Kula Gold Limited reports recent geochemical sampling and geophysical interpretation which has identified two new, and advances two other Gold prospects at the Marvel Loch Project (KGD 100%), near Southern Cross WA.
All prospects are North of the Nevoria Gold Mine (+600,000oz gold), and East of the 3Moz Marvel Loch Gold Mine.
The new prospects are ‘Boomerang Gold‘ and ‘Stingray Gold’ within the Marvel Loch Project, with the Kula team continuing to further develop existing Gold prospects also within Marvel Loch – the 311 Prospect, Nevoria North Prospect and G-Star Prospect.
HIGHLIGHTS
- New Stingray Gold and Lithium Prospect.
- Boomerang Gold Prospect below the Boomerang Kaolin Deposit – 1m@2.6g/t gold from 54m.
- Close to existing Marvel Loch gold processing infrastructure.
- Drilling approvals in place.
Kula Managing Director Ric Dawson comments:
“The Company is excited to be exploring the historically rich Southern Cross Goldfield region which has produced over 15Moz of gold, at an average of 3-5g/t.
Following recent geochemical sampling results the Company is focussing on the Boomerang and Stingray Gold Prospects with follow up at the Nevoria North, G-Star and 311 Prospects.
A very large magnetic circular feature had provided the Kula team with a concept for an initial UFF soil programme which provided a surprise gold anomaly at the now named Stingray Gold Prospect.
A gold intercept from drilling at the Boomerang Kaolin Deposit in 2021 reported, 1m @ 2.6g/t gold from 54m and recent geophysics work shows it is located near a strong dislocation feature in the magnetics.”
Figure 1: Kula’s Marvel Loch, Southern Cross and Westonia Projects, location of regional gold mines and preexisting infrastructure.
Stingray Gold Prospect
This new prospect has been derived from a small low cost initial UFF soil sample programme over a circular magnetic feature shown in figure 2 below, outlining a coincident anomalous gold in magnetic structure around and through the Stingray Gold Prospect.
The Kula team notes that the size is approximately 2-3km in length and will now infill this prospect with a more extensive UFF programme to hopefully refine drill targets.
The strike lengths are over 1km and are one of the prime ingredients for a substantial gold deposit.
Figure 2: Stingray Gold Prospect with UFF gold readings and the interpreted structures over magnetics TMI_RTP.
Kula geologists consider the possibility that the Stingray Gold Prospect is underlain by amphibolite and BIF greenstone (the predominant host rock of most of the gold deposits in WA).
The Stingray Gold Prospect may be much like the previously unmapped greenstone discovered by Kula in a major technical breakthrough during RC drilling at the nearby Crayfish Gold Prospect (refer ASX release 2nd July 2021).
Should UFF geochemistry provide sufficient data to define a drill target within the prospect area, then a RC drill rig will be mobilised to drill test the target with a short low-cost scout programme.
Boomerang Gold Prospect
RC drilling that occurred in November 2021 predominately 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 work completed recently shows that a distinctive offset structure in the magnetics as in Figure 3 below is significant 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.
The Kula team is commencing a close spaced UFF programme drill intercepts programme to advance drill targets.
Figure 3: Boomerang Gold Prospect with gold intersection location and interpreted structures over magnetic TMI_RTP
Additional Gold Prospects:
- 311 Prospect
- Nevoria North Prospect
- G Star Prospect.
The Kula team is continuing to further develop existing gold prospects, 311 Prospect, Nevoria North Prospect and G-Star Prospect.
Results from geochemical assays (gold and multi-element) will be reported in due course.
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
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: 08 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
