Kula Gold secures government support for Mustang Gold prospect drilling

Kula Gold (ASX:KGD) announced an application for the Western Australia Government's Exploration Incentive Scheme at its Mustang Gold prospect.

The endorsement follows a rigorous review by the Geological Survey of Western Australia, and the scheme will cover 50% of direct drilling and mobilisation costs up to $180,000. Kula Gold plans to commence reconnaissance reverse circulation drilling on Dec. 1.

The initiative is expected to unlock additional value at the Mt Palmer Gold Project, as the company continues to explore the potential for both epithermal and hydrothermal mineralisation models at the site.

The company's Managing Director, Ric Dawson, stated,  "This prospect has progressed from a rock chip to a fully peer-reviewed high order 0.8km gold prospect that warrants reverse circulation drilling."

"This is Kula's first successful EIS application and was fully developed by the in-house technical team,” Dawson stated.

The exploration, taking place near Donnybrook, Western Australia, locates the Kirup Project approximately 110km southwest of the Boddington Gold Mine.

Recent samples from the area showed promising results with rock chips indicating gold up to 3.5g/t, boosting the project's prospectivity.

Rigorous sampling and mapping efforts are underway to maximise the potential of this gold-rich region.

At the time of reporting, Kula Gold’s share price was $0.008.