⛏️ Kula Gold Limited was featured in The West Australian on the weekend in Bulls N’ Bears’ ASX Runners of the Week.
Here is the excerpt on Kula’s upcoming drilling program at the Cobra Lithium Prospect within the Kirup Lithium Project – 25km from Greenbushes Lithium Mine – and a little background on how the Cobra, Mustang, Falcon and Thunderbird Prospects got their names.
In the wild world of mining, project and tenement naming comes through with various levels of care and meaning.
For example, Toro Energy’s nickel project in Western Australia’s Goldfields region gives a nod to the AFL’s recent three-time premiership-winning Richmond team, with prospects including Dimma (coach Damian Hardwick), Jumping Jack (star forward Jack Riewoldt), Houli Dooley (defender Bachar Houli) and Dusty (20017 Brownlow Medallist Dustin Martin).
Then there is Legend Mining, which defers to some of Australia’s most notable thoroughbred racehorses in only recently-passed stallion Magnus, who won prizemoney of some $1.14 million, and also the mighty Octagonal. “The Big O” was the 1995 Cox Plate champion and the 1996 Australian Horse of the Year.
At the other end of the spectrum, ground is sometimes randomly named with simply a letter or a set of numerals.
And then there is Kula Gold, which had a share price running as fast this week as the classic Ford cars its tenements are named after. Its stock jumped more than 184 per cent to reach 3.7 cents from a previous close of 1.3c after it outlined a series of promising lithium drill targets at its Kirup and Brunswick projects that surround the famous Greenbushes mine in WA’s South West region.
But back to the naming of tenements including Mustang, Falcon, Thunderbird and Cobra and the story goes like this…
A Kula geologist was going about his first mapping expedition at the company’s Kirup operation in June when a farmer came flying along in his flashy red Mustang before screeching to a halt to inquire about the goings-on. The geologist must have, for a moment, thought he’d imbibed in a little too much of the town’s famous Kirup Syrup when he saw the unusual sight of the hot rod tearing towards him on a typically understated WA countryside road.
In any case, it prompted a naming convention and Kula says it now has its focus on its Cobra lithium prospect where recent mapping and sampling has extended the strike length to about 3km and a width of up to 500m.
But the important thing to note here is the proximity to Greenbushes. In case you have been living under a rock for the past 20 years – or maybe even under a pegmatite – the Greenbushes mine is widely considered to be one of the world’s premier lithium mineral assets and has a long history of mining dating back to the late 1800s. The deposit has a resource of 360 million tonnes at a grade of 1.5 per cent lithium oxide. That’s seriously good.
The first lithium mining began at Greenbushes in 1983 and by 2021, it was producing about 38 per cent of the world’s hard-rock lithium product. In the 2022 financial year, the mine produced 1.14 million tonnes of spodumene concentrate.
It is hard to believe such a massive historic accumulation of lithium would be a lone outlier, so if Kula can find a substantial amount of the battery metal at its Brunswick or Kirup projects, the recent share price surge could well be justified.
⛏️ More on Kula’s drilling plans for Cobra.
⛏️ Gallery of Kula’s Exploration Team on the ground at its Cobra and Thunderbird Prospects.
News Release
Date: 20 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 Kirup and Brunswick – near the world class Greenbushes Lithium Mine, as well Lithium at the Taliah-Nadia-Sasha Prospects in the WA goldfields at Southern Cross, and Gold and PGE at Westonia (adjacent to the producing Edna May Gold Mine – owned by ASX:RMS).
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 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).
Contact the Company Secretary for more information – +61(08) 6144 0592 or cosec@kulagold.com.au
