⛏️  In May 2024 – Kula Gold Limited was pleased to announce the acquisition of the historic high grade Mt Palmer Gold Mine (mining lease M77/0406 and exploration leases E77/2210, E77/2423 & E77/2668) near to Marvel Loch, in the Southern Cross Goldfields of WA.

Exploration Updates from Mt Palmer are available below.

Kula’s Chief Executive Officer Ric Dawson commented.

“This acquisition is in alignment with the Company’s strategy to add assets near to existing operations to fast track any discovery to monetary success. This historical rich ‘half ounce’ gold mine has huge potential of high-grade gold and is a priority drilling target for Kula.”

MT PALMER HIGHLIGHTS

• Kula to acquire the historic Mt Palmer Gold Mine last commercially mined in 1944 down to only the 6th Level (~160m) at 15.9 grams/tonne
• This acquisition adds to Kula’s Marvel Loch Project with multiple gold prospects
• Significant opportunity to discover additional high-grade gold mineralisation
• Being just 15km from the Marvel Loch gold processing plant and infrastructure, aligns with Kula’s strategy of exploring near to existing operations to fast track any discovery to monetary success
• Indications of Lithium and Rare Earth Elements (REE) in the greater Southern Cross region will provide the concepts to be analysed in addition to gold similar to the existing Wesfarmers’ Mt Holland Lithium Project
• Kula to raise $1,210,000 via a placement to professional and sophisticated investors

Figure 1: Kula’s Mt Palmer tenement holdings and nearby mines including the operating Barto Gold Mill in the Marvel Loch region.

Kula’s Mt Palmer Gold Mine Prospects.

2025 MT PALMER UPDATES

⛏️  June 2025 – Kula Gold reports Stage 2 RC drilling individual 1m splits from the ASX release 14 April 2025, has returned high grade gold results including:

• 18m @ 4.4g/t gold (from 0m) incl 2m @ 31.3g/t gold (from 15m) – 25MPRC0012
• 7m @ 7.7g/t gold (from 0m) incl 3m @ 17.2g/t gold (from 3m) – 25MPRC0007
• 4m @ 1.4g/t gold (from 15m) & 7m @ 3.5g/t gold (from 20m) – 25MPRC0001
• 7m @ 2.6g/t gold (from 0m) incl 2m @ 5.8g/t gold (from 2m) & 2m @ 2.9g/t gold (from 35m) – 25MPRC0013

Kula’s Managing Director Ric Dawson commented:

“These results from Kula’s Mt Palmer Gold Project continue to enhance the potential that our team saw in this asset.

The individual 1m splits with some intervals being around an ounce of gold per tonne (+31g/t) are continuing to advance this exciting stage of exploration towards a resource in the near term.”

⛏️  June 2025 – Kula Gold reports further high grade shallow gold results from drilling at its 80% owned Mt Palmer Gold Mine located in the Southern Cross Goldfields WA.

• 9m @ 13.6g/t gold (from 33m) incl 3m @ 38.4g/t gold (25MPRC0018)
• 20m @ 7.5g/t gold (from 22m) incl 6m @ 23.8g/t gold (25MPRC0017)
• 3m @ 33.6g/t gold (from 18m) (25MPRC0035)
• 9m @ 4.2g/t gold (from 18m) incl 6m @ 6.0g/t gold (25MPRC0032)
• 3m @ 11.4g/t gold (from 48m) (25MPRC0023)

⛏️ April 2025 – Kula Gold reports Stage 2 RC drilling has returned high grade gold results to 23.4g/t and 15.3g/t near surface at the Company’s Mt Palmer Gold Mine.

• 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)

“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,” Kula Managing Director Ric Dawson said.

⛏️ March 2025 – Kula Gold reports drilling has commenced at the Company’s Mt Palmer Gold Mine with Gold approaching $A4,800 per ounce.

“Our Mt Palmer Gold Project is finally getting the undivided attention to hopefully set Kula on a serious growth path to cashflow,” Kula Managing Director Ric Dawson said.

⛏️ March 2025 – “With Gold over US$3,000 per oz we are looking to all early production options, and Kula has begun RC drilling the multitude of high-grade gold targets on the Mt Palmer Gold Belt,” Kula Managing Director Ric Dawson, March 2025.

“Following the completion of an Aircore Drilling programme on tailings at Mt Palmer, and last week’s announcement of grades across 146 assays averaging 1.7g/t Gold and up to 17.9g/t Gold from historical mine dumps – Kula is giving Mt Palmer some undivided attention to hopefully set Kula on a serious growth path to cashflow.”

⛏️ March 2025 – Kula Gold reports grades up to 17.9g/t Gold from Mt Palmer Gold Mine dumps sampling.

“Channel sampling of old mine dumps on the property has shown very nice grades across 146 assays averaging 1.7g/t Gold and up to 17.9g/t Gold – so we are moving this quickly to detailed sampling and extending the programme across all old mine dumps as well as surveying volumes and conducting metallurgical test-work for potential low cost gravity extraction,” Kula Managing Director Ric Dawson said.

2024 UPDATES

⛏️ October 2024 – Kula Gold released its latest Corporate Presentation ahead of the Company’s attendance at the Bremer Bay Conference in WA

⛏️ October 2024 – Kula Gold reports newly identified Mt Palmer East Gold Prospect.

⛏️ September 2024 – Kula Gold reports its Diamond Drilling Campaign has commenced at Mt Palmer and is now completed including new Gold Prospects at El Dorado and Meiers Find.

