Join our daily newsletter At The Bell to receive exclusive market insights
- Kula Gold (KGD) identifies anomalous lithium results from auger drilling at its Rankin Dome project in WA’s Southern Cross region
- Results come from a first pass auger geochemistry sampling program and show an anomalous lithium cluster co-incident with the northwest-trending magnetic structure
- The Southern Cross tenement package covers 1,213 square kilometres, all now considered prospective for lithium in addition to gold, base metals, and kaolin
- Shares in the company are up 19.3 per cent to 5 cents
Kula Gold (KGD) has identified anomalous lithium results from auger drilling at its Rankin Dome project in the Southern Cross region of Western Australia.
Results come from a first pass auger geochemistry sampling program and show an anomalous lithium cluster co-incident with the northwest-trending magnetic structure.
The Southern Cross tenement package covers 1,213 square kilometres, all now considered prospective for lithium in addition to gold, base metals, and kaolin.
The results identified 232 points with a mean 20.45 parts per million.
Follow up auger geochemistry sampling has now been completed by the same Sahara rig used in the initial program.
Areas of the tenement which were under crop at the time of the initial drilling have been tested for gold.
The Rankin Dome project is located about 130 kilometres northwest of the Mount Holland lithium mine in the same terrain of the Yilgarn province.
Mount Holland is under development by a joint venture between subsidiaries of Sociedad Química y Minera de Chile South America (SQM) and Wesfarmers (WES) to develop and operate the Mount Holland Lithium Project.
The Mount Holland lithium project will be a unique, fully-integrated producer of battery quality lithium hydroxide in Western Australia.
Shares were up 19.1 per cent to 5 cents at 12:51 pm AEDT.
