Kula Gold (ASX:KGD) has intersected pegmatites over multiple intervals to 210m downhole depth at its Cobra Lithium prospect in Western Australia.
The $9.22 million market capitalisation company has logged 11 holes with visual pegmatites in multiple intervals varying from 3m to interpreted 55m thick.
Kula says it is worth noting that these are the first holes ever drilled in the prospect and in the area for lithium.
To date, the company has 1,860m of drilling. Lab assays from this work are still outstanding.
Managing Director Ric Dawson says the fact that drilling intersected the appropriate rock types that traditionally host lithium-caesium-tantalum (LCT) mineralisation is a ‘positive’ start to the exploration work.
“The combination of encouraging outcrop, geochemistry, and geophysics is now evident in the subsurface drilling.”
“The combination of encouraging outcrop, geochemistry, and geophysics is now evident in the subsurface drilling”
The Cobra prospect lies within the Kirup Lithium Project — 2km from the Greenbushes lithium mine in Western Australia.
Kula Gold is an ASX-listed Western Australian mineral explorer focused on discovering new mineral deposits.
As of 30 September 2023, the company had $423,000 cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Kula Gold
