New Drilling Results Point Towards a Larger Hydrothermal System at Kulumadau
Key Highlights:
• Potential for significant expansion of Kulumadau Pit at lower strip ratio
• Significant assays include the following:
11 metres @ 2.7g/t Au from 106 metres
49 metres @ 1.6g/t Au from 23 metres
6 metres @ 11.4 g/t Au from 96 metres
• Results indicate mineralisation is more widespread than previously delineated.
Kula Gold Limited (ASX:KGD) is pleased to announce significant intersections of gold mineralisation adjacent to the Kulumadau Resource at its 100% owned Woodlark Island Gold Project in Papua New Guinea. These assay results indicate that a new, previously undiscovered, zone of mineralisation may be present under a relatively thin 20 metre limestone cover.
A sterilisation line of 20 RC drill holes at approximate 75 metre collar spacing was designed to sterilise an area for a waste dump, immediately to the east of the proposed Kulumadau pit. The hydrothermal system at Kulumadau is now known to be much larger than previously thought as a result of the intensive phyllic alteration and intrusive breccias that were intersected in a number of the RC holes. The area is overlain by limestone cover which masks the underlying prospective volcanic rocks.
Three out of the first four holes drilled have returned significant gold assays (refer Table 1 of the ASX announcement), indicating a potential new zone of mineralisation some 400 metres east of the Kulumadau Prefeasibility Pit Collar. Drilling is progressing west towards the proposed pit collar with assays for the remaining holes pending (refer Figure 1 of the ASX announcement). Further drilling is immediately planned to determine orientation and widths of the new zone.
Kula Gold Managing Director, Lee Spencer, said, “The discovery of new mineralization beneath the shallow cover on Woodlark Island reinforces our confidence in the project. Further drilling will determine the overall significance of the discovery but the proximity to the established Kulumadau resource could have a very positive impact on the project.”
Geotechnical drilling for the Definitive Feasibility Study is continuing on the project and assay data from Woodlark King is undergoing detailed analysis prior to a resource announcement.
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