Kula Gold (ASX:KGD) has picked up a high-grade assay grading 4.3 grams per tonne of gold through its early-stage exploration of the Mustang prospect.
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The company has been progressing with mapping, soil sampling, and rock-chipping programs at the Western Australia prospect, which is located near Kirup and 110 kilometres southwest of the Boddington gold mine.
The intercept in question was found 200 metres along the strike from where reverse circulation drilling work had picked up two metres at 2.3g/t gold from 34 metres. The latter work was testing an 800-metre soil anomaly; what it revealed was an entirely new gold system at the site.
“Kula is pleased to report ongoing positive results from this completely new gold system where no prior gold exploration has ever been conducted,” managing director Ric Dawson said, adding there’s still plenty to be done.
“A key to exploration success is being the first, or very early, into a new exploration search space,” Mr Dawson then added.
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The Kula boss concluded: “The first movers will likely get a very disproportionate share of the metal there to be discovered.”
Funding for the previous drilling was provided by the WA Gov’t’s Exploration Incentive Scheme, which will also be supporting Kula’s next drilling.
Kula shares last traded at 0.6 cents – a fall of 14.29% since market open.
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Caroline Smith
The Market Online, Australia
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