Kula Gold Limited reports the commencement of drilling at the Company’s Mustang Gold Prospect within the Kirup Project located near Donnybrook, Western Australia approximately 110km SW of the Boddington Gold Mine.
HIGHLIGHTS
- Reconnaissance RC drilling programme has commenced today at Kula’s Mustang Gold Prospect with Stark Drilling
- Western Australian Government’s Exploration Incentive Scheme (EIS) support to fund RC drill plan
Kula’s Managing Director Ric Dawson comments:
“Exciting to commence RC drilling at the Mustang Prospect following a fully peer reviewed successful EIS application over a high order 0.8km gold prospect.
This is Kula’s first successful EIS application and was fully developed by the in-house technical team.
Following recent discussions with landowners in the vicinity they expressed observations and knowledge of historical alluvial gold found in the nearby streams. And are quoted as saying ‘We wondered when gold exploration companies would start to discover this opportunity down here’.
As has been noted by Dr Jon Hronsky, ‘we find our biggest deposits where we have the least amount of data, the key to exploration success is being the first, or very early, into a new exploration search space. The first movers will get a very disproportionate share of the metal there to be discovered*.’
With the volcanic vent nearby to these gold assays provides a geological model for an active period in the Yilgarn Craton and the subduction of the Darling Fault.
Kula is grateful for the Government Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) EIS co-funding in assisting our Kirup drilling programmes.”
Figure 1. Drilling in progress at Kula’s Mustang Gold Prospect – with Stark Drilling
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.
This first pass reconnaissance drilling programme of 500m of RC drilling will provide the early answers. The magnetic signature that is coincident with these gold assays supports the drilling target and geochemistry.
It has had rigorous independent GSWA review to receive the EIS 50% funding of direct drilling and mobilisation costs incurred up to $180,000.
Figure 2: Mustang Prospect image soil anomaly contours over satellite with anomalous gold rock chip locations and drill holes collar locations.
The Kula Gold’s Cammilleri Gold Mine 10km to the north on a similar structure produced 236 ounces from 51 tons at a grade of 130g/t, which supports drilling this prospect. 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.
Figure 3: Kula’s Kirup and Brunswick Projects and Prospects.
Further results from this large untested anomalous gold prospect will be reported in due course.
*The Exploration Search Space Concept: Key to a Successful Exploration Strategy – J.M.A. Hronsky
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- 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
ASX Release – Mustang Gold Prospect earns WA Government EIS drilling cost support with 0.8km gold geochemistry and rock chips up to 3.5g/t gold- 24th October 2024
BOOMERANG DEPOSIT
ASX Release – Boomerang Kaolin Deposit- Maiden JORC Resources – 20 July 2022
News Release
Date: xx Month 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
