Kula Gold Limited reports a new high grade rock chip assay of 4.8g/t Gold in further encouraging results from its Mustang Gold Prospect located near Kirup, Western Australia approximately 110km SW of the Boddington Gold Mine.
HIGHLIGHTS
- Peak high grade rock chips 4.8g/t and 4.3g/t gold, 50m and 200m south along strike from the maiden drill intercept of 2m @ 2.3g/t gold from 34m (from the 10 rock samples, 2 were high grade, 8 were below detection or low-grade)
- Coincident soil anomaly better defined and extended with infill UFF soil sampling
- Western Australian Government’s Exploration Incentive Scheme (EIS) supported the drilling and will part fund the next stages of drilling
Kula’s Managing Director Ric Dawson comments:
“Mustang continues to show potential for a new gold system in the Kirup district from our low-cost work supported by the Government Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) EIS co-funding drilling costs.”
Figure 1: Mustang Prospect (Kula 100% for E70/6603) image with a new 10ppb and 20ppb UFF soil anomaly contour over satellite with drillhole 24MPRC005 trace and drill hole collar location and cross section A-B location labelled with insert with all rock chip locations.
Mustang Gold Prospect – E70/6603, E70/6626, ELA70/6627 (Kula 100%) & E70/5452 (Kula 70%)
The ongoing mapping, soil sampling and rock chipping programmes at Kula’s Mustang Gold Prospect has a new high grade rock chip gold assay of 4.8g/t, 50m south from the previously reported significant drill intercept of 2m @ 2.3g/t gold from 34m adding to the recently reported 4.3g/t gold rock chip 200m south of the maiden drill intersection*.
A total of 10 rock chip samples were collected and sampled of which two reported high-grade gold (+4g/t) and eight were below detection or low-grade (Refer Appendix B).
A new infill UFF soil programme successfully added to the anomaly as shown in Figure 1 above.
Close spaced drone magnetics, followed by RC/AC drilling is being planned to advance this to the next stage.
Kula’s Cammilleri Gold Mine 10km to the north on a similar structure produced 236 ounces from 51 tonnes at a grade of 130g/t.
Independent GSWA review was completed and granted Kula the Western Australian Government’s Exploration Incentive Scheme (EIS) 50% co-funding of direct drilling and mobilisation costs incurred up to $180,000.
*ASX Announcement dated 8 April 2025 – Mustang Gold Prospect – Update – Amended
Figure 2: Mustang Prospect cross section with previously reported drillhole 24MPRC005.
Further results will be reported in due course.
Figure 3: Kula’s Kirup and Brunswick Projects and Prospects.
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 ASX Release – Kirup Project – Commencement of drilling -Mustang Prospect -2 December 2024 ASX Release- Mustang Gold Prospect – Kirup, Maiden Drill Intercept of 2m @ 2.3g/t Gold from 34m – 13 February 2025 ASX Release- Mustang Gold Prospect Extends Strike Potential with 4.3g/t Gold Result- 1 April 2025 ASX Release -Amended Announcement Mustang Gold Prospect- Update- 8 April 2025
News Release
Date: 10 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
