chief Executive Officer Ric Dawson comments:
“The scheduled listing of ACM will facilitate a concerted exploration effort by our joint venture partner on the Rankin Dome REE/Lithium Prospect in the Southern Cross region which has anomalous REE and lithium elements advancing to a drill ready prospect.”
Kula has also announced assayed gold results (6.8g/t Gold from ex-BHP diamond core drilling) at the DBGM Prospect within its Brunswick Project.
HIGHLIGHTS
- Imminent ASX listing of JV partner, Australian Critical Minerals (ASX:ACM) in the first week of July 2023
- Their flagship REE Project is the Rankin Dome Project- drilling after listing
- DGBM Prospect- 6.8g/t Gold from ex BHP diamond core drilling
- DGBM Prospect – no significant lithium analysis from scout RC programme
Figure 1: Kula’s Rankin Dome Project in the Southern Cross region of WA.
Rankin Dome Project – 100% Kula, ACM Earning in up to 51%
The Rankin Dome Project has +8km² of highly anomalous REE soil geochemistry that has been previously reported by Kula (ASX Release dated 15 July 2022) and by ACM in their presentation on page 10. ACM is spending $200k including 2,000m of RC drilling within 24 months to earn a 51% interest in the Rankin Dome Project.
Brunswick and Kirup Project
Figure 2: Brunswick and Kirup Projects with surrounding major companies.
DBGM Prospect at Brunswick
Recent work included a focussed scout RC programme on a lithium anomaly and assaying parts of ex BHP diamond core from GSWA library thar had not been cut or assayed, pleasingly the diamond core assayed 0.8m @ 6.8g/t gold from 39.8m depth and the whole section will now be assayed and incorporated into the gold geological model and advance the gold prospect. No significant lithium or gold results from the reconnaissance RC drill programme in April 2023, so all further work will be focussed on the Mustang Prospect and Cobra Prospect and other developing lithium targets being generated.
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:
RANKIN DOME PROJECT
ASX Release – Rankin Dome Rare Earth Element Update- Southern Cross Region- 15 July 2022
ASX Release – Farm- in and Joint Venture Agreement- 8 August 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.
News Release
Date: 28 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
