ACN: 126 741 259

onlyDate: 3rd Febuary 2022

ASX Code: KGD

B ard of Directors: Mark Stowell (Chairman) Mark Bojanjac

useJohn Hannaford

Simon Adams

Shares on Issue:

215,175,632 Ordinary Shares

3,100,000 Options personalC sh (Q4/2021):

$2.1 Million

C ntact Details:

Office: 20 Howard Street, Perth WA 6000

Mail: PO Box Z5207, St Georges T rrace, Perth WA, 6831

Phone: +61 (0)8 6144 0592

Email:cosec@kulagold.com.au

Forwww.kulagold.com.au

@KulaGold

ASX Announcement & Media Release

Auger drilling at Southern Cross Region-Rankin Dome Project Identifies Anomalous Lithium Results

Highlights:

  • First round auger geochemical sampling program was completed at the Rankin Dome project
  • Lithium cluster co-incident with magnetic feature over initial 1.5km extent has been followed up by an infill auger program which has now been completed
  • Southern Cross tenement package covers 1,213km², all now considered prospective for lithium in addition to gold, base metals, and kaolin

Kula Gold Limited (Kula of the Company) reports results from a first pass auger geochemistry program at its 100% owned Rankin Dome project in the Southern Cross region (Fig 1.) shows an anomalous lithium cluster co-incident with the NW trending magnetic structure. (Fig 2.)

Kula's Rankin Dome tenement (the project) is located approximately 130km NW of the world class Mt Holland Lithium mine in the same terrain of the Yilgarn Province. Mt Holland's under development by a joint venture between subsidiaries of Sociedad Química y Minera de Chile S.A. (SQM) and Wesfarmers Limited to develop and operate the Mount Holland Lithium Project, which will be a unique, fully integrated producer of battery quality lithium hydroxide in Western Australia.

1

For personal use only

Fig 1. Kula Gold Southern Cross region tenements, Lithium area of interest circled at the Rankin Dome Project

Fig.2 Auger geochemistry results (Lithium) with regional mag underlaying on E77/2768, showing Lithium results in the SW line of auger drilling

2

For personal use only

The lithium auger results cover an approximate 1.5km extent that remains open in all directions.

No of points

Min ppm

Max ppm

Mean ppm

Median ppm

Std Dev ppm

232

6

51.5

20.45

18.75

8.84

Table 1 Statistics of the Lithium geochemistry results at the Rankin Dome Project

Follow up auger geochemistry sampling has now been completed by the same Sahara rig as used in the initial program.

Other areas of the tenement have also been tested, including for gold, which were under crop at the time of the initial drilling.

By order of the Board

For Further Information, Contact:

Luke Abbott - Company Secretary

  1. +61 8 6144 0592cosec@kulagold.com.auwww.kulagold.com.au

About the Company

Kula Gold Ltd (ASX: KGD) is a Western Australia gold exploration company focussed on large land positions and structural geological settings capable of hosting ~1m oz deposits.

The company has projects within the Southern Cross WA region including Rankin Dome and Marvel Loch, as well as near Kurnalpi and Brunswick. The company has a history of large gold resource discoveries with its foundation Woodlark Island project in PNG.

Competent Person Statement

The information in this report that relates to geology and exploration is based on information compiled by Mr A Anderson , a Competent Person who is a member of the Australian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr Anderson is a Geology and Exploration Consultant who has been engaged by Kula Gold Ltd. Mr Anderson has sufficient experience, which is relevant to the style of mineralisation, geology and type of deposit under consideration and to the activity being undertaken to qualify as a competent person under the 2012 edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (the 2012 JORC Code). Mr Anderson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

3

JORC Code, 2012 Edition - Table 1 report - E77/2768

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria

JORC Code explanation

Commentary

onlySampling techniques

For usepersonal

  • Nature and quality of sampling (eg cut channels, random chips, or specific
    specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
  • Include reference to measures taken to ensure sample representivity and the
    appropriate calibration of any measurement tools or systems used.
  • Aspects of the determination of mineralisation that are Material to the Public Report.
  • In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

• Sampling was completed by personnel employed by the auger

contractor, Sahara Operations (Australia) Pty Ltd (Sahara).

