Kula Gold’s ultrafine soil sampling program has defined a new drill-ready gold target
Drilling approvals are in place and a rig is on standby to begin testing over the coming weeks
The target is 5km from the Marvel Loch gold plant
Special Report: Kula Gold’s search for drill-ready targets at the Marvel Loch project near Southern Cross has proven successful with the discovery of a gold anomaly in soil sampling.
Kula Gold’s (ASX:KGD) Boomerang is one of five gold prospects at the Marvel Loch project, nestled between several gold mines including the historical +600,000oz Nevoria mine and east of Barto Gold’s 3Moz Marvel Loch mine.
The company discovered the large 93.3Mt Boomerang kaolin deposit near Southern Cross in July 2021 and has since moved the project through to the economic and engineering study phase.
Kula’s Marvel Loch project. Pic: Kula Gold
Discissions with potential acquirers and developers of the project continue with a view to monetising the asset while Kula narrows its focus on its gold potential.
On the hunt for drill targets
In early February, KGD kicked off a program of close-spaced ultrafine soil sampling on a 20m x 20m grid to locate the most favourable drill targets.
That program has now uncovered a drill-ready gold target within a magnetic low, which KGD says is highly encouraging as most of the gold deposits in the area are on the same azimuth.
The target is only 5km from the Marvel Loch gold plant, which aligns with KGD’s strategy of exploring near existing operations for any discovery to fast-track monetary success.
KGD says the western limb of Boomerang can be interpreted as a remnant mafic /ultramafic lithological unit due to the high magnesium and iron concentrations, which will need to be verified upon RC drilling and microscope thin section analysis.
The explorer says there’s evidence that the lithology is more likely to be a mafic /ultramafic lithology and if so, will provide a source for the economic minerals for the prospect.
Promising target in proven mining district
“This is a very promising target in a proven mining district,” KGD managing director Ric Dawson says.
“Kula has a rig on standby, preliminary drill locations have been marked, and we are now awaiting detailed geochemistry results to refine the drill locations and begin drill testing over the next few weeks.
“Current GSWA 1:250,000 mapping in this region is different to what Kula is now discovering and observing, which opens up major gold exploration potential in our large, under-explored landholding.”
Exploration on other prospects continues
KGD’s geology team is continuing to develop existing gold prospects in the Marvel Loch project including Stingray, Crayfish, the 311 prospect, Nevoria North and GStar.
Results from recent UFF soils programmes (gold and multi-element) will be reported in due course.
This article was developed in collaboration with Kula Gold, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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