Kula Gold Limited reports a highly encouraging rock chip result of 4.3g/t from the Company’s Mustang Gold Prospect located near Kirup, Western Australia approximately 110km SW of the Boddington Gold Mine.
HIGHLIGHTS
- High grade rock chip gold assay of 4.3g/t, 200m along strike from the maiden drill intercept of 2m @ 2.3g/t gold from 34m
- 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:
“Kula is pleased to report ongoing positive results from this completely new gold system where no prior gold exploration has ever been conducted.
A key to exploration success is being the first, or very early, into a new exploration search space. The first movers will likely get a very disproportionate share of the metal there to be discovered*.
Kula is grateful for the Government Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) EIS co-funding drilling costs.”
* The Exploration Search Space Concept: Key to a Successful Exploration Strategy – Dr. J.M.A. Hronsky.
Figure 1: Mustang Prospect (Kula 100% for E70/6603) image with 20ppb UFF soil anomaly contour over satellite with drillhole 4MPRC005 trace and drill hole collar location and cross section A-B location labelled.
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 4.3g/t, 200m from the significant drill intercept of 2m @ 2.3g/t gold from 34m. This maiden RC drillhole into the 800m soil anomaly 24MPRC005 in the vicinity of the soil anomaly shows a new gold system. This is an exciting development and lifts Mustang to significant project status in the Kula portfolio.
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.
Figure 2: Mustang Prospect cross section with drillhole 24MPRC005.
The magnetic signature that is coincident with these gold assays supports the drilling target and geochemistry.
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.
Follow up UFF soil geochemistry, close spaced drone magnetics, followed by RC/AC drilling is being planned to advance this to the next stage.
Figure 3: Kula’s Kirup and Brunswick Projects and Prospects – including Mustang Gold.
Further results will be reported in due course. 
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
News Release
Date: 1 April 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
