Kula Gold Limited reports the Company has identified substantial epithermal gold prospectivity at both the Cobra and Mustang Prospects during recent drilling within its Kirup Project, with rock chip results to 3.5g/t gold.
Kula reports the recent RC drilling programme at the Cobra Prospect failed to intercept economic lithium mineralisation with the best result being in hole 23CPRC002 with a composite interval of 4m @ 178ppm from 116m.
Kula’s Managing Director Ric Dawson comments:
“The Company is obviously disappointed in not intercepting economic lithium mineralisation greater than surface rock chips, we had expectations that the weathered outcrop would have provided the opportunity as evident at similar lithium deposits in the region would have higher lithium readings in fresh rock.
The information learned here will be used to refine better targets for the next drilling campaigns.
The Company is now focussed on the Mustang Prospect and potentially the Thunderbird Prospect in the near future.
On a positive note, substantial epithermal gold prospectivity was identified by the Kula team whilst drilling at both Cobra and the wider Mustang Prospect, rock chip results to 3.5g/t gold.”
Gold Potential at Cobra
The gold prospectivity of the Cobra Prospect has also increased with the sampling of a rock outcrop in the near vicinity of the RC drill programme containing both vuggy and sugary quartz, see Figure 3 below.
Whilst drilling the team identified a significant epithermal style gold target at near Cobra Prospect and it is atypical of the upper level of a potential epithermal system and will be the subject of further fieldwork.
Figure 3: Rock chip for the Cobra Prospect, noting the vuggy texture in the quartz host. No visual sulphides are evident in this surface sample, but relic textures are present, and this has not been assayed. (as it is a vector to drilling deeper below surface to the precious metals horizon- ref fig 6).
Gold Potential at Mustang
The gold prospectivity of the Mustang Prospect has also increased with the sampling of a rock outcrop in the near vicinity of the initial RC drill programme with a sample KI000154 that returned a fire assay reading with 3.5g/t including a rock description containing vuggy quartz, see Figure 7 below.
Figure 7: Rock chip sample KI000154 with a gold assay of 3.5g/t for the Mustang Prospect, note the vuggy texture in the quartz host. No visual sulphides are evident, but relic textures are present.
SUMMARY
- No elevated lithium mineralisation encountered in pegmatites drilled in the first RC programme at the Cobra Prospect, Kirup WA, with green feldspars visually identified with UV fluorescence during drilling most likely microcline.
- Substantial epithermal gold prospectivity identified at the Cobra and Mustang Prospects by the Kula team during the drilling program with rock chip results to 3.5g/t gold.
- A one-line gravity programme has identified two to three potentially large intrusive bodies to the East of the Cobra RC drilling programme, prospective for lithium or gold, warranting future RC drilling.
- Mustang Prospect next scheduled RC drill programme for both lithium and gold potential.
- Gold, base metal and non-LCT mineral rights under the Kirup Project JV purchased for reimbursement of costs of $10,000 as a result of the new epithermal potential.
Figure 1: Kula’s Kirup & Brunswick Project’s, location of Greenbushes Mine & Albemarle’s Kemerton Lithium Hydroxide Plant.
Kirup Lithium Project – E70/5452 – (70%, 30% Sentinel Exploration Ltd)
Gold, Base Metal and Non-LCT Mineral Rights Agreement has been reached between the joint venture parties to include all the gold, base metal and non LCT mineral rights into the existing joint venture for a consideration of reimbursement of costs of $10,000.
Cobra Prospect
Cobra Prospect sits in the central part of E70-5452, on a regional NE magnetic lineament in a mapped mafic sequence. The recent RC drilling programme, best results was 4m @ 178ppm lithium. Whilst encouraging visual identification of RC chips occurred during the drilling with green feldspars, long orange wave UV fluorescence and elevated pXRF rubidium reading provided positive indicators, the resultant laboratory results were conclusive enough to close Cobra for lithium exploration.
Figure 2: Location of Cobra and Falcon Prospects over regional TMI_RTP magnetics.
Gold Potential at Cobra
The gold prospectivity of the Cobra Prospect has also increased with the sampling of a rock outcrop in the near vicinity of the RC drill programme containing both vuggy and sugary quartz, see Figure 3 below.
Whilst drilling the team identified a significant epithermal style gold target at near Cobra Prospect and it is atypical of the upper level of a potential epithermal system and will be the subject of further fieldwork.
Figure 3: Rock chip for the Cobra Prospect, noting the vuggy texture in the quartz host. No visual sulphides are evident in this surface sample, but relic textures are present, and this has not been assayed. (as it is a vector to drilling deeper below surface to the precious metals horizon- ref fig 6).
Gravity Profile
The Company completed a one-line gravity profile over the southern line of the RC drilling line 6255300N.
What it has indicated to the Kula technical team is that the pegmatite intersected at the western portion of the Cobra Prospect has a distinct gravity low and that there are two more distinctive gravity lows on section that could potentially now indicate two – three intrusive/epithermal bodies on the eastern portion of this section, as per Figure 4 below.
Figure 4: Section 6255300N with recent RC drilling and gravity profile
Mustang Prospect
The initial RC programme was curtailed with one RC hole drilled due to wet ground conditions in September 2023.
The Company plans to drill other more prospective pegmatite targets once further fieldwork is completed using vectors leaned from Cobra drilling.
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 Prospect is 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 potential width increased to approximately up to 100m.
Figure 5: Location of interpreted pegmatites over regional RTP magnetics for the Mustang Lithium Prospect.
Gold Potential at Mustang
The gold prospectivity of the Mustang Prospect has also increased with the sampling of a rock outcrop in the near vicinity of the initial RC drill programme with a sample KI000154 that returned a fire assay reading with 3.5g/t including a rock description containing vuggy quartz, see Figure 7 below.
Figure 6: An idealised model for epithermal gold deposits (Irvine and Smith, 1990) showing drill traces and rig. The symbols A, B, C and D denote hypothetical levels of exhumation of the deposit by surface erosion.
Further fieldwork on this epithermal style gold target is in progress.
Figure 7: Rock chip sample KI000154 with a gold assay of 3.5g/t for the Mustang Prospect, note the vuggy texture in the quartz host. No visual sulphides are evident, but relic textures are present.
Further results will be reported in due course.
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.
References:
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
ASX Release – Kirup Lithium Targets – Drilling – 15 November 2023
ASX release – Kirup Lithium Targets – RC Drilling Commences -22 November 2023
ASX release -Kirup Lithium Project – RC Drilling Programme Doubled – 27 November 2023
BOOMERANG DEPOSIT
ASX Release- – Boomerang Kaolin Deposit- Maiden JORC Resources – 20 July 2022
News Release
Date: 1 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 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
