Exploration Update at Mt Palmer Gold Mine

Kula Gold Limited (ASX:KGD) has commenced diamond core drilling at its 51% and earning to 80% Mt Palmer Gold Mine near Marvel Loch WA. The historic mine, which produced over 150,000 ounces of gold at 15.9 grams/tonne from 1934 to 1944, is the focus of Kula's maiden drilling program. The diamond drilling aims to test below the production level stopped by the exodus of miners during World War 2 and never re-opened.

Managing Director's Commentary

This is an exciting next phase in our first round of our maiden drilling programme at Mt Palmer. This historically rich 'half ounce' gold mine is now ready for this next stage of the drilling programme with the diamond drilling planned to test below the production stopped by 1944 exodus of miners due to World War 2 and never re-opened. Historic data reviewed by Kula's technical team shows solid targets for high-grade gold mineralisation extending below 160m, the past mining level, shallow by today's modern operating practices. With the current gold price over $US2,500/ounce ($A3,800), this is an opportune time for Kula to be exploring and advancing a previously producing high grade gold mine whilst other ASX listed high grade gold developers are being fully appreciated with significant market capitalisations. This acquisition aligns with the Company's strategy to explore near to existing operations to fast track any discovery to monetary success.

Exploration Update Summary

Kula Gold Limited (ASX:KGD) has initiated diamond core drilling at the Mt Palmer Gold Mine, targeting high-grade gold mineralization below the historical mining level. The company's Managing Director, Ric Dawson, expressed confidence in the project's potential, citing solid targets for high-grade gold mineralization extending below 160m. With the current high gold prices, Kula aims to capitalize on exploring and advancing a previously producing high-grade gold mine. The strategic focus on exploring near existing operations aligns with the company's goal to fast track any discovery to monetary success. Kula Gold confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements, and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.