  • Samples were taken on the interface between transported material and saprolite.
  • Sahara utilised a scoop to take a composite sample (typically 1m maximum but up to 2m where lithologies extended across more than 1m).
  • The sample was taken by ~ 3 scoops from the sample bucket (representative as possible) to approximately 2kg. The sample placed into a prenumbered calico bag, 10 samples are placed in a polyweave bag and Ziplock tied on site.
  • Samples were sent to Bureau Veritas Perth, where they were sorted and dried.
  • The whole sample is dried weighed and crushed and a split portion is then pulverized and a nominal 40gram charge is taken by the laboratory for Fire Assay.
  • The 40 gram charge is then subject to classical fire assay and the prill is subject to total digest in a four acid digest and the solution is read by an ICP machine using OES to determine Au to 1ppb and Pt and Pd to 5ppb.
  • Multi Element assaying is done by mixed acid digest. Cr,Cu,Mg,Mn,Ni,S,Sc,Ti,V,Zn

have been determined by Inductively Coupled Plasma (ICP) Optical Emission Spectrometry. Ag,As,Ba,Bi,Cd,Co,Li,Mo,Pb,Sr,Te

• have been determined by Inductively Coupled Plasma (ICP) Mass Spectrometry

Drilling

• Drill type (eg core, reverse circulation,

• A Landcruiser mounted S10 Auger rig with a

techniques

open-hole hammer, rotary air blast, auger,

4-inch blade was used. Drill spoil was

Bangka, sonic, etc) and details (eg core

collected in a plastic container.

diameter, triple or standard tube, depth of

4

Criteria

JORC Code explanation

Commentary

diamond tails, face-sampling bit or other

type, whether core is oriented and if so, by

what method, etc).

Drill sample

•

Method of recording and assessing core

• 10 - 15 kg per metre was recovered (density

recovery

and chip sample recoveries and results

dependent).

only

assessed.

• There is no

relationship between sample

•

Measures taken to maximise sample

recovery and grade.

recovery and ensure representative nature

of the samples.

• Whether

a

relationship

exists

between

sample recovery and grade and whether

sample bias may have occurred due to

preferential

loss/gain

of

fine/coarse

material.

use

•

• Chips were

Logging

Whether core and chip samples have been

qualitatively logged for basic

geologically and geotechnically logged to a

lithology, mineralogy and colour.

level of detail to support appropriate

Mineral

Resource

estimation,

mining

studies and metallurgical studies.

personal

• Whether

logging

is

qualitative

or

quantitative

in nature. Core (or

costean,

channel, etc) photography.

• The

total

length and

percentage of

the

relevant intersections logged.

Sub-

•

If core, whether cut or sawn and whether

•

Sample preparation

is industry standard

sampling

quarter, half or all core taken.

where up to 3kg of sample is pulverized and

techniques

•

a nominal 40gram charge is taken for fire

and sample

If non-core, whether riffled, tube sampled,

assay.

preparation

rotary split, etc and whether sampled wet

•

or dry.

Mixed Acid

Digest

MA/ICPMS for multi

• For all sample types, the nature, quality

element on a 0.2g charge.

• No field duplicates were taken as it is a first

and appropriateness of the sample

preparation technique.

pass geochemistry program.

• Quality control procedures adopted for all

sub-sampling stages to maximise

representivity of samples.

For

•

Measures

taken

to

ensure

that

the

sampling is representative of the in situ

material collected, including for instance

results for field duplicate/second-half

sampling.

• Whether sample sizes are appropriate to

the grain size of the material being

sampled.

Quality of

•

The nature, quality and appropriateness of

• Fire assay technique is industry standard

assay data

the assaying and laboratory procedures

when assaying for Au, Pt and Pd. Mixed Acid

and

used and whether the technique is

digest MA/ICPOES and MS for the multi

laboratory

considered partial or total.

element.suite described above.

tests

•

• Repeat samples, randomly selected by the

For

geophysical

tools,

spectrometers,

handheld XRF instruments, etc, the

laboratory,

were

within

statistically

parameters used in determining the

analysis

including

instrument

make

and

5

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Disclaimer

Kula Gold Limited published this content on 02 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 February 2022 22:38:04 UTC.