Kula Gold Limited presents its Quarterly Activity Report for the period ended 31 December 2023.
Figure 1: Kula’s Kirup & Brunswick Project’s, location of Greenbushes Mine & Albemarle’s Kemerton Lithium Hydroxide Plant.
KIRUP LITHIUM PROJECT –E70/5452 – (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 in a mapped mafic sequence.
Pegmatites with high lithium content (up to 240ppm) rock chips containing muscovites, tourmalines and garnets (fractionated minerals) have been mapped at surface and have increased to ~4.2km in strike length. Mapping continues to increase the potential dimensions of this prospect.
The mineralogy of surface 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 Prospect over regional TMI_RTP magnetics
The Company completed a maiden RC drilling programme of 13 holes for 1,860m.
The programme was designed to test the entirety of a large pegmatite for LCT mineralisation at depth (below the known weathered zone) in a mafic host country rock. Substantiated pegmatites intercepted up to 55m thick.
Figure 3: Simplified cross-section of RC drilling at 6255300N.
Assay results will be reported in due course.
Mustang Lithium Prospect
The Mustang Lithium Prospect in an area of NNW trending magnetic lineaments, comprises a series of NNW striking pegmatic 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.
MARVEL LOCH – E77/2621 – 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 – E77/2709, E77/2753 & E7/2768– 100% (ACM earning 51%) – RARE EARTH ELEMENTS & LITHIUM
On 4 December 2023, joint venture partner, Australian Critical Minerals (ASX: ACM) announced results from its maiden RC drilling program and the high-definition shallow auger sampling program at the Rankin Dome Rare Earth Project near Southern Cross in the Yilgarn of Western Australia.
(Refer ASX Announcement, dated 4 December 2023, Outstanding Shallow High-Grade REE Results at Rankin Dome).
CORPORATE ACTIVITIES
On 15 November 2023, the Company entered into an option agreement to acquire 100% of E70/5662, a prospective granted exploration tenement, abuting 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.
References:
KIRUP PROJECT
ASX Release – Drilling – Kirup Lithium Targets – 15 November 2023.
ASX Release – Kirup Lithium Targets – Drilling Commences – 22 November 2023.
ASX Release – Kirup Lithium Project – RC Drilling Programme Doubled – 27 November 2023.
ASX Release – Multiple Stacked Pegmatites to 55m Intersected At Cobra – 12 December 2023.
RANKIN DOME PROJECT
ASX Release – Outstanding Shallow High-Grade REE Results at Rankin Dome – 4 December 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). 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.
News Release
Date: 31 January 2024 | 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
