Kula Gold Limited reports its Quarterly Activity Report for the period ended 30 September 2023.
HIGHLIGHTS
- Cobra Lithium Prospect within the Kirup Project – recent mapping and sampling has increased the strike to ~2km and greater than 300m wide, RC drilling due to commence during the next quarter.
- Mustang Lithium Prospect within the Kirup Project – multiple pegmatites with strikes up to 1km and over 200m wide, RC drilling commenced.
- Rankin Dome REE & Lithium Project – 900m of RC drilling completed by newly ASX listed JV partner Australian Critical Minerals Limited (ASX: ACM)
Figure 1: Kula’s Kirup and Brunswick Projects, DBSZ and location of surrounding major companies and infrastructure.
KIRUP LITHIUM PROJECT – (70% LCT mineralisation rights, 30% Sentinel Exploration Ltd)
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), 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 2: Location of Cobra Lithium Prospect over regional TMI_RTP magnetics.
Exploration drill planning has progressed, and RC drilling is scheduled to commence in December 2023. Results to be reported in due course. 3
Mustang Lithium Prospect
A recent mapping and soil sampling programme during the quarter progressed the size of the pegmatite zone, providing a walk-up drill target to test for LCT mineralisation below the weathered zone estimated at 30-50m, similar to the nearby Greenbushes Mine.
Figure 3: Recent rock chip RK000427 by Kula geologist in the Mustang Lithium Prospect with a weathered pegmatite, large green crystals with bladed spodumene and/or tourmaline in a 100% felsic matrix, no sulphides. (Refer ASX Announcement dated 16 August 2023 – Kirup Lithium Targets – Drilling)
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 200m wide.
Figure 4: Mustang Lithium Prospect – Mapped location of interpreted pegmatite over regional magnetics.
On 19 September 2023, the Company provided a drilling update on the first hole at the Mustang Lithium Prospect, successfully intersecting pegmatites over four intervals to 132m. The intervals ranged from 2m to 9m.
The drilling programme was temporary suspended due to ground conditions and scheduled following drilling at the Cobra Lithium Project.
Results will be reported in due course.
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.
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 the completion of a 249 hole auger geochem programme at the Rankin Dome Project near Southern Cross in Western Australia by our joint venture partner Australian Critical Minerals Limited (ASX: ACM).
A 900m RC drilling programme of 6 x 150m deep drillholes has been completed with results expected during the next quarter.
Figure 5: 100m gridded shallow auger at Rankin Dome Project – programme conducted in the northwest of tenement E77-2768 (ACM supplied)
Figure 6: RC drillhole collar locations at Rankin Dome tenement E77-2768 (ACM supplied)
References:
KIRUP PROJECT
ASX Release – Kirup Lithium Targets – Drilling – 16 August 2023.
ASX Release – Lithium Drilling – Stacked Pegmatites Intersected – Kirup – 19 September 2023.
RANKIN DOME PROJECT
ASX Release – Drilling Update – Rankin Dome Project – 27 September 2023.
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.
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.
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
