Kula Gold Limited reports an exploration update at the Company’s 51% and earning to 80% Mt Palmer Gold Mine, located near Marvel Loch WA in the Southern Cross Goldfields.
Kula have used historical aircore and geophysical and lithological interpretations to identify a possible parallel structure over 8km in length east of Mt Palmer Gold Mine – at Kula’s new Mt Palmer East Gold Prospect.
Kula’s Managing Director Ric Dawson comments:
“This prospect was dismissed and subsequently overlooked due to perceived paleochannel geometry. More recent exploration also replicated the previous theory and did not explore significantly into the basement rocks for a primary source of the gold mineralisation obtained in the air core drilling. The magnetic signature that is coincident with these gold assays warrants future drilling.
This prospect is being advanced to drill ready status for a planned RC programme. This acquisition aligns with the Company’s strategy to explore near to existing operations to fast track any discovery to monetary success.”
Figure 1. Airborne view of the location of Mt Palmer East Gold Prospect – relative to Kula’s recent drilling location at the Mt Palmer Gold Mine
HIGHLIGHTS
- Air core drilling completed in 1993/1994 by Reynolds Yilgarn Gold Operation Ltd (later purchased by Sons of Gwalia NL) performed bedrock exploration over a single E-W 3.5km line traverse
- Coarse gold from EYX-05 had multiple repeat assays of varying highly anomalous gold grades over 3m from 86-89m varying from 102g/t to 0.56g/t
- A coincide N-S magnetic high structure for over 8km is evident
- A modest repeat air core programme in 2012 repeated the same geological model
- No significant basement drilling into the subsurface has been followed up
- Kula JV controls the majority of the eastern greenstone limb around the Ghooli Dome in the Southern Cross Goldfields belt
- 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
Figure 2: Kula Gold’s Mt Palmer Prospects.
About the Mt Palmer Gold Mine
The mine produced over 150,000 ounces of gold at 15.9 g/t 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.
Mt Palmer East Gold Prospect
Historical aircore and geophysical and lithological interpretations have identified a possible parallel structure over 8km in length east of the Mt Palmer Gold Mine, see Figures 3 and 4 below.
Aircore drilling completed in 1993/1994 by Reynolds Yilgarn Gold Operation Ltd (later purchased by Sons of Gwalia NL) performed bedrock exploration over a single E-W 3.5km line traverse. Coarse gold from EYX-05 had multiple repeat assays of varying highly anomalous gold grades over 3m from 86-89m varying from 102g/t to 0.56g/t (see Appendix D).
A coincide N-S magnetic high structure for over 8km is evident in Figure 3 below.
A modest repeat air core programme in 2012 repeated the same geological model but again didn’t penetrate bedrock fresh basement. No significant basement drilling into the subsurface has been followed up.
Figure 3: Mt Palmer East Prospect image over TMI_RTP with historical air core hole locations.
Follow up exploration to advance this large totally unexplored target next to a past producer gold mine.
Figure 4: Mt Palmer East historical air core with interpretative cross-section, (note the lack of drilling into the basement) and co-incident magnetics profile near the high-grade gold assays.
Further results will be reported in due course.
Kula Gold’s Marvel Loch, Southern Cross, Rankin Dome and Westonia Projects, location of regional gold mines (Edna May, Marvel Loch Mine, Nevoria Mine, Yellowdine North, Yilgarn Star, Split Rocks and Mt Holland Lithium Mine are not assets of Kula*) and pre-existing infrastructure.
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.
References:
ASX Release (AUN) – Mt Palmer Exploration Update – 20 October 2021
ASX Release- Kula to Acquire Historic Mt Palmer Gold Mine & Placement- 31 May 2024
ASX Release- RC Drilling Commences at Historic Mt Palmer -17 July 2024
ASX Release -New Lode to 6.66g/t Gold in Shallow RC drilling- Mt Palmer 29 August 2024
ASX Release – Diamond core drilling commences at Mt Palmer Gold Mine-11 September 2024
ASX Release – Mt Palmer Gold Mine – El Dorado Prospect historical 6m @ 8.3g/t gold to follow up- 26 September 2024
BOOMERANG DEPOSIT ASX Release – Boomerang Kaolin Deposit- Maiden JORC Resources – 20 July 2022
News Release
Date: 10 October 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
