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Kula Gold hits more high grade gold at Woodlark Island

Exploration aims to increase Ore Reserves to 1.2 million ounces of gold.
Kula Gold hits more high grade gold at Woodlark Island
Three rigs continue to drill and more assays are expected

Kula Gold (ASX:KGD) has received further ongoing high grade gold assays from its drilling program at the flagship Woodlark Island Project in Papua New Guinea.

Drilling by Kula’s joint venture partner, Geopacific Resources (ASX:GPR), has produced results including 23 metres at 4.82 g/t gold from 102 metres.

Other intersections included 3 metres at 2.02 g/t gold and 6 metres at 4.53 g/t gold.

Geopacific is undertaking the current drill program as part of its earn-in agreement, with a reverse circulation and two diamond drill rigs currently in operation at the Kulumadau and Busai deposits respectively.

Under the agreement, Geopacific is funding the next A$8 million of expenditure at the Woodlark Island Project to earn an interest of up to 51%.

Further assays from the ongoing drilling are expected.

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