⛏️ Kula Gold Limited reports drilling is scheduled to commence next week at the substantial Cobra Lithium Prospect, within the Company’s Kirup Project, approximately 20km west of the world’s largest hardrock Lithium mine, Greenbushes in Western Australia.
Kula’s Managing Director Ric Dawson comments:
“The Cobra Lithium Prospect is our primary target for this RC drilling programme with a RC rig and booster initially planning to drill to 150m downhole but with capacity to drill to 250m if required. The programme has been designed to test the entirety of this large pegmatite for LCT mineralisation at depth (below the known weathered zone) in a mafic host country rock.”
“Kula has an option to acquire a new tenure directly abutting to the south of the existing Kirup Project which was eagerly sort and now increases our portfolio of lithium exploration potential in a regional area aggressively under focus by major local and international companies as evident by the recent Albemarle $30m purchase of tenements nearby.”
Exploration at Cobra Lithium Prospect ahead of planned drilling program in November 2023.
⛏️ HIGHLIGHTS
- Cobra Lithium Prospect – mapping and sampling has increased the strike to a substantial ~3km and up to 500m wide
- Maiden RC drilling scheduled to commence next week
- Additional prospective tenement acquisition, south of Cobra, optioned 48km²
Other Lithium Targets: - Mustang Lithium Prospect – multiple pegmatites – strikes up to 1km and over 200m wide
- Falcon Lithium Prospect – pegmatite, up to 300m wide and 1.8m strike
- Thunderbird Lithium Prospect from new LCT suite mineralisation, 3 parallel pegmatite units, up to 300m wide and to 1km strike
Figure 1: Kula’s Kirup and Brunswick Projects, location of Greenbushes Mine ($9.5B EBIT FY23) and Albemarle’s Kemerton Lithium Hydroxide Plant.
Kirup Lithium Project – E70/5452 – (70%, 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 in a mapped mafic sequence.
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 2: Location of Cobra and Falcon Prospects over regional TMI_RTP magnetics.
Rock chipping and mapping programme at the Cobra Lithium Prospect has resulted in samples being submitted for geochemical analysis. Significant results were released in an ASX release dated 16th August 2023, most notable are 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.
The initial RC drilling programme is 1,000m but is flexible to extend the programme for a prolonged period based on favourable mineralisation/rock types.
Figure 3: Greenbushes Mine and town, and approximate strike length of the pits.
⛏️ Falcon Lithium Prospect
A consequence of mapping at the Cobra Lithium Prospect was the identification of the Falcon Lithium Prospect, on a different orientation and separate structure to Cobra. Mapped and interpreted dimensions show a strike length of approximately 2km and up to 300m wide.
Kula’s exploration team undertook a rock chipping and mapping programme at the Falcon Lithium Prospect. Results are in ASX Release dated 16th August 2023 with 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.
Mustang Lithium Prospect
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.
The Mustang Lithium 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 4: Location of interpreted pegmatites over regional RTP magnetics for the Mustang Lithium Prospect.
Exploration with one hole was completed in September with no sample returned for significant lithium. Numerous other pegmatites in this group are now drill ready.
Thunderbird Lithium Prospect
The Thunderbird Lithium 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 A10394 have been ground truthed and samples were submitted for LCT mineralisation potential, significant results released in ASX release dated 16th August 2023.
Figure 5: Location of Thunderbird Lithium Prospect over regional TMI_RTP magnetics.
Acquisition of additional adjacent lithium prospective tenement of 48km2
The Company has entered into an option agreement to acquire 100% of E70/5662, a prospective granted exploration tenement, abutting our existing tenement and southwest of the Greenbushes lithium region in Western Australia.
E70/5662 is 48km² in tenure and is prospective for lithium, nickel, gold and base metals.
Transaction Terms
The Company has entered into an option agreement to acquire 100% of the issued shares in Airdrie Exploration Pty Ltd (“Airdrie”) for a consideration of $50,000 in cash (“Acquisition”). Airdrie holds 100% of the granted exploration tenement. The non-refundable option fee of $10,000 has been paid for 60 days due diligence which is in progress, with a final payment of $40,000.
References:
KIRUP LITHIUM PROJECT
ASX Release- Lithium Targets Increased To 1km & 2km Strike – Kirup Project – 8 June 2023
ASX Release- Kirup Lithium Targets – Drilling -16 August 2023
ASX Release – Lithium Drilling – Stacked Pegmatites Intersected -Kirup Lithium Project- 19 September 2023
BOOMERANG DEPOSIT
ASX Release- – Boomerang Kaolin Deposit- Maiden JORC Resources – 20 July 2022
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: 15 November 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
