Resource upgrade for Woodlark Island nearing

SYDNEY-based Kula Gold has released further high-grade drilling results from its flagship Woodlark Island gold project in Papua New Guinea, which is currently subject to a definitive feasibility study.

Infill drilling at the Boniavat area returned 6m at 5.9 grams per tonne gold from 88m, 40m at 1.4gpt gold from 49m and 20m at 1.8gpt gold from 13m.

Kula plans to use the results of the current 50-hole reverse-circulation drilling program to complete a resource upgrade by the middle of next month.

Boniavat currently has an inferred resource of only 85,000oz gold, making up just a fraction of Woodlark Island's total resources of 1.75 million ounces of gold.

The Woodlark King zone at Boniavat is being flagged as the third open pit at the proposed 100,000oz per annum operation.

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