⛏️ Kula Gold Limited presents its Quarterly Activity Report for the period ended 31 December 2024.

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
      • 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
  • The Mt Palmer Gold Mine and the entire 10km greenstone belt owned provides an exciting opportunity for new target generation and given the low-cost value add exploration approach, proximity to existing gold plants and infrastructure and record highs in the gold price.
  • Western Australian Government’s Exploration Incentive Scheme (EIS) application successful following rigorous independent GSWA review. 50% funding of direct drilling and mobilisation costs incurred up to $180,000
  • Reconnaissance RC drilling commenced in December 2024 at the Mustang Prospect

Figure 1: Kula Gold’s Mt Palmer Gold Mine Region Map incl. Prospects.

⛏️ MT PALMER GOLD MINE – 51% (earning to 80%)

Diamond Core Drill Programme

Diamond HQ3 core drilling was completed during the quarter for 307.4m in 2 holes to extend the 2 pre-collared RC holes 24MPKC001 and 24MPKC009 to test the down plunge extensions to the historically known orebody. These were primarily key structural holes to start modelling the system, and whilst they did not intersect resource grade gold, they did provide valuable data for structural studies, which is required in these type of gold systems to understand the origin and formation of the rich lodes, for future discovery.

Mt Palmer – Bryant’s Lode Prospect

The new advancing prospect Mt Palmer Bryant’s Lode returned 4m @ 3.02g/t gold including 1m @ 6.66g/t gold from 18m near surface (24MPKC005) aligning with historical holes of up to 7m @ 3g/t gold including 1m @ 10.6g/t gold (MPRC078). These are drill widths, true width to be confirmed with future drilling.

This new lode is 500m south of the main workings and demonstrates a contiguous zone of shallow gold mineralisation open north and south at depth, warranting further drilling towards resource estimates.

Mt Palmer – El Dorado Prospect

Exploration work during the diamond drilling programme has assessed a newly named El Dorado Prospect as having strike extensions north of the historic Mt Palmer Gold Mine with a significant RC drill intersection of 6m @ 8.3g/t gold from 28m.

Mt Palmer – Meiers Find Prospect

A modern 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 provides a solid target for RC drilling for shallow gold resources.

Mt Palmer – East Prospect

Geophysical interpretations have identified a possible parallel structure over 8km in length east of the Mt Palmer Gold Mine (shown in red oval in Figure 2 below).

Figure 2: Mt Palmer East Prospect image over TMI_RTP with historical air core hole locations.

⛏️ KIRUP PROJECT – 70%

Mustang Prospect

Recent UFF soils and rock chipping, field mapping and magnetics interpretation leads for a primary source of the gold mineralisation obtained to develop a model for the style of epithermal model or similar to the Donnybrook Gold Mine or hydrothermal model similar to the Boddington Gold Mine. A first pass reconnaissance drilling programme of 500m of RC drilling, funded by the Western Australian Government’s Exploration Incentive Scheme (EIS), will provide the early answers.

The magnetic signature that is coincident with these gold assays supports the drilling target and geochemistry.

The Company’s Cammilleri Gold Mine 10km to the north on a similar structure produced 236 ounces from51 tons at a grade of 130g/t, which supports drilling this prospect.

The gold prospectivity of the Mustang Prospect also increased with a sampling of a rock outcrop in the near vicinity of the ini al RC drilling programme with a sample KI000154 that returned a fire assay reading with 3.5g/t gold including a rock descripion containing vuggy quartz.

Kula’s Managing Director Ric Dawson commented:

“This prospect has progressed from a rock chip to a fully peer reviewed high order 0.8km gold prospect that warrants RC drilling.

Kula is grateful for the Government Department of Mines (DEMIRS) EIS co-funding in assisting the Company’s drilling programmes.”

Figure 3: Kula’s Kirup and Brunswick Projects and Prospects.

CORPORATE ACTIVITIES

Kula presented at Euroz Hartleys inaugural Bremer Bay Conference held on 29 October 2024.

View the Full ASX Announcement PDF

Competent Person Statement

The information in this report 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:

MT PALMER GOLD MINE
ASX Release – Mt Palmer Gold Mine Acquisition & Placement – 31 May 2024
ASX Release – Mt Palmer Gold Mine – East Prospect – 10 October 2024
ASX Release – EIS Co-Funding for Mustang Gold Prospect – 24 October 2024
ASX Release – Presentation – Bremer Bay Conference – 29 October 2024
ASX Release – Mt Palmer – Gold Exploration Update – Amended – 28 November 2024
ASX Release – Commencement of Drilling – Mustang Gold Prospect – 2 December 2024
ASX Release – Non-Renounceable Issue – 6 January 2025
ASX Release – Non-Renounceable Issue – Prospectus – 6 January 2025
ASX Release – Proposed issue of securities – KGD – 6 January 2025
ASX Release – Dispatch of Entitlement Offer Documents – 14 January 2025

BOOMERANG PROSPECT
ASX Release – Boomerang Kaolin Deposit – Maiden JORC Resources – 20 July 2022

News Release

Date: 31 January 2025 | 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