Kula Gold Limited reports progress on potential Lithium bearing pegmatites at its various prospects, the Mustang, Cobra and new Falcon and Thunderbird Prospects in the Kirup Project, approximately 20km West of the world’s largest hard rock lithium mine, Greenbushes in Western Australia.
HIGHLIGHTS
- Mustang Prospect – multiple pegmatites – strikes up to 1km and over 200m wide, RC drilling scheduled for September
- Cobra Prospect – recent mapping and sampling has increased the strike to ~2km and greater than 300m wide
- New Falcon Prospect – pegmatite, up to 300m wide and 1.8km long strike
- New Thunderbird Prospect from new LCT suite mineralisation, 3 parallel pegmatite units, up to 300m wide and to 1km long strike
Kula’s Chief Executive Officer Ric Dawson comments:
“The Mustang Prospect is our first target for RC drilling at the Kirup Project next month, which Kula is fully funded to complete.
The Cobra Prospect is advancing to drill stage with additional mapping with potential LCT suite mineralisation, testament to the lithium prospectivity being uncovered in this world class lithium region.
The new Falcon and Thunderbird Prospects are adding to the new and exciting potential for world class LCT mineralisation.”
Figure 1: Kula’s Kirup and Brunswick Projects, DBSZ and location of Greenbushes Mine ($9.5B EBIT FY23) and Albemarle’s Kemerton Lithium Hydroxide Plant.
Kirup Project – E70/5452 – (70% LCT mineralisation rights, 30% Sentinel Exploration Ltd)
EARLY INDICATIONS OF LITHIUM PEGMATITE INTRUSION MODEL
Assays from the pegmatite rock chip samples have provided indications of wide, multi-body and locally fractionated pegmatite systems which have the potential to host lithium mineralisation where the pegmatites are intruded into more prospective host lithologies within the adjacent country rock at the Kirup Project.
The K:Rb (potassium to rubidium) ratio derived from the assays for the rock chip samples highlights the prospectivity of the various prospects with pegmatite zones. The ratio is an indicator of a fractionated pegmatite, where the pegmatite melt has evolved as it moves further from its source granite. A K:Rb ratio of less than 150 is a favourable indicator of fractionated pegmatites. The lower the K:Rb ratio, the more fractionated and prospective the pegmatites are interpreted to be. 38% of the samples recorded a K:Rb ratio of less than 150.
A favourable K:Rb ratio associated with a Nb:Ta (niobium to tantalum) ratio of less than 5 is a further indication of fractionated pegmatites. A summary of the key geochemical results for the Kirup Project showing both ratios is included below in Table 1. 46% of the samples recorded a favourable Nb:Ta ratio of less than 5.
Mustang Prospect
A recent mapping and soil sampling programme has increased the size of the pegmatite zone 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 (as expected for this style of mineralisation).
The Mustang Prospect 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 width increased to approximately up to 200m.
Figure 3: Location of interpreted enlarged pegmatite over regional magnetics for the Mustang Prospect.
Exploration drill planning has progressed and RC drilling is scheduled for next month with results 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 and have increased to ~3km in strike length and up to 500m wide. Mapping continues to increase the potential 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 and Falcon Prospect over regional TMI_RTP magnetics.
Figure 5: Recent rock chip RK000405 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 (as expected for this style of mineralisation).
A rock chipping and mapping programme at the Cobra Prospect has resulted in additional samples being submitted for geochemical analysis. Significant results are in Table 1, most notable is the results being high in beryllium (Be) and niobium (Nb) and tin (Sn), all excellent LCT mineralisation pathfinders. Most significant results of 714.4ppm Be and 126.6ppm Nb were recorded in separate samples.
NEW Falcon Prospect
A consequence of the recent mapping at the Cobra Prospect is the identification of a new prospect, the Falcon Prospect, on a different orientation and separate structure to the Cobra Prospect. It has mapped and interpreted dimensions of strike length of approximately 2km and up to 300m wide. Kula’s exploration team undertook a rock chipping and mapping programme at Falcon Prospect. Results are in Table 1, with significant results being high in Beryllium (Be), an excellent LCT mineralisation pathfinder, with significant rock chips having, 191.4ppm, 99.4ppm, 124.6ppm and 90.8ppm Be.
NEW Thunderbird Prospect
The new Thunderbird Prospect sits in the southern part of E70-5452, on a regional NE magnetic lineament. Previously mapped pegmatites on the GSWA 1:250,000 Collie Sheet and WAMEX 10394 have been ground truthed and samples have been submitted for LCT mineralisation potential, significant results in Table 1.
Figure 5: Location of Thunderbird Prospect over regional TMI_RTP magnetics.
Table 1: Significant recent Mustang, Cobra, Falcon and Thunderbird Prospects Sample Locations with significant lithium & pathfinder results greater than 50ppm Li column, 20ppm Be, 20ppm Cs, 40ppm Nb, 5ppm Sn, and K/Rb ratio less than 150, and Nb/Ta less than 5 colour coded. Coordinates provided in GDA94 Zone 50, Sampling Methods described in Appendix A: JORC Code, 2012 Edition – Table 1.
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
ASX release- Lithium Targets Increased To 1km & 2km Strike – Kirup Project – 8 June 2023
BOOMERANG PROSPECT
ASX release- – Boomerang Kaolin Deposit- Maiden JORC Resources – 20 July 2022
News Release
Date: 16 August 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
