Kula Gold (ASX:KGD) has intersected pegmatites over four intervals to 132m at the Mustang Lithium prospect within its Kirup Lithium Project in Western Australia.
The company says intervals vary from 2m to 9m in thickness and have been recorded within the first drillhole (23MPRC001) at Mustang, which is up to 100m wide and up to 1km in strike.
However, the program has been temporarily suspended due to ground conditions and will restart in a few weeks.
The drill rig is now en route to the joint venture (JV) Rankin Dome Project near Southern Cross, where Kula operating partner Australian Critical Minerals (ASX:ACM) is managing a maiden reverse circulation (RC) drill program for rare earth and lithium targets generated by Kula last year.
Commenting on the Kirup discovery, Kula Gold Chief Executive Officer (CEO) Ric Dawson says: “It is fantastic to have commenced our reconnaissance drilling program at Kirup with the first phase at the Mustang lithium prospect.
“The combination of some very encouraging outcrop, geochemistry, and geophysics warrants subsurface drilling”
The combination of some very encouraging outcrop, geochemistry, and geophysics warrants subsurface drilling.”
Kula Gold is an ASX-listed explorer with a portfolio of promising lithium, gold, copper, nickel, platinum group elements, halloysite and kaolin projects in Western Australia’s Southern Cross and Kirup/Brunswick regions.
The company’s Kirup project is located about 20km west of the Greenbushes lithium mine, one of the largest lithium mines globally, and is home to the Mustang prospect, which Kula says is one of an advanced set of lithium prospects within its portfolio.
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.
Meanwhile, Australian Critical Minerals completed an initial public offering (IPO) that raised $5 million in July.
Write to Adam Drought at Mining.com.au
Images: Kula Gold
