ASX-Listed kaolin and gold explorer Kula Gold has restarted drilling at its 100 per cent owned Boomerang kaolin prospect to finish off a previously planned 62-hole program before adding a further 18 RC drillholes. Logging to date has displayed an average kaolin vertical thickness of 29 metres with an average depth of 5.7m below surface. The gold potential is also being tested in the bedrock beneath.
Before the RC drill rig wrapped up for the 2021 Christmas break it managed to drill 52 holes of a planned 62-hole program at Kula’s Marvel Loch-Airfield project where the Boomerang prospect sits.
With the end of the festive period the RC rig is back at it again chugging away through the remaining 10 holes for approximately 600m before it will commence an 18-hole extension of the original program for an extra 1080m of drilling.
The revised drill program now spans approximately 1.9 kilometres from north to south and 2km from east to west to cover an area of around 3 square kilometres.
The company is also looking to test a coincident gold target at the project by extending the drillholes to about 10 to 15m and penetrating the fresh rock below.
Drilling was originally designed to define the geographic extent and to assess the resource potential of the Boomerang prospect, however due to exceptional kaolin results so far, RC drilling is now primarily focussed on delivering a preliminary kaolin and halloysite resource estimate.
Drilling of the remaining 28 holes is expected to conclude within the next 14 days.
An independent resource Geologist has been contracted to calculate a preliminary resource estimate for the Boomerang prospect following the receipt of all assays.
Kaolin is primarily used to increase gloss, smoothness and brightness in the paper industry where it is used as a filler or coating, accounting for more than 40 per cent of market share. It is also used in fibreglass manufacturing to create lightweight composites for the automotive, marine, aerospace and other industries.
The market is taking an interest in halloysite and kaolin developers too, with the $534 million market-capped Andromeda Metals leading the charge following the discovery of its Great White deposit in South Australia. Andromeda looks to be at the forefront of the emerging sector with its deposit near Poochera propelling its share price from $0.006 in April 2019 to around $0.22 today.
With kaolin demand on the up and up and a solid backdrop of sturdy gold assets complimenting its portfolio, Kula is in an interesting position ahead of wrapping a resource around its Boomerang kaolin prospect.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
