{"id":1446,"date":"2023-11-15T00:51:28","date_gmt":"2023-11-15T00:51:28","guid":{"rendered":"https:\/\/economicherald.net\/?p=1446"},"modified":"2023-11-15T00:51:28","modified_gmt":"2023-11-15T00:51:28","slug":"next-week-kula-is-drilling-cobra-a-massive-target-next-to-the-worlds-largest-lithium-mine","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=1446","title":{"rendered":"Next week Kula is drilling Cobra, a massive target next to the world\u2019s largest lithium mine"},"content":{"rendered":"

Drilling to start next week at Kula Gold\u2019s 3km long, 500m wide Cobra lithium prospect
\n$650,000 to be raised for a maiden drill program
\nCompany also optioned more ground to expand wider Kirup lithium project by 48km2
\nKirup tenements are adjacent to Greenbushes, the world\u2019s biggest lithium mine<\/p>\n

\u00a0<\/p>\n

Special Report: <\/em><\/strong>Kula Gold is launching a maiden drill program at Cobra, a juicy 3km-long lithium target near the world\u2019s largest lithium mine in southwest WA.<\/strong><\/p>\n

Kula Gold\u2019s (ASX:KGD)<\/strong><\/a> underexplored Kirup tenements are right next door to the Greenbushes mine, owned in a JV between US-based Albemarle and Chinese miner Tianqi Lithium.<\/p>\n

Albemarle\u2019s 49% slice of Greenbushes\u2019 lithium production will feed into its Kemerton processing plant south of Perth, WA, where it\u2019s spending $1.5bn to turn it into a monster 100,000tpa chemical factory \u2013 expected to be the largest outside China.<\/p>\n

Chinese miner Tianqi Lithium, which owns 51% in a JV with IGO (ASX:IGO)<\/strong><\/a>, is also commissioning its own 24,000tpa plant in Kwinana to process its share of concentrate from the 1.5Mtpa spodumene operation.<\/p>\n

This huge boost to Australia\u2019s lithium refining capacity has the Greenbushes JV looking to expand its resource, as evident when Albemarle recently forked out $30m to snap up tenements near the mine from Lithium Power International (ASX:LPI)<\/strong><\/a> back in June.<\/p>\n

IGO is expanding in the region too, inking a deal back in May to earn-in up to 70% of Venus Metals (ASX:VMC)<\/strong><\/a> in a $4m farm-in agreement and is currently conducting exploration across the tenements, also close to Greenbushes.<\/p>\n

\u00a0<\/strong><\/p>\n

The Kirup project and surrounding projects, including the Greenbushes mine. Pic supplied: (KGD)<\/p>\n

\u00a0<\/strong><\/p>\n

Striking at Cobra<\/strong><\/h2>\n

The main lithium target at Kirup is Cobra, where mapping and sampling has increased the strike to a \u201csubstantial\u201d ~3km and up to 500m wide.<\/p>\n

Backed by a $650,000 raise, KGD expects to launch into a maiden 1000m RC drilling campaign at Cobra next week.<\/p>\n

\u201cThe Cobra lithium prospect is our primary target for this RC drilling program with a RC rig and booster initially planning to drill to 150m downhole but with capacity to drill to 250m if required,\u201d managing director Ric Dawson said.<\/p>\n

\u201cThe program has been designed to test the entirety of this large pegmatite for LCT mineralisation at depth (below the known weathered zone) in a mafic host country rock.\u201d<\/p>\n

Other lithium targets include Mustang, where multiple targets with strikes up to 1km long and 200m wide have been found, as well as three parallel pegmatite units at the Thunderbird prospect.<\/p>\n

KGD has also optioned to buy a 48km2 tenement for $50,000 from Airdrie Exploration south of Cobra prospect and has firm commitments in a share placement to raise $650,000 for exploration and due diligence on the new tenure.<\/p>\n

\u201cKula has the option to acquire a new tenure directly abutting to the south of the existing Kirup project, increasing our portfolio of lithium exploration potential in a regional area aggressively under focus by major local and international companies as evidenced by Albemarle $30m purchase of tenements nearby,\u201d Dawson said.<\/p>\n

\u00a0<\/p>\n

The Cobra prospect, where KGD is starting off its maiden RC drill program. Pic supplied: (KGD)<\/p>\n

\u00a0<\/p>\n\n

\ufeff<\/span>\u00a0<\/p>\n

This article was developed in collaboration with Kula Gold, a Stockhead advertiser at the time of publishing.<\/em><\/p>\n

\u00a0<\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post Next week Kula is drilling Cobra, a massive target next to the world\u2019s largest lithium mine<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Drilling to start next week at Kula Gold\u2019s 3km long, 500m wide Cobra lithium prospect $650,000 to be raised for a maiden drill program Company [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":1447,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nNext week Kula is drilling Cobra, a massive target next to the world\u2019s largest lithium mine - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=1446\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Next week Kula is drilling Cobra, a massive target next to the world\u2019s largest lithium mine - 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