Kula Gold Limited reports a new lode to 6.66g/t Gold (The Bryant Lode) in an exploration update from the Company’s (51% and earning to 80%) Mt Palmer Gold Mine located near Marvel Loch WA in the Southern Cross Goldfields.
HIGHLIGHTS
- RC drilling has identified a new shallow gold lode at Kula’s Mt Palmer Gold Mine – 4m at 3.02g/t gold including 1m at 6.66g/t gold from 18m near surface, aligning with historic holes of up to 7m at 3g/t gold including 1m at 10.6g/t gold
- The Mt Palmer Bryant Lode is 500m south of the main workings, and demonstrates a contiguous zone of shallow gold mineralisation open north and south warranting further drilling towards resource estimates
- RC drill programme completed included 3 pre-collars for diamond core under old workings to below where it was last commercially mined in 1944 down to ~160m at 15.9 g/t gold
- Mt Palmer Gold Mine is ~15km from the Marvel Loch gold plant and infrastructure, and ~90km from the Edna May gold plant, which aligns with Kula’s strategy of exploring near to existing operations to fast track any discovery to monetary success.
Kula Gold Managing Director Ric Dawson comments:
“This is a great start in our maiden drilling programme at Mt Palmer.
This historically rich ‘half ounce’ gold mine is now ready for the next stage of the drilling programme with diamond drilling planned in the coming weeks to test below the rich production stopped by WW2 exodus of miners in 1944 and never reopened.
Rigorous analysis of all historic data by Kula’s technical team and shows solid targets for high-grade gold mineralisation extending below past mining levels at 160m, shallow in today’s operating environment. This acquisition aligns with the Company’s strategy to explore near to existing operations to fast track any discovery to monetary success.”
Figure 1. Kula’s Mt Palmer Gold Mine Project near Marvel Loch in the Southern Cross Goldfields of WA.
About the 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 2.4 million 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 was never reopened. Limited exploration since that time has been carried out, largely targeting open pit (less than 100m from surface) opportunities.
RC Drilling Programme
RC pre-collars have been completed in 3 holes and the diamond drill programme will extend those holes to test the down plunge, along strike extensions to the historically known orebody as detailed in the Figure 2 below.
Figure 2: Mt Palmer Gold Mine open stopes, drives, RC holes and RC pre-collars ready for diamond drilling extension through the main interpreted mineralised zones below the historical underground workings.
Mining records indicate that the high-grade shoots were developed within strata-bound 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 Lodes.
The mine lease and surrounding areas have excellent exploration potential for the discovery of additional deposits, given limited systematic exploration to date.
Figure 3. Mt Palmer Gold Mine-Historical Long Section with face samples. (refer Appendix B- drive plans ASX Release – Mt Palmer Gold Mine Acquisition & Placement, dated 31 May 2024)
Mt Palmer – Bryant’s Lode and others
The Kula team is continuing to further develop existing gold prospects in the Marvel Loch Project, with the new advancing prospect Mt Palmer Bryant’s Lode returning 4m at 3.02g/t gold from 18m near surface (24MPKC005) aligning with historic holes of up to 7m at 3g/t gold including 1m at 10.6g/t gold (MPRC078).
These are drill widths, true width to be confirmed with future drilling.
Figure 4. Mt Palmer Bryant’s Lode cross section.
Figure 5. Mt Palmer Bryant’s Lode plan view showing drill collars and mineralised envelope which is open north, south and at depth.
Figure 6: Regional magnetic image RTP with Kula tenements, prospects and historical workings.
The Company is continuing to assess other prospects along the 10km of greenstone belt that hosts the Mt Palmer Gold Mine.
Further results will be reported in due course, including the diamond tails into the Mt Palmer main lode commencing shortly.
Figure 7: Kula’s Marvel Loch Project featuring the key prospects within.
Competent Person Statement
The information in this report that relates to geology and exploration is based on information 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. 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). Mr. Dawson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
News Release
Date: 29 August 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
