This is following the processing of the newly acquired helimag data and the identification of additional large scale hydrothermal systems.
Kula Gold has accumulated a significant amount of knowledge during the discovery of the 2.1 million ounces of gold mineral resources at Woodlark Island. Additional resource discovery will add to the profitability and mine life of the 1.8 million tonnes per annum (mtpa) project and potentially enable an upgrade of capacity in a stage two expansion to 4mtpa.
The first phase of drilling has commenced at Kulumadau North, where a geophysical repetition of the 900,000 ounce Kulumadau Mineral Resource has been interpreted to occur, 600m to the north.
Kula Gold’s chief executive officer Stuart Pether said: “The exciting interpretation of multiple, large scale hydrothermal systems under shallow cover, indicated by the helimag program, has confirmed the company’s view that it can add significant gold resources to the project’s current resource base.”