MINING REFINING

Kula Gold Announces Maiden JORC Resource at Mt Palmer Gold Mine Tailings

Mon July 28 2025

Kula Gold Limited (ASX: KGD), a Western Australian mineral exploration company focused on discovering new mineral deposits, has announced its maiden JORC 2012 compliant Mineral Resource Estimate (MRE) for the Mt Palmer Gold Mine tailings. The project is a joint venture with Aurumin Ltd, located near Marvel Loch/Southern Cross, Western Australia. The inferred resource is estimated at 98,534 tonnes at 0.63g/t gold, using a nominal 0.4g/t gold cut-off. The current gold price is approximately $A5,200 per ounce.

The resource estimate is based on 60 aircore drillholes completed to reassess the tailings dumps at the Mt Palmer Gold Mine. This drilling has defined 1,996 ounces of gold within the tailings. The resource is situated on a granted mining lease owned by the joint venture, positioning it favourably for potential future development. Preliminary metallurgical testwork has indicated average gold recoveries of 86%.

Ric Dawson, Managing Director of Kula Gold, stated the company is pleased to provide its maiden JORC resource statement for the Mt Palmer Gold Mine since acquiring the project in June 2024. Processing options for the on-surface tailings resource are now under evaluation. Dawson also noted significant additional tailings tonnage is undergoing further testwork, which, upon completion, is expected to add to the existing resource in the short term.

Aurumin is currently diluting its 20% JV interest in accordance with the terms of the joint venture. The Mt Palmer Gold Mine is located 28km from the Marvel Loch gold plant, presenting a potential option for early monetisation. Kula Gold’s focus remains on defining high grades at shallow depths and progressing towards diamond drilling and resource definition.

Source: https://www.sharecafe.com.au/