Kula Gold Limited reports an exploration update at the Company’s 51% and earning to 80% Mt Palmer Gold Mine located near Marvel Loch WA in the Southern Cross Goldfields.
HIGHLIGHTS
- Numerous shallow gold prospects advance Kula towards resource drilling at Mt Palmer – includes:
- Bryant: 4m @ 3.02g/t gold from 18m, 7m @ 3g/t gold from 15m – open along strike and depth, resource drilling Q1 2025
- El Dorado: 6m @ 8.3g/t gold from 28m
- Meiers Find: 600m geochemistry anomaly and 1m @ 15.4g/t gold from 36m
- Mt Palmer East Prospect – 3m @ 9.1g/t gold from 86m (incl 1m @ 102g/t gold) end of hole- open all directions
- Entire 10km greenstone belt owned-new targets in generation
Kula’s Managing Director Ric Dawson comments:
“Amidst a robust global gold market, Kula is advancing its high-grade gold assets towards maiden resources along the Mt Palmer greenstone belt.
We have a substantial land package in the right geological setting with multiple priority targets that warrant testing. The region is host to multiple major high-grade gold deposits and our tenure adjoins the greenstone belt which hosts the historical >3.0Moz Marvel Loch and is directly along strike from the historical >2.0Moz Yilgarn Star, both held by Barto Mining.
With multiple gold exploration work streams now underway, we look forward to providing updates on both the Mt Palmer Gold Mine potential and the initial drilling programme across high priority regional targets in the near future.”
Figure 1: Kula’s Marvel Loch Prospects (refer Appendix A).
Mt Palmer Gold Mine
The mine produced over 150,000 ounces of gold at 15.9 g/t in the period 1934 to 1944 and is north of the Nevoria Gold Mine (+600,000 ounces of gold), east of the circa 3 million ounce Marvel Loch Gold Mine.
The mine closed in part due to World War 2 when the miners left to join the war and it never re-opened. Since then, only seven diamond holes have been drilled below the old workings, two of which were by Kula this quarter.
No old core is available, so Kula drilled two diamond HQ3 core holes in October 2024 for structural data on the fabulously rich old workings. These were diamond tails for a total of 307.4m to extend the RC pre-collar holes 24MPKC001, and 24MPKC009. They were primarily key structural holes to start modelling the system, and unfortunately did not intersect resource grade gold.
They do however provide valuable data for structural studies, which are required in these type of gold systems to understand the origin and formation of the rich lodes, for future discovery.
SRK Consulting structural geology experts have completed their initial analysis, including core inspection pre-split, which Kula will build on.
RQD testwork was also carried out on the core prior to cutting for geotechnical data for future use.
Figure 2: Mt Palmer Gold Mine recent diamond drilling programme – orientation, logging and preparation for assaying by Kula Team.
SRK Consulting’s report indicate that the high-grade shoots were developed within stratabound veins on the limbs and closures of pre-existing folds.
Individual lodes were mined over a strike length extending up to 200m and to depths of 155m below surface. The shoots are up to 10m wide and 30 to 70m long and were best developed in the Main and East Lodes.
Figure 3. Mt Palmer Gold Mine-Historical Long Section with face samples. (refer Appendix B- drive plans ASX Release – Mt Palmer Gold Mine Acquisition & Placement, dated 31 May 2024)
Mt Palmer – Meiers Find Prospect
A new UFF soil programme has assessed the Meiers Find Prospect as having a 600m long gold anomaly and correlates with interpreted magnetic structures.
Historical drill results including YD-7 with an intersection of 1m @ 15.4g/t gold from 36m, 2m @ 1.7g/t gold from 30m and MFRC2009 with an intersection of 1m @1.7g/t gold from 33m.
The soil sampling programme combined with the drill results above provides a solid target for RC drilling for shallow gold resources.
Figure 4. Mt Palmer Meiers Find Prospect with UFF programme over regional magnetics RTP_NW AGCS_NL with historic drill collars, soils and rock chips.
Further work is in progress for a RC drill program Q1 2025 across a number of the Mt Palmer prospects to move this project towards a maiden resource.
Further results 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. All drill results reported are drill widths unless otherwise noted.
References:
ASX Release (AUN) – Mt Palmer Exploration Update – 20 October 2021
ASX Release- Kula to Acquire Historic Mt Palmer Gold Mine & Placement- 31 May 2024
ASX Release- RC Drilling Commences at Historic Mt Palmer -17 July 2024
ASX Release -New Lode to 6.66g/t Gold in Shallow RC drilling- Mt Palmer 29 August 2024
ASX Release – Diamond core drilling commences at Mt Palmer Gold Mine-11 September 2024
ASX Release -Mt Palmer Gold Mine – El Dorado Prospect historical 6m @ 8.3g/t gold to follow up -26 September 2024
ASX Release- Mt Palmer Gold Mine- East Prospect -10 October 2024
BOOMERANG DEPOSIT
ASX Release – Boomerang Kaolin Deposit- Maiden JORC Resources – 20 July 2022
News Release
Date: 27 November 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
