Kula revs up South West Mustang project with a | Australian Markets

Kula Gold has sniffed out additional vital indicators of gold-rich mineralisation at its Mustang prospect close to Kirup in Western Australia’s South West area, after selecting up a high-grade rock chip pattern grading 4.3 grams per tonne (g/t) gold.

The recent pattern was logged simply 200 metres from the positioning of the company’s maiden drill hit of 2m grading 2.3g/t gold from 34m.

Adding to the joy, the company says the latest discover strongly means that it could have stumbled onto a new gold system in a patch of grime that has by no means been traditionally labored over.

Kula Gold’s managing director Ric Dawson A key to exploration success is being the primary, or very early, into a new exploration search space. The first movers will probably get a very disproportionate share of the metallic there to be found.

Mustang is 110 kilometres southwest of Newmont’s colossal Boddington gold mine, which lately celebrated news it had changed Kalgoorlie’s huge super pit as Australia’s largest gold mine, with 786,000 ounces of annual gold manufacturing and 11.2 million ounces in useful resource.

Given Kula’s new findings and the project’s location, management says Mustang now firmly instructions “significant project” standing within the company’s portfolio. Kula controls 100 per cent of the important thing tenements within the space, with an extra lease held at 70 per cent in a three way partnership with Sentinel Exploration.

The space has a wealthy historical past of high-grade gold discoveries. In the late 1800s, a Canadian old-timer, Larry Cammilleri, found a gold deposit 10km up the street, which ended up punching out 236 ounces of the yellow metallic from solely 51t of ore at an eyebrow-raising grade 130g/t. Kula holds this ground, which sits on a related construction to Mustang.

On an historic aspect notice, Cammilleri is best recognized for locating a distinctive large gold lode construction in 1893 at a spot later known as Boulder. When telluride – a marker ingredient for giant gold – was recognized within the lode, the frenzy was on. The discover most likely shaped the idea of Paddy Hannon’s well-known gold discovery, the Kalgoorlie gold rush, the golden mile and finally, the Super Pit.

Back at Kula’s prospect, the geological setting is enjoying its half. The new chip pattern comes from a silicified, iron-stained rock displaying traditional epithermal textures of the sort that will get geologists scorching below the collar.

Now that the company has stepped on the exploration fuel pedal, an exploration program together with follow-up soil sampling, close-spaced drone magnetics and a new spherical of reverse circulation/air core drill testing is being fast-tracked to additional chase the system.

Kula has additionally been capable of twist the State Government’s arm into backing the hunt. The state has handed the company a 50 per cent co-funding ticket for future drilling below the federal government’s Exploration Incentive Scheme to cowl up to $180,000 of its direct drilling and mobilisation prices.

With the sniff of gold within the wind, authorities backing secured and drill rigs poised for motion, Kula Gold and punters are more likely to be watching carefully because the company revs its exploration engines for the second quarter of the 12 months.

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