Kula Gold Limited reports geochemical sampling has commenced and satellite interpretation has enhanced the Boomerang Gold Prospect at the Marvel Loch Project (KGD 100%), near Southern Cross WA.
The prospect is north of the Nevoria Gold Mine (+600,000oz gold), and east of the 3Moz Marvel Loch Gold Mine and west of the Mt Palmer Gold Mine (+150,000 oz gold).
HIGHLIGHTS
- Boomerang Gold Prospect below the existing Boomerang Kaolin Deposit– with a 1m @ 2.6g/t gold from 54m interval
- Coincident satellite Sentinel -2 arsenopyrite anomaly
- Close to existing Marvel Loch gold processing infrastructure
- UFF soil sampling commenced – a low cost, high value add programme
- Drilling approvals in place
Kula’s Managing Director Ric Dawson comments:
“The Company’s consultant has been able to interpret satellite Sentinel-2 imagery over the Boomerang Gold Prospect and observes that a substantial arsenopyrite mineral group correlation anomaly is coincident with the dislocation magnetic structure and the nearby gold intercept.
Historically the rich Southern Cross Goldfield region has had its gold mineralisation associated with arsenopyrite especially at the Mt Palmer Gold Mine to the east and has produced over 150,00oz of gold, at an average of 15g/t.
Quote from the nearby Mount Palmer Gold Mine– “Milky coloured quartz reefs at Palmer’s tend to be barren, while gold can be found in sugary quartz, vitreous quartz and associated with arsenopyrite.”
Figure 1: Kula’s Marvel Loch Project featuring the key prospects within.
Boomerang Gold Prospect
The planned close spaced UFF soil sampling has commenced by the Kula team on a 20m x 20m grid to locate the most favourable drill targets.
RC drilling that occurred in November 2021 for the Kaolin resource drill out on a vertical 200m x 200m programme intersected an anomalous 1m @ 2.6g/t gold from 54m in 21BMRC024, geophysics and satellite imagery interpretation work completed recently shows that a distinctive offset structure in the magnetics and now a satellite Sentinel -2 arsenopyrite anomaly (in Figure 2 below) is significant due to existing known gold mines in the region containing this mineral and that the gold intercept is on the edge of the key target zone.
Of note is that the intercept also was at the amphibolite interface near the bottom of hole.
Figure 2: Boomerang Gold Prospect with gold intersection location and interpreted structures over magnetic TMI_RTP and new satellite ASTER imagery arsenopyrite correlation anomaly.
Figure 3: UFF soil sampling at Boomerang Gold Prospect
Figure 4: UFF soil sampling at Boomerang Gold Prospect
Additional Gold Prospects
The Kula team is continuing to further develop existing gold prospects, Stingray Prospect, 311 Prospect, Nevoria North Prospect and G-Star Prospect. Results from geochemical assays (gold and multi-element) will be reported in due course.
Appendix A:
Figure 5. Kula’s Marvel Loch, Southern Cross and Westonia Projects, location of regional gold mines and preexisting infrastructure
References:
ASX Release – New G-Star Gold Prosect at Marvel Loch- Airfield Project – 9 June 2021
ASX Release – RC Drilling of Kaolin/Halloysite has Commenced at the Boomerang Kaolin Prospect – Marvel Loch Airfield Project – 22 November 2021
ASX Release – High Quality Kaolin Drilling Results—Boomerang Prospect -20 June 2022
ASX Release – Marvel Loch Exploration Update- 8 February 2024 Mindat- https://www.mindat.org/loc-26678.html
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: 22 February 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 and Boomerang/Stingray 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
