Kula strikes more PNG gold

THE DRILL SERGEANT: Kula Gold has struck further intersections of gold mineralisation under thin limestone cover adjacent to the 685,000 ounce Kulumadau Resource at the company’s 100 per cent-owned Woodlark Island gold project in Papua New Guinea.

 

Woodlark Island Gold Project, PNG. Source: Company announcement

 

Highlights from recently received assay results include:

–    9 metres at 40 grams per tonne gold from 134 metres, including 1 metre at 284 grams per tonne gold.
 
–    10m at 3g/t gold from 85m.

–    16m at 2.6g/t gold from 28m; and

–    10m at 3g/t gold from 139m.

Kula Gold said step out drilling recently completed between the existing Kulumadau Resource, which is now known as Kulumadau West, and the recently announced Kulumadau East mineralisation has confirmed an additional two new mineralised zones of significance.

The company said the latest mineralisation is reasonably shallow, which could result in all of the Kulumadau zones of mineralisation being included in a single openpit.

“These recent assays and the discovery of additional zones of mineralisation at Kulumadau confirm our belief that Kulumadau represents a significant mineralised system with the potential to add further shallow resources,” Kula Gold managing director Lee Spencer said in the company’s announcement to the Australian Securities Exchange.

“While continuing to add additional resources, Kula Gold is focused on delivering a Feasibility Study and advancing the project into the permitting stage in 2012.”