Kula Gold Limited is pleased to report excellent progress at the Company’s Mt Palmer Gold Mine Project (earning to 80%) in joint venture with Aurumin Limited (ASX: AUN) (20%) located in the Southern Cross Goldfields. The joint venture owns 100% of this highly prospective 10km gold belt.
HIGHLIGHTS
- Channel sampling of a selection of old mine dumps at the Mt Palmer Gold Mine returned grades up to 17.9g/t gold with an average over 146 samples of 1.7g/t gold
- Results warrant detailed sampling to extend the programme across all old mine dumps on the property as well as surveying volumes to estimate gold content
- Sample variance with high grades indicates nuggety gold which has potential for simple low-cost extraction and warranting metallurgical testwork
Kula’s Managing Director Ric Dawson comments:
“Channel sampling of old mine dumps on the property has shown very nice grades across 146 assays averaging 1.7g/t gold and up to 17.9g/t gold so we are moving this quickly to detailed sampling and extending the programme across all old mine dumps as well as surveying volumes and conducting metallurgical testwork for potential low cost gravity extraction.
With gold over US$3,000 per oz we are looking to all early production options as well as drilling the multitude of high-grade gold targets on the Mt Palmer Gold Belt with the rig commencing drilling tomorrow.”
Figure 1: Kula’s Marvel Loch Prospects (refer Appendix A).
Drilling Programmes
An aircore drill programme of 658m has been completed this week with samples in transit to the laboratory.
Further results of the various activities reported herein will be reported in due course.
Figure 2: Aircore drilling at the Mt Palmer Gold Mine – March 2025
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 ASX Release – Gold Exploration Update- 27 November 2024 ASX Release -Gold Drilling Underway – 18 March 2025 4 BOOMERANG DEPOSIT ASX Release – Boomerang Kaolin Deposit- Maiden JORC Resources – 20 July 2022
APPENDIX A:
Kula Gold’s Marvel Loch, Southern Cross, and Westonia Projects, location of regional gold mines (Edna May Gold Mine, Hopes Hill, Golden Pig, Marvel Loch, Nevoria, Frasiers, Yilgarn Star, Split Rocks Lithium Deposit and Mt Holland Lithium Mine are not assets of Kula*) and pre-existing infrastructure.
Figure 3. Map of Kula’s tenements across the Southern Cross Region of WA
* Publicly available historical gold production or current resources of other parties: Project Historic Production Past Production Current Owner Marvel Loch 3m oz 1905 -2019 St. Barbara Barto Gold Mining Nevoria 600,000 oz 1917 -2013 Sons of Gwalia Barto Gold Mining Yilgarn Star +2m oz 1991 -2002 Gasgoyne Gold Barto Gold Mining Edna May +2m oz 1911 – current Westonia Mines Limited Rameluis Resources Mt Holland Resource as stated Wesfarmers Wesfarmers Split Rocks Resource as stated Zenith Minerals Zenith Minerals Frasers +840,000 oz 1986 -1992 Frasers Gold Mining Barto Gold Mining Golden Pig 502,000 oz 1894-2003 Sons of Gwalia Cygnet Gold Hopes Hill 216,000oz 1888-1990 Greater Western Cons. Golden Horse Minerals Pilot 54,000oz 1961- 1994 Troy Resources Golden Horse Minerals/Barto Gold Mining
News Release
Date: 20 March 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
