Kula Gold Limited reports Stage 2 RC drilling has returned high grade gold results to 23.4g/t and 15.3g/t near surface at the Company’ 80% owned Mt Palmer Gold Mine located in the Southern Cross Goldfields WA, in JV with Aurumin Limited.
HIGHLIGHTS
Stage 2 RC drilling has returned high grade gold results including:
- 18m @ 4.7g/t gold (from 0m) incl 3m @ 23.4g/t gold (25MPRC0012)
- 6m @ 8.1g/t gold (from 0m) incl 3m @ 15.3g/t gold (25MPRC0007)
- 12m @ 2.3g/t gold (from 15m) incl 6m @ 3.5g/t gold (25MPRC0001)
- 9m @ 1.9g/t gold (from 0m) incl 3m @ 3g/t gold (25MPRC0013)
- Adding to previous results including:
- 12m @ 3.4g/t gold from 24m (MPAC0062)
- 4m @ 3.02g/t gold from 18m (24MPKC005)
- 7m @ 3g/t gold including 1m @ 10.6g/t gold (MPRC078)
- Adding to previous results including:
Further results in process and Stage 2 drilling is ongoing.
Kula’s Managing Director Ric Dawson commented:
“These are exceptional results from Kula’s Mt Palmer Gold Project and are starting to show the real potential that our team saw in this asset. A few shallow intersections of high-grade results over half an ounce of gold per tonne are just what we needed to see at this early stage of exploration.”
Figure 1. RC Drilling during stage 2 at Mt Palmer
Stage 2 significant RC drilling results over 3m composites with a 0.5g/t cut-off include:
- 25MPRC0001: 12m @ 2.3g/t Au (from 15m) incl 6m @ 3.5g/t Au
- 25MPRC0003: 3m @ 2.1g/t Au (from 42m)
- 25MRPC0006: 3m @ 0.6g/t Au (from 9m)
- 25MPRC0007: 6m @ 8.1g/t Au (from 0m) incl 3m @ 15.3g/t Au
- 25MPRC0008: 3m @ 1.26g/t Au (from 24m)
- 25MPRC0009: 3m @ 1.6g/t Au (from 9m)
- 25MPRC0010: 6m @ 1.5g/t Au (from 39m) incl 3m @ 2.1g/t Au
- 25MPRC0011: 6m @ 1.2g/t Au (from 18m) incl 3m @ 1.5g/t Au
- 25MPRC0012: 18m @ 4.7g/t Au (from 0m) incl 3m @ 23.4g/t Au
- 25MPRC0013: 9m @ 1.9g/t Au (from 0m) incl 3m @ 3g/t Au and 6m @2.3g/t Au (from
33m) - 25MPRC0015: 3m @ 2g/t Au (from 78m)
- 25MPRC0004: intersected an unmapped stope at 54m. No sample return.
Holes 25MPRC0002, 25MPRC0005 and 25MPRC0014 did not return any significant result.
Further results are in process including 1m splits from the results above.
These are drill widths, true width to be confirmed with future drilling and once individual 1m intervals are assayed.
Stage 2 drilling is ongoing.
Other results and drilling details are included in Appendix C.
The results above add to previous results including:
- 12m @ 3.4g/t gold from 24m (MPAC0062)
- 4m @ 3g/t gold from 18m (24MPKC005)
- 7m @ 3g/t gold including 1m @ 10.6g/t gold (MPRC078)
The shallow nature of the results to date are showing early potential for low-cost open pit configuration extraction, subject to ongoing drilling programmes and mining studies.
Figure 2. Mt Palmer plan view showing drill collars just north of main lode
Figure 3. Line section 6522425N with interpreted gold mineralised zone in brown
Figure 4. Line section 6522365N with interpreted gold mineralised zone in brown
Figure 5. Mt Palmer plan view showing drill collars at Bryant
Figure 6. Line section 6521595N with interpreted gold mineralised zone in brown at Bryant
Further results will be reported in due course.
Figure 7: Kula Gold’s Mt Palmer Gold Mine Region Map incl. Prospects.
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 (+0.6m oz gold), east of the circa 2.4m oz gold 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 8: Kula’s Marvel Loch Prospects (refer Appendix A).
APPENDIX C:
Aircore/RC drill programme locations, dip, azimuth and significant results (3m composites, Cutoff 0.5g/t gold)
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
ASX Release – Mt Palmer Update -2 April 2025
News Release
Date: 14 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
