Kula Gold’s Joint Venture partner Australian Critical Minerals (ASX:ACM) has closed its prospectus oversubscribed and is gearing up to list on the ASX – potential as soon as 03 July.
It is a major advancement for the Rankin Dome Joint Venture, with existing geochemistry, mapping, geophysics already completed, and drilling ready to kick off in the next quarter, once ACM has listed.
ACM will be spending $200,000 – including 2,000m of RC drilling – within 24 months to earn a 51% interest in the project.
“The scheduled listing of ACM will facilitate a concerted exploration effort by our joint venture partner on the Rankin Dome REE/Lithium Prospect in the Southern Cross region which has anomalous REE and lithium elements advancing to a drill ready prospect,” Kula Gold (ASX:KGD) CEO Ric Dawson said.
The Rankin Dome Project has +8km2 of highly anomalous REE soil geochemistry, and notably, is around 50km from the existing IGO’s (ASX:IGO) Lake Campion REE Prospects.
Kula to focus on Mustang & Cobra prospects
Kula says the potential lithium bearing pegmatites at the Mustang and Cobra prospects at its Kirup project in WA have been increased to 1km and 2km strike respectively, and will be the focus going forwards.
Recent mapping, rock chip and soil sampling at Mustang has confirmed several pegmatites with strikes up to 1km and over 100m wide.
This is a walk-up drill target to test for Lithium-Caesium-Tantalum (LCT) mineralisation below the weathered zone estimated at 30-50m, similar to the nearby Greenbushes Mine.
“The Mustang Prospect is progressing to be our first target for drilling out of the two new lithium prospects at the Kirup Project in the next month or two,” Ric Dawson said.
At the Cobra prospect, recent mapping and rock chipping near anomalous lithium has returned results up to 240.8ppm and 71.9ppm which has increased the strike to roughly 2km long and greater than 300m wide.
“The extent of the strike at the Mustang and Cobra Prospects with potential LCT suite mineralisation is testament to the lithium prospectivity being uncovered in this world class lithium region,” Dawson added.
Exploration drill planning is in progress and further results will be reported in due course.
This article was developed in collaboration with Kula Gold Limited, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.