Kula Gold Limited reports an exploration update at the Company’s Kirup Project located near Donnybrook, WA approximately 110km SW of the Boddington Gold Mine with the Company securing EIS co-funding from the WA Government Department of Mines for drilling at its Mustang Gold Prospect.
HIGHLIGHTS
- Western Australia Government’s Exploration Incentive Scheme (EIS) application is successful following rigorous independent GSWA review
- 50% funding of direct drilling and mobilisation costs incurred up to $180,000
- Reconnaissance RC drilling programme set to commence 1 December 2024
- Value accretive new target to add to the advancing Mt Palmer Gold Project
Kula’s Managing Director Ric Dawson comments:
“This prospect has progressed from a rock chip to a fully peer reviewed high order 0.8km gold prospect that warrants RC drilling.
This is Kula’s first successful EIS application and was fully developed by the in-house technical team.
The model is for either an epithermal model or similar to the Donnybrook Gold Mine or a hydrothermal model similar to the Boddington Gold Mine. RC drilling will test both.
The magnetic signature that is coincident and the volcanic vent nearby to these gold assays provides a geologically active period in the Yilgarn Craton and the subduction of the Darling Fault.
The Cammilleri Gold Mine to the north on a similar structure produced 236 ounces from 51 tons at a grade of 130gm/t, which supports drilling this prospect.
Kula is grateful for the Government Department of Mines (DEMIRS) EIS co-funding in assisting our Kirup drilling programmes.”
Figure 1: Location of Kula’s Kirup and Brunswick Project and Prospects.
Mustang Gold Prospect
Recent exploration using a combination of UFF soils and rock chipping, field mapping and magnetics interpretation now leads for a primary source of the gold mineralisation obtained so far to develop a model for the style of either epithermal model or similar to the Donnybrook Gold Mine or hydrothermal model similar to the Boddington Gold Mine.
A first pass reconnaissance drilling programme will provide the answers. The magnetic signature that is coincident with these gold assays supports the drilling target and geochemistry.
Figure 2: Mustang Prospect image soil anomaly contours over satellite with anomalous gold rock chip locations.
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 gold including a rock description containing vuggy quartz, see Figure 3 below.
This result in additional soil sampling, mapping and additional rock chip samples in the recent past and some current UFF soils are still to be returned from geochemistry analysis.
Follow up exploration to advance this large totally unexplored target next to a past producer gold mine.
Figure 3: Rock chip sample KI000154 with a gold assay of 3.5g/t for the Mustang Prospect, note the vuggy texture in the quartz host.
Figure 4. Soil sampling at the Mustang Gold Prospect with the Kirup Project.
Further results will be reported in due course.
REFERENCES
ASX release- Kula To Acquire A 70% Interest in Key Lithium Tenement – Kirup Project- 22 November 2022
ASX release – Kirup Project – Two New Lithium Prospects- 29 May 2023
ASX Release- Mustang and Cobra Prospect Update for Lithium- 8 June 2023
ASX Release – Kirup Project Update- 30 January 2024
BOOMERANG DEPOSIT
ASX Release – Boomerang Kaolin Deposit- Maiden JORC Resources – 20 July 2022
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.
News Release
Date: 24 October 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 Mt Palmer Gold Project 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
