Drilling Has Commenced
https://wcsecure.weblink.com.au/pdf/KGD/02743135.pdf
Kirup Lithium Targets – RC Drilling Commences
Highlights:
Cobra Lithium Prospect – Maiden RC Drilling programme has commenced
Cobra Lithium Prospect - mapping has increased the strike of the pegmatite up to 200m to
the southwest to a total of 3.2km
Due diligence fieldwork in progress at new 48km2 optioned tenement
Other Lithium Targets advancing:
o Falcon Lithium Prospect – pegmatite, up to 300m wide and 1.8m strike (southeast of
Cobra Prospect)
o Mustang Lithium Prospect – multiple pegmatites – strikes up to 1km and over 200m
wide
o Thunderbird Lithium Prospect from new LCT suite mineralisation, 3 parallel pegmatite
units, up to 300m wide and to 1km strike
Kula Gold Limited (“Kula” or “the Company”) reports drilling has commenced at the substantial
Cobra Lithium Prospect approximately 20km west of the world’s largest hard rock lithium mine,
Greenbushes in Western Australia for approximately 1,000m with flexibility to extend based on
visually encouraging rock types.
Kula’s Managing Director Ric Dawson comments:
“We are excited to have commenced the Cobra Lithium Prospect RC drill programme with a RC rig
and booster, initially to 150m downhole but with capacity to drill to 250m if required. Three lines of
drilling spaced across the 3km strike length of the mapped pegmatite is the initial test.”
“Recent mapping has delineated that the mapped pegmatite extends further southwest and rock
chips are being submitted for analysis.”
Contact Details:
Office: Suite 2, 20 Howard Street, Perth WA 6000
Mail: PO Box Z5207, St Georges Terrace, Perth WA, 6831
Email: [email protected]
ASX Announcement & Media Release
Date: 22 November 2023 ACN: 126 741 259 ASX Code: KGD
www.kulagold.com.au
@KulaGold
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Figure 1: Kula’s Kirup and Brunswick Projects, location of Greenbushes Mine ($9.5B EBIT FY23)
and Albemarle’s Kemerton Lithium Hydroxide Plant.
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Kirup Lithium Project – E70/5452 - (70%, 30% Sentinel Exploration Ltd)
Cobra Lithium Prospect
Cobra Lithium Prospect sits in the central part of E70-5452, on a regional NE magnetic lineament
in a mapped mafic sequence.
Pegmatites with high lithium content (up to 240ppm) containing muscovites, tourmalines and
garnets (fractionated minerals) have been mapped and have increased to ~3km in strike length and
up to 500m wide. Mapping continues to increase the potential dimensions of this prospect.
The mineralogy of pegmatites is composed of predominantly quartz, feldspar, tourmaline,
muscovite, garnet, others (to be determined). Generally, poorly foliated and with a grainsize –
locally very coarse, up to 10cm crystals of feldspars, and muscovite crystals up to ~5cm.
Figure 2: Location of Cobra and Falcon Prospects over regional TMI_RTP magnetics.
3 Km
500 m
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The initial RC drilling programme is 1,000m but is flexible to extend the programme for a prolonged
period based on favourable rock types.
Figure 3: RC Rig on location at the Cobra Prospect
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Figure 4: Greenbushes Mine and town, and approximate strike length of the pits of 1.3km.
New mapping has extended the existing known pegmatite to the south by approximately 200m
with rock chip samples being submitted for analysis and will be reported upon results.
Figure 5: Cobra Prospect mapping extends strike up to 200m to the southwest
Falcon Lithium Prospect
Planning is progressing towards drill ready status for the Falcon Lithium Prospect, on a different
orientation and separate structure to Cobra Prospect. Mapped and interpreted dimensions show
a strike length of approximately 2km and up to 300m wide.
Kula’s exploration team undertook a rock chipping and mapping programme at the Falcon Lithium
Prospect. Results being high in Beryllium (Be), an excellent LCT mineralisation pathfinder, with
significant rock chips having, 191.4ppm, 99.4ppm, 124.6ppm and 90.8ppm Be.
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Mustang Lithium Prospect
The initial RC programme was curtailed with one RC hole drilled due to wet ground conditions in
September 2023. The opportunity to return to this maiden RC programme is available if the
Company chooses at the back of the Cobra Prospect initial programme. Numerous other
pegmatites in this group are now drill ready.
Mapping and soil sampling programme has increased the size of the pegmatite zone drill target for
Kula to test for LCT mineralisation below the weathered zone estimated at 30-50m, similar to the
nearby Greenbushes Mine.
The Mustang Lithium Prospect in an area of NNW trending magnetic lineaments, comprises a series
of NNW striking pegmatitic bodies that occur within intercalated felsic gneiss and amphibolite
sequences. Preliminary mapping has identified several pegmatite bodies with probable width
increased to approximately up to 200m.
Figure 6: Location of interpreted pegmatites over regional RTP magnetics
for the Mustang Lithium Prospect.
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Thunderbird Lithium Prospect
Ongoing mapping and rock chipping (awaiting analysis results) has enhanced the Thunderbird
Lithium Prospect that sits in the southern part of E70/5452, on a regional NE magnetic lineament.
Previously mapped pegmatites on the GSWA 1:250,000 Collie Sheet and WAMEX A10394 have
been ground truthed and samples were submitted for LCT mineralisation potential.
Figure 7: Location of Thunderbird Lithium Prospect over regional TMI_RTP magnetics.
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Adjacent lithium prospective tenement of 48km2 due diligence commenced
The Company has commenced the due diligence on E70/5662, a prospective granted exploration
tenement, abutting our existing tenement and southwest of the Greenbushes lithium region in
Western Australia.
E70/5662 is 48km2 in tenure and is prospective for lithium, nickel, gold and base metals and
secured by an option agreement reported on 15th November 2023.
By order of the Board
For Further Information, Contact:
Ric Dawson – Managing Director
T: +61 8 6144 0592
[email protected]
www.kulagold.com.au
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:
KIRUP LITHIUM PROJECT
ASX Release- Lithium Targets Increased To 1km & 2km Strike – Kirup Project - 8 June 2023
ASX Release- Kirup Lithium Targets – Drilling -16 August 2023
ASX Release - Lithium Drilling – Stacked Pegmatites Intersected -Kirup Lithium Project- 19 September 2023
ASX Release- Kirup Lithium Targets - Drilling – 15 November 2023
BOOMERANG DEPOSIT
ASX Release- – Boomerang Kaolin Deposit- Maiden JORC Resources - 20 July 2022
Kula confirms that it is not aware of any new information or data that materially affects the information included in the original market
announcements, and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements
continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons findings are
presented have not been materially modified from the original market announcements.
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 South West region of WA for Lithium.
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 Geopacific Resources Limited (ASX: GPR).
Kula’s recent discovery was the large 93.3mt Boomerang Kaolin Deposit near Southern Cross WA– Maiden resource annouced 20 July 2022. This
project is in the economic study phase and moving to PE funding or trade JV. The exploration team are busily working towards the next mineral
discovery, potentially lithium, caesium or tantalum near the world class Greenbushes Lithium Mine.
