Australian Critical Minerals (ASX:ACM) has begun a 900m reverse circulation (RC) drill program at its joint venture (JV) Rankin Dome Project in Western Australia with Kula Gold (ASX:KGD).
Kula, which has a $5.22 million market capitalisation, says drilling has been expanded following the completion of a 249-hole auger geochemical program over the northwestern portion of the rare earth element (REE) anomaly.
This auger geochemical program is expected to better define the REE anomaly geometry and provide improved orientation information to guide future drilling.
Sampling was also standardised across the region and is expected to provide a more ‘robust’ geological interpretation when assays are received.
RC drilling will test areas of REE anomalism in soils in the northwestern section of Rankin Dome.
Speaking on the drilling, Kula Gold Chief Executive Officer (CEO) Ric Dawson says: “We extend our sincere gratitude to Stark Drilling for their exceptional support in facilitating our decision to mobilise drilling resources in the most efficient and cost-effective manner.
Our primary objective continues to be the swift completion of our drilling program at the Kirup Lithium Project. However, we are closely monitoring the progress made by ACM at the Rankin Dome Project, as it has piqued our keen interest.”
Australian Critical Minerals completed an initial public offering (IPO) that raised $5 million in July.
Kula Gold is a Western Australian explorer with expertise in the discovery of new mineral deposits across the state.
Australian Critical Minerals is an explorer focused on developing a ‘world-class’ portfolio of critical minerals projects in Western Australia.
Together, both Australian Critical Minerals and Kula Gold manage the Rankin Dome project in Youanmi Terrane near Southern Cross, an established mining centre.
Kula Gold had $558,000 cash and cash equivalents at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Australian Critical Minerals & Kula Gold
