Kula Gold Limited reports the follow up round of geochemical sampling which has enhanced the previously defined gold anomaly at the Boomerang Gold Prospect at the Marvel Loch Project (KGD 100%), near Southern Cross WA.
The prospect is north of the Nevoria Gold Mine (+600,000 ounces gold), east of the circa 2.4million ounces Marvel Loch Gold Mine and west of the Mt Palmer Gold Mine (+150,000 ounces gold) all of which produced gold at more than 4 grams/tonne.
HIGHLIGHTS
- Infill UFF soil sampling enhances the Boomerang gold anomaly to over 200m in length
- Drilling approvals in place and RC drilling to commence this week
- The newly defined gold anomaly sits in a magnetic low which is highly encouraging
- Located along a NW 310-330o orientation within a magnetic low – the optimal configuration as most of the gold deposits in the Southern Cross Goldfields strike in the same direction.
- Cross-cutting north-east (050o) structure in the vicinity of the geochemistry results contains a historical Kula Gold RC hole which had a result of 1m at 2.6g/t gold at 54m
- Being 5km from the Marvel Loch gold processing plant and infrastructure, aligns with Kula Gold’s strategy of exploring near to existing operations to fast track any discovery to monetary success
- Close to the historic multimillion ounce Marvel Loch area gold mines “the best place to discover a gold mine is near the headframe of a gold mine”.
Kula’s Managing Director Ric Dawson comments:
“The second round of geochemistry has tightened up the gold soil anomaly for this very promising target in a proven mining district, Kula Gold has a RC rig mobilising to site, preliminary drill locations have been marked and will commence drilling over the next few days.
In addition, the current GSWA 1:250,000 geological series map is different to what Kula Gold is now discovering and observing and now opens up major unidentified greenstone units for gold exploration potential in our large over 120km2 landholding.”
Figure 1. UFF soils programme at Boomerang Gold Prospect within the Marvel Loch Project
Boomerang Gold Prospect (100% wholly owned)
The second round of planned close spaced ultra fine fraction (UFF) soil sampling was completed by the Kula Gold team on a 20m x 20m grid and has better defined the gold anomaly over 200m in length with an orientation of NW 310-330o coinciding with a magnetic low as shown in Figure 2 below:
Figure 2: Boomerang Gold Prospect with gold UFF soil anomaly and proposed RC drill collars over magnetic TMI_RTP.
Additional Gold Prospects
The Kula Gold team is continuing to further develop existing gold prospects in the Marvel Loch Project; Stingray Prospect, Crayfish Prospect, Nevoria North Prospect and G-Star Prospect.
Results from recent UFF soils programmes (gold and multi-element) will be reported in due course.
Figure 3: Kula’s Marvel Loch Project featuring the key prospects within.
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: 29 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