⛏️ August 2024 – Kula Gold reports new lode to 6.66g/t Gold in shallow RC Drilling at Mt Palmer Project

⛏️ July 2024 – Kula Gold commences RC Drilling at the historic Mt Palmer Gold Mine

⛏️ June 2024 – Kula Gold conducts two day tour of the Mt Palmer Gold Mine Project as the technical team begins its due diligence process – see gallery.

Gallery from the site visit.

⛏️  About Mt Palmer Gold Mine

The mine produced over 150,000 ounces of gold at 15.9 grams/tonne in the period 1934 to 1944 and is north of the Nevoria Gold Mine (+600,000 ounces of gold), east of the circa 2.4million ounce Marvel Loch Gold Mine.

The 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 never reopened.

Figure 1: Mt Palmer Gold Mine- Level 1 opening in west wall of Main Lode open pit

Geology and Mineralisation

Mt Palmer Gold Mine is in the central area of the Southern Cross Greenstone Belt.

The Southern Cross Greenstone Belt is a strongly deformed, metamorphosed synformal remnant of a once larger greenstone assemblage.

It has been shaped and attenuated by the emplacement of syn-tectonic granitoids include the Ghooli, Parker, and Rankin domes.

The historical gold workings at Mt Palmer Gold Mine are hosted within an amphibolite sequence that extends from the greenstone-granite contact located approximately 400m to the west of the mine and a thin Banded Iron Formation trending north-northeast located 200m east of the mine.

Outcrop within the project area is restricted predominantly to the area of exposed mine workings.

Elsewhere, the surface is covered by transported soil and colluvial material derived mainly from quartz blows and pegmatite.

Outcrop is obscured to the south by the remnant mine tailings dump and lake sediments that cover the southeastern half of the tenement.

Historic gold production was from a shallow open-pit and underground workings that were developed on two shoots, the Main Lode and East Lode, and the smaller West Lode and New Lode that are positioned to the west of the main shaft.

The Main and East Lodes plunge south and north respectively on the limbs of a north-plunging synform. Historic sections and level plans clearly show the folded nature of the ore-horizon (Figure 2).

Gold mineralisation is hosted by quartz veins in folded and sheared tholeiitic basalt.

Figure 2: Mt Palmer Gold Mine- Historical Traverse Section at 170ft South.

Mining records indicate that the high-grade shoots were developed within stratabound veins on the limbs and closures of pre-existing folds. Individual lodes were mined over a strike length extending up to 200m and to depths of 155m below surface. The shoots are up to 10m wide and 30 to 70m long and were best developed in the Main and East Lobes.

The mine lease and surrounding areas are considered to have good exploration potential for the discovery of additional high-grade shoots.

The shear zones were reported as zones of complex deformation with strongly developed foliation and quartz-carbonate veining. None are well exposed at surface.

Mining records indicate that the high-grade shoots were developed within stratabound veins on the limbs and closures of pre-existing folds. Individual lodes were mined over a strike length extending up to 200m and to depths of 155m below surface. The shoots are up to 10m wide and 30 to 70m long and were best developed in the Main and East Lobes.

The mine lease and surrounding areas are considered to have good exploration potential for the discovery of additional high-grade shoots.

The shear zones were reported as zones of complex deformation with strongly developed foliation and quartz-carbonate veining. None are well exposed at surface.

Some amphibolite rocks within the shear zones have been altered to biotite schist and the gold bearing quartz veins within the shear zones are weakly sulphidic. Gold was said to be associated with pyrite-arsenopyrite and/or chalcopyrite-pyrrhotite mineralisation.

Mine workings on the Main Lode comprise an open pit to a depth of about 20m and underground drives and stopes down to the 4th Level at 90m depth. Some stopes were up to 10m wide but were generally between 2m and 5m wide. The lode strikes N-S over most of its length and dips steeply to the east. It was mined over a strike length of about 200m. Mine records show that within the broader lode, a small high-grade shoot which plunges to the south at 40 to 50 degrees is coincident with thickened parasitic fold on the east limb. The Main Lode was best developed between 15 and 60m vertical depth (Levels 1 and 3) and widest at approximately 30m vertical depth (Level 2).

The East Lode was discovered following underground drilling from the Main Lode workings, and subsequently developed over six levels to a total vertical depth of approximately 155m. Stopes were from 2 to 10m wide and generally around 5m wide. The lode strikes NNE and dips steeply to the west. The best mineralisation is developed around a parasitic fold on the eastern limb of a north-plunging synform, and close to the closure of this structure (Figure 3). The lode was mined to surface in a steeply north-plunging shoot but in the deeper levels the plunge flattens markedly as it tracks northward along the closure of the synform. At the cessation of mining on the 6th Level the shoot was becoming sub-horizontal.

West Lode and New Lode are linked by development from the Mt Palmer shaft at the 2nd Level. The New Lode consists of two lodes approximately 10m apart, which have been interpreted to form an anticlinal fold closure close to the present-day land surface. The fold is interpreted to plunge to the north. The New Lode has been mined over a strike length of 50m to a depth of 30m. The stopes are 2-3m wide and open to the surface. The lodes strike NNE and NE and both dip steeply to the east. The open pit is inaccessible due to steep walls and unstable ground and the stopes below the pit floor are filled with water.

The West Lode was mined over a strike length of about 40m to a depth of 30m. The reported stopes are about 2m wide but do not reach the surface as the lode is reported to have pinched out 5m below surface. The lode strikes N-S but swings to the SW at its southern end and dips steeply to the east.

Historical exploration programmes at Mt Palmer Gold Mine were focused on gold mineralisation. The drilling database notes numerous parallel pegmatite intersections of up to 50m thickness that have never been assayed for lithium.

Figure 3: Mt Palmer Gold Mine-Historical Long Section with face samples (refer Appendix B & C- drive plans).