Kula Gold Limited presents its Quarterly Activity Report for the period ended 31 March 2024.
MARVEL LOCH PROJECT – E77/2621 – 100% Owned – KAOLIN & GOLD
The Company reported that recent geochemical sampling and geophysical interpretation identified two new and advanced two other gold prospects at the Marvel Loch Project, near Southern Cross WA.
Figure 1: Kula’s Marvel Loch, Southern Cross and Westonia Projects, locations of regional gold mines and preexisting infrastructure.
Boomerang Gold Prospect
The Company reported that geochemical sampling commenced, and satellite interpretation enhanced the Boomerang Gold Prospect at the Marvel Loch Project.
Figure 2: Kula’s Marvel Loch Project featuring the key prospects within.
The planned close spaced UFF soil sampling commenced on a 20m x 20m grid to locate the ideal drill targets. RC drilling that occurred in November 2021 for the Kaolin resource drill out on a ver cal 200m x 200m programme intersected an anomalous 1m at 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 3 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 3: Boomerang Gold Prospect with gold intersection location and interpreted structures over magnetic TMI_RTP and new satellite ASTER imagery arsenopyrite correlation anomaly.
Stingray Gold Prospect
The newly identified Stingray Gold Prospect was derived from a small low cost ini al UFF soil sample programme over a circular magnetic feature shown in figure 5 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 23km in length and will now infill this prospect with a more extensive UFF programme to refine drill targets. The strike lengths are over 1km and are one of the prime ingredients for a substantial gold deposit.
Figure 4: Stingray Gold Prospect with UFF gold readings and the interpreted structures over magnetics TMI_RTP.
Additional Gold Prospects
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.
Boomerang Kaolin Deposit at Marvel Loch
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.
KIRUP LITHIUM PROJECT –E70/5452 – (70% LCT mineralisation rights, 30% Sentinel Exploration Ltd)
Figure 5: Kula’s Kirup & Brunswick Project’s, location of Greenbushes Mine & Albemarle’s Kemerton Lithium Hydroxide Plant.
Cobra Lithium Prospect
During the quarter under review, the Company reported that the results of the recent RC drilling programme at the Cobra Lithium Prospect failed to intercept economic lithium mineralisation with the best result being in hole 23CPRC002 with a composite interval of 4m at 178ppm from 116m.
Gold, Base Metal & Non-LCT Mineral Rights
Agreement was reached during the quarter between the joint venture par es 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 Gold Prospect
The gold prospectivity of the Cobra Prospect has increased with the sampling of a rock outcrop in the near vicinity of the recent RC drill programme containing both vuggy and sugary quartz. Whilst drilling the Kula team identified a significant epithermal style gold target near the Cobra Prospect and will be the subject of further fieldwork.
Mustang Prospect
The ini al RC drill programme was curtailed a er one RC hole due to wet ground conditions in September 2023. The Company intends to plan another drill programme on more prospective pegmatite targets once further fieldwork is completed using vectors leaned from the Cobra drilling. The gold prospectivity has also increased at the Mustang Prospect with the sampling of a rock outcrop in the near vicinity of the ini al RC drill programme with a sample KI000154 that returned a fire assay reading with 3.5g/t including a rock description containing vuggy quartz.
References:
KIRUP PROJECT
ASX Release – Kirup Exploration Update – 1 February 2024.
MARVEL LOCH PROJECT
ASX Release – Marvel Loch Exploration Update – 8 February 2024.
ASX Release – Marvel Loch Exploration Update – Boomerang Gold – 22 February 2024.
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: 30 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
