Kula Gold Limited presents its Quarterly Activity Report for the period ended 31 March 2025.
HIGHLIGHTS
- Aircore and RC drill programmes commenced during the quarter, with results announced subsequent to quarter end
- 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
- The first ever RC drill programme at Kula’s Mustang Gold Prospect has discovered a significant intercept of 2m @ 2.3gt/ gold from 34m
- New Wozi Niobium Project in Malawi (75%)
Figure 1 – Kula’s Projects in Western Australia
MT PALMER GOLD MINE – 80%
Drilling Programmes
An aircore drilling programme of 658m was completed during the quarter. Results from this programme at Bryant Lode returned 12m @ 3.4g/t gold from 24m (25MPAC0062).
A RC drilling programme also commenced during the quarter targeting numerous shallow gold prospects in the 10km belt. Results from this programme included:
- 18m @ 7g/t gold (from 0m) incl 3m @ 23.4g/t gold (25MPRC0012)
- 6m @ 1g/t gold (from 0m) incl 3m @ 15.3g/t gold (25MPRC0007)
- 12m @ 3g/t gold (from 15m) incl 6m @ 3.5g/t gold (25MPRC0001)
- 9m @ 9g/t gold (from 0m) incl 3m @ 3g/t gold (25MPRC0013)
For full results refer ASX announcement dated 14 April 2025 – Gold Drilling Results – Mt Palmer Project.
A low-cost drill programme to determine the gold content in the historic tailings is also part of the drill programmes, then metallurgical testwork to determine economics for treatment at the nearby Marvel Loch gold plant 28km by road. Results from this programme is still pending and will be released in due course.
Subsequent to the end of the quarter under review, the Company has met the expenditure requirements to earn to 80% of the Mt Palmer Gold Mine under the joint venture agreement with Aurumin Limited.
Also following the quarter’s end, the Company has reported to local police the theft of a small parcel of gold-bearing material from the Mt Palmer dumps. Authorities have attended the site, and further action is awaited.
KIRUP PROJECT – 70%
Mustang Prospect
The Company completed a maiden drill programme at the Mustang Gold Project near Kirup, Western Australian approximately 110km SW of the Boddington Gold Mine.
In fact, this drilling programme was the first ever drilling done at the Project and as a result was supported by the Western Australian Government’s Exploration Incentive Scheme (EIS). The Company is grateful for the co-funding to assist drilling in new areas.
The only RC drillhole into the 800m soil anomaly 24MPRC005 in the vicinity of the soil anomaly potentially indicates a new gold system with an intercept of 2m @ 2.3g/t gold from 34m.
WOZI NIOBIUM PROJECT – 75%
The Company formed a joint venture to apply for an exploration licence in Malawi, known as the Wozi Niobium Project. The Malawi Government’s Mining and Minerals Regulatory Authority has recommended the grant, subject to completion of an environmental study.
Details of the joint venture are set out in ASX Announcement dated 22 January 2025 New Niobium Project Acquired in Malawi.
RANKIN DOME PROJECT
Joint venture partner Australian Critical Minerals Limited (ASX: ACM) formally notified the Company of its intention to withdraw from the JV agreement to earn in up to 51% of the Rankin Dome Rare Earths Project (E77/2768). As a result, the Company surrendered the non-core tenement E77/2768.
Competent Person Statement
The information in this report 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:
MT PALMER GOLD MINE
ASX Release – Non-Renounceable Issue – 6 January 2025
ASX Release – Non-Renounceable Issue – Prospectus – 6 January 2025
ASX Release – Proposed issue of securities – KGD – 6 January 2025
ASX Release – Dispatch of Entitlement Offer Documents – 14 January 2025
ASX Release – New Niobium Project Acquired in Malawi – 22 January 2025 ASX Release – Results of Entitlement Offer – 31 January 2025
ASX Release – Maiden Drill Intercept of 2m @ 2.3g/t Gold – Mustang – 13 February 2025
ASX Release – Additional Funds Raised – Entitlement Offer – 21 February 2025
ASX Release – Drilling Commences at the Mt Palmer Gold Mine – 18 March 2025
ASX Release – Mt Palmer Mine Dumps Reports Grades to 17.9g/t Gold – 20 March 2025
ASX Release – Withdrawal from Rankin Dome Joint Venture (ASX: ACM) – 26 March 2025
ASX Release – Mt Palmer Gold Mine 80% Earn-in Expenditure Completed – 2 April 2025
ASX Release – Fully Retracted Statements With Previous Announcements – 11 April 2025
ASX Release – Gold Drilling Results – Mt Palmer Project – 14 April 2025
BOOMERANG PROSPECT
ASX Release – Boomerang Kaolin Deposit – Maiden JORC Resources – 20 July 2022
News Release
Date: 30 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
