Kula Gold Limited reports significant updates on the Mt Palmer Gold Mine located near Marvel Loch WA in the Southern Cross Goldfields in JV with Aurumin Limited.
HIGHLIGHTS
- Aircore drilling returns 12m @ 3.4g/t gold from 24m (25MPAC0062)
- Adding to previous results including:
- 4m @ 3.02g/t gold from 18m near surface (24MPKC005)
- 7m @ 3g/t gold including 1m @ 10.6g/t gold (MPRC078)
- Adding to previous results including:
- Drilling is ongoing, 808m completed to date over 16 holes, and further results due
- Kula has met expenditure to earn to 80% of the Mt Palmer Gold Mine JV
Figure 1. Kula MD quote regarding today’s drilling results from the Company’s Mt Palmer Gold Mine
Kula’s Managing Director Ric Dawson comments:
“We are very pleased to report this excellent result kicking off our second drill campaign at Mt Palmer with 12m @ 3.4g/t gold from 24m.
The next batch of assays will be very interesting.
Kula has now met its expenditure requirement to earn to 80% and takes a major position in this very promising~10km gold belt.
This Mt Palmer acquisition aligns with the Kula’s strategy to focus exploration near to existing operations to fast track any discovery to monetary success.”
Mt Palmer – Bryant Lode
Mt Palmer’s Bryant Lode returned 12m @ 3.4g/t from 24m in 3m composite samples in air core drilling. (25MPAC0062).
This result adds to previous results including:
- 4m @ 3.02g/t gold from 18m near surface (24MPKC005)
- 7m @ 3g/t gold including 1m @ 10.6g/t gold (MPRC078)
These are drill widths, true width to be confirmed with future drilling and once individual 1m intervals are assayed.
This lode is 500m south of the main Mt Palmer Gold Mine workings and starting to demonstrate a contiguous zone of shallow gold mineralisation open north, south and at depth.
Figure 2. Mt Palmer Bryant Lode cross section.
Work to follow up this prospect continues with a completed RC drill hole with assays pending.
Figure 3. Mt Palmer Bryant Lode plan view showing drill collars and mineralised envelope, which is open north, south and at depth.
Further results will be reported in due course.
About the 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 2.4 million ounce Marvel Loch Gold Mine.
The Mt Palmer mine closed in part due to the continuation of World War 2 severely restricting access to labour and materials and subsequently the mine flooded and was never reopened. Limited systematic exploration since that time has been carried out.
Figure 4: Kula’s Marvel Loch Projects (refer Appendix A).
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 (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
News Release
Date: 02 April 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
