Kula Gold Limited reports its Quarterly Activity Report for the period ended 30 June 2023.
HIGHLIGHTS
- Mustang Lithium Prospect at Kirup – mapping, rock chip and soil programs confirm several pegmatites with strikes up to 1km and over 100m wide, drill planning in progress
- Cobra Lithium Prospect at Kirup – mapping and rock chip programs near anomalous lithium rock chip results up to 240.8ppm and 71.9ppm, 20km from Greenbushes has increased the strike to ~2km and greater than 300m wide
- Taliah, Sasha, Nadia Lithium Prospects at Southern Cross – Rock and soil sampling with numerous anomalous lithium, tantalum and beryllium pathfinder results advancing this project surprisingly quickly
- Rankin Dome REE & Lithium Project – Proposed 1,000m of RC drilling in the September quarter by newly ASX listed JV partner Australian Critical Minerals Limited (ASX: ACM).
Figure 1: Kirup and Brunswick Projects with surrounding major companies.
Figure 2: Southern Cross Project with Taliah, Sasha & Nadia Lithium Prospects.
KIRUP LITHIUM PROJECT – (70% LCT mineralisation rights, 30% Sentinel Exploration Ltd)
Mustang Lithium Prospect
The Mustang Lithium 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 wide.
Reconnaissance mapping and rock chip sampling has detected bladed spodumene and pegmatite providing a walk-up drill target at the Mustang Lithium Prospect to test for LCT mineralisation below the weathered zone, estimated to be 15-50m as is evident at the nearby Greenbushes Mine.
Figure 3: Mustang Lithium Prospect – Mapped location of interpreted pegmatite over regional magnetics.
Cobra Lithium Prospect
The Cobra Lithium Prospect sits in the central part of E70-5452, on a regional NE magnetic lineament.
Pegmatites with high lithium content (240.8ppm and 71.9ppm, being the highest anomalous analysis for Kula’s exploration team) containing muscovites, tourmalines and garnets (fractionated minerals) have been mapped out across a substantial contiguous prospect 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 Lithium Prospect over regional TMI_RTP magnetics.
SOUTHERN CROSS PROJECT-100% – LITHIUM
Taliah Lithium Prospect
The Company reported significant advancement of the Taliah Lithium Prospect during the quarter, from recent geochemistry, mapping, geophysics review taking this to a high order lithium drill target, approximately 90km north of the world class Mt Holland Lithium Mine.
Reconnaissance mapping and rock chip sampling detected anomalous readings of up to 214ppm lithium, 144ppm tantalum and 300ppm beryllium.
A small concurrent UFF soil programme designed to test a potassium radiometric anomaly near the existing rock chip programme was completed with very encouraging results for a more extensive and expanding soil programme commencing in the September quarter.
Sasha Lithium Prospect
The Sasha Lithium Prospect identified to the north of the Taliah Lithium Prospect covers 1.8km2 , defined from rock chip sampling during the quarter.
A preliminary reconnaissance mapping and rock chip program detected anomalous readings of up to 558ppm lithium, 28ppm tantalum and 18ppm beryllium.
An extensive follow-up UFF soil programme has been completed with results due in the September quarter.
Nadia Lithium Prospect
The Nadia Lithium Prospect is located to the northwest of the Taliah Lithium Prospect with dimensions of 600m x 100m from outcrop, however true extents of anomalism are yet to be defined as it extends under surface soil cover.
Reconnaissance mapping and rock chip samples to date detected anomalous readings of up to 36ppm lithium, 199ppm tantalum and 41ppm beryllium.
An extensive follow-up UFF soil programme has been completed with results due in the September quarter.
Figure 5: Kula’s Southern Cross Lithium Project and location of Mt Holland Lithium Mine.
BRUNSWICK PROJECT -100% – LITHIUM & GOLD
During the quarter under review, the Company completed a RC drilling programme of 4 holes for 360m at the DBGM Prospect to test structural gold and lithium targets from surface pegmatites. Results received confirmed no significant lithium or gold results. BHP diamond drill hole core assayed 0.8m@ 6.8g/t gold from 39.8m.
MARVEL LOCH-AIRFIELD PROJECT -100% – KAOLIN & GOLD
The Company continued discussions during the quarter to advance development of the large Boomerang Kaolin Deposit of 93.3 million tonnes, near excellent infrastructure in Southern Cross WA.
Engineering studies continued for downstream processing on site to produce metakaolin products for the Green Construction Industry.
Mineralogical/metallurgical test work by Sedgman has been completed confirming the suitability of the raw material for green cement as well as many uses such as paint, rubber and pesticide production.
On 1 July 2023, the Company received a Research and Development Grant for $549k in relation to the continued research and development of its Boomerang Green Kaolin deposit.
Discussions with potential acquirers and developers of the project continue with a view to monetising this asset.
RANKIN DOME PROJECT – 100% (ACM earning 51%) – RARE EARTH ELEMENTS & LITHIUM
The Company reported a significant advancement of the Rankin Dome Joint Venture following the successful listing of its joint venture partner, Australian Critical Minerals Limited (ASX: ACM) on the Australian Stock Exchange.
With existing geochemistry, mapping, geophysics already performed the project is ready for a proposed 1,000m of RC drilling in the September quarter.
Figure 6: Rankin Dome Project with tREE over regional magnetics RTP.
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.
References:
KIRUP PROJECT
ASX Release – Historical BHP Diamond Core Reveals Lithium Potential – 2 May 2023.
ASX Release – Two New Lithium Prospects – Kirup Project – 29 May 2023.
ASX Release – Lithium Targets Increased Strike – Kirup Project – 8 June 2023.
BRUNSWICK PROJECT
ASX Release – Historical BHP Diamond Core Reveals Lithium Potential – 2 May 2023.
ASX Release – Amended Lithium & Gold Drilling Commenced – Brunswick Project – 22 May 2023.
SOUTHERN CROSS PROJECT
ASX Release – Historical BHP Diamond Core Reveals Lithium Potential – 2 May 2023.
ASX Release – Taliah Lithium Prospect – High Order Drill Target Defined – 15 June 2023.
RANKIN DOME PROJECT
ASX Release – Farm-in and Joint Venture Agreement – 8 August 2022.
ASX Release – Rankin Dome JV – Advance To Drill REE Targets – 28 June 2023.
BOOMERANG PROSPECT
ASX Release – Boomerang Kaolin Deposit – Maiden JORC Resources – 20 July 2022
News Release
Date: 27 July 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 and Kirup, as well as Gold and PGE at Westonia adjacent to the producing Edna May Gold Mine (owned by ASX:RMS) in the WA goldfields at Southern Cross.
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 discovered 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 at Brunswick and Kirup, 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
