Kula Gold Limited reports that the first hole at the Mustang Lithium Prospect, within the Kirup Lithium Project has been successful in intersecting pegmatites over four intervals to 132m.
The intervals ranged from 2m to 9m.
HIGHLIGHTS
- The Kirup Lithium Project is 20km from Greenbushes lithium mine in WA, one of the largest lithium mines globally.
- First hole, visual pegmatites (1) noted in 4 intervals in 23MPRC001 varying from 2m to 9m thick.
- Ongoing drilling at Rankin Dome Li / REE targets whilst initial results from hole 23MPRC001 at the Mustang Lithium Prospect are put through the laboratory.
The Kirup Lithium Project (Figure 1) is located 20km West of the Greenbushes lithium mine.
Kula’s Chief Executive Officer Ric Dawson said:
“It is fantastic to have commenced our reconnaissance drilling programme at Kirup with the first phase at the Mustang Lithium Prospect. The combination of some very encouraging outcrop, geochemistry and geophysics warrants subsurface drilling.”
Worth noting is that this is only the first hole in the Mustang Lithium Prospect.
This prospect (as per ASX release 29 May 2023) is up to 100m wide and up to 1km in strike and is one of an advanced set of lithium prospects within Kula’s portfolio.
Nonetheless the programme has been temporary suspended due to ground conditions and will recommence in a few weeks. We are eagerly anticipating getting back on the ground at the Mustang Lithium Prospect post intersecting these stacked pegmatites. The drill samples are on the way to the lab for assaying.
The rig is now heading to Kula’s JV Rankin Dome Project near Southern Cross where operating partner Australian Critical Minerals Ltd (ASX: ACM) is managing the maiden RC drill programme for Rare Earths and Lithium from targets generated by Kula in 2022.
(1) Cautionary Note: The identification of pegmatites in the drilling completed to date does not imply the presence of lithium mineralisation. The presence of any lithium mineralisation will be determined by laboratory analyses.
Figure 1: Kula’s Brunswick Project, DBSZ and location of Greenbushes Mine and infrastructure.
Figure 2: Drilling in an open paddock.
Figure 3: Location of 23MPRC001.
Table 1: Mustang Prospect RC Drill Intervals of Significance. Coordinates provided in GDA94 Zone 50, Sampling Methods described in Appendix A: JORC Code, 2012 Edition – Table 1.
Upcoming Activities
Rankin Dome Project 100% Kula, ACM earning 51%
The RC rig has been released to our JV partner, Australian Critical Minerals (ASX: ACM) to complete a reconnaissance RC drilling programme for Rare Earth Elements and/or Lithium following up targets generated by Kula from auger drilling and field work in 2022.
The Company and ASX: ACM plan to provide simultaneous ASX releases upon ongoing operations of significance and analysis results.
Kirup Lithium Project (Mustang Lithium Prospect)
Upon completion of the planned Rankin Dome Project RC drilling, the drill rig is scheduled to return to continue the remaining RC drill programme.
Results will be reported in due course and are being expedited to be able to guide the next RC holes.
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 prepared 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.
ASX Releases
Kula Gold ASX release 20 July 2022 – Boomerang Kaolin Deposit Maiden JORC Resources
Kula Gold ASX release 19 December 2022 – Brunswick and Kirup Projects – Lithium Potential
Kula Gold ASX release 27 March 2023 – Marvel Loch- Airfield Project – Lithium and Tantalum Target
Kula Gold ASX release 2 May 2023 – Historical BHP Diamond Core Reveals Lithium Potential
Kula Gold ASX release 18 May 2023 – Lithium & Gold Drilling Commenced – Brunswick
Kula Gold ASX release 22 May 2023 – Amended – Lithium & Gold Drilling Commenced – Brunswick
Kula Gold ASX release 29 May 2023 – Two New Lithium Prospects – Kirup Project
Kula Gold ASX release 8 June 2023 – Lithium Targets Increased Strike – Kirup Project
Kula Gold ASX release 15 June 2023 – Taliah Lithium Prospect – High Order Drill Targets Defined
Kula Gold ASX release 28 June 2023 – Rankin Dome JV – Advance To Drill REE Targets
Kula Gold ASX release 16 August 2023 – Kirup Lithium Targets
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: 19 September 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
