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Kula Gold (ASX:KGD) shares rise on kaolin clay find in Airfield

Mining
ASX:KGD      MCAP $4.865M
13 July 2021 11:30 (AEST)

Source: Kula Gold

Kula Gold (KGD) has discovered high-quality kaolin clays near the surface at the
Airfield Project near Southern Cross, WA.

Recent reverse circulation drilling of three holes intersected more than 42m of kaolin clay in the newly named Boomerang Kaolin Prospect.

Drillhole 21BMRC001 intersected 10m at 7 per cent halloysite from 40m depth downhole at 8.8m true thickness within an intersection of 55m of kaolin downhole.

“Results are very consistent across the three drill holes, and comparable to some of the higher quality deposits in the industry,” the company said.

Initial lab sample analysis confirms high-ISO brightness, high-kaolin percentage and low impurities.

The Boomerang Kaolin prospect is located about 25km from the Kalgoorlie water pipeline and Highway 94, which connects Perth to Kalgoorlie.

Kula is now planning another reverse circulation drilling program in August. This drilling aims to define and test the extent of the kaolinised zone above the granite.

Notably, this drill testing will continue if wide zones are intercepted in the planned program.

On the market this morning, Kula was up 48.8 per cent and trading at 6.4 cents per share at 11:09 am AEST.

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