Kula Gold Limited reports geochemical sampling has defined a gold anomaly at the Boomerang Gold Prospect within the Company’s Marvel Loch Project, near Southern Cross WA.
The prospect is north of the Nevoria Gold Mine (+600,000oz gold), and east of the circa 2.4M oz Marvel Loch Gold Mine and west of the Mt Palmer Gold Mine (+150,000 oz gold).
Kula’s Managing Director Ric Dawson comments:
“This is a very promising target in a proven mining district, so Kula has a rig on standby, preliminary drill locations have been marked, awaiting detailed geochemistry results to refine the drill locations and commence drill testing over the next few weeks.
Current GSWA 1:250,000 mapping in this region is different to what Kula is now discovering and observing and this now opens up major gold exploration potential in our large unexplored landholding.”
HIGHLIGHTS
- UFF soil sampling defines a gold anomaly for drill ready target
- Drilling approvals in place
- Geochemistry results indicate a mafic/ultramafic unit in the prospect and adjacent to the west limb of the Boomerang Prospect
- The gold anomaly sits in a magnetic low which is highly encouraging
- Located on a 310-330 degree orientation azimuth within a magnetic low – the optimal configuration as most of the gold deposits in the area are on the same azimuth.
- Cross-cutting NE (050) structure in the vicinity of the geochemistry results which hosts a past drill result of 1m @ 2.6g/t gold at 54m
- The target is 5km from the Marvel Loch gold plant, which aligns with Kula’s strategy of exploring near to existing operations for any discovery to fast track to monetary success
- Close to existing Marvel Loch gold processing infrastructure and the historic multimillion ounce Marvel Loch area gold mines
Figure 1: Kula’s Marvel Loch Project featuring the key prospects within.
Boomerang Gold Prospect (100% wholly owned)
The planned close spaced ultra fine fraction (UFF) soil sampling was completed by the Kula team on a 20m x 20m grid and has defined a gold anomaly and a favourable drill ready target.
Figure 2: Boomerang Gold Prospect with gold UFF soil anomaly and interpreted structures over magnetic TMI_RTP and pending second phase of UFF soil locations.
Interpreted Remnant Greenstone
Based on the recent geochemical soil sampling the western limb of the Boomerang Prospect, can be interpreted as a remnant mafic /ultramafic lithological unit due to the high magnesium and iron concentrations and can be confirmed upon RC drilling and microscope thin section analysis.
Figure 3 below provides some of the chemical elements not normally associated with a granite suite and provides evidence that the lithology is more like to be a mafic /ultramafic lithology.
This is significant as it may provide a source for the economic minerals for the prospect.
Figure 3: Boomerang Prospect significant elemental map highlighting the potential mafic/ultramafic lithological units
Figure 4: UFF soil sampling at Boomerang Gold Prospect
Additional Gold Prospects
The Kula team is continuing to further develop existing gold prospects in the Marvel Loch Project; Stingray Prospect, Crayfish Prospect, 311 Prospect, Nevoria North Prospect and GStar Prospect.
Results from recent UFF soils programmes (gold and multi-element) will be reported in due course.
Competent Person Statement
The information in this announcement that relates to geology, exploration and visual estimates is based on, and fairly represents, information and supporting documentation 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 and is a related party of the Company. 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 – New G-Star Gold Prospect 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
ASX Release – Marvel Loch Exploration Update – 22 February 2024
BOOMERANG DEPOSIT
ASX Release – Boomerang Kaolin Deposit- Maiden JORC Resources – 20 July 2022
News Release
Date: 10 April 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 WA goldfields at the Boomerang Gold Prospect at Marvel Loch Southern Cross, 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 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
