Cosmo Metals (ASX:CMO) has encountered a zone of zinc-lead-copper-silver (Zn-Pb-Cu-Ag) mineralisation following a first phase reverse circulation (RC) drilling program at the Minjina Prospect.
The results, generated by 9 RC holes, demonstrate that mineralisation is unconstrained within a 1km x 750m zone of elevated zinc including a ‘high-grade’ zone of 7m @ 3.20% Zn, 0.82% Pb, and 11.84g/t Ag from 73m, including 2m @ 5% Zn, 1.4% Pb, and 18.83g/t Ag from 76m in drillhole MIRC003.
Mineralisation is also reported to be open, down dip, and along strike at Minjina, which is part of the Yamarna Project in Western Australia.
The company interprets the ‘stringer’ or vein style mineralisation encountered in hole MIRC003 as being hosted within a footwall zone of a deeper, potentially more massive, mineralised system.
Cosmo says the presence of an ‘off-hole’ downhole electromagnetic (DHEM) target at hole MIRC003 presents a compelling follow up drill target analogous to Aeris Resources (ASX:AIS) Jaguar-Bentley zinc-copper (Zn-Cu) deposit, and has a deeper hole planned to test this target.
Drilling was conducted to target 2 distinct mineralisation styles at Minjina, which include VMS-style zinc-lead-silver mineralisation similar to the deposits of the Teutonic Bore District, and Magmatic copper-nickel -cobalt mineralisation analogous to the company’s Mt Venn deposit.
Speaking on the discovery, Cosmo Managing Director James Merrillees says: “This is an outstanding result from Cosmo’s first drill program at Minjina. The confirmation of a thickening zone of zinc-lead-silver mineralisation in MIRC003 vindicates the company’s targeting approach.
“The confirmation of a thickening zone of zinc-lead-silver mineralisation in MIRC003 vindicates the company’s targeting approach”
Higher grade zones including several metres with more than 6% Zn + Pb and more than 20g/t Ag in the first hole drilled into the area since 2017 suggests this may be the distal edge of a larger system. The off-hole EM target identified in MIRC003, and the remodelling of several near-miss holes has generated multiple compelling walk-up drill targets. We expect additional direct targets will be generated by the ground geophysics program commencing in the coming weeks which will also enhance our technical understanding of the system.
The company see parallels at Minjina with mineralisation and the discovery history of the outstanding base metals deposits in the Teutonic Bore District including the Bentley deposit discovered in 2008, which from first production in 2010 to August 2021 produced more than 42kt of copper, 318kt of zinc and 13.6Moz of silver.”
The company also notes drilling confirmed the presence of shallow Mt Venn style Cu-Ni-Co mineralisation over large widths in holes MIRC004 and MIRC008, including the highest grade cobalt intersection in the Yarmana project to date with 3m @ 0.18% Co from 7m in drillhole MIRC004.
In addition, results are in line with reported pXRF data with further downhole and surface geophysical surveys planned to commence later in the January quarter in preparation for further drilling in February.
As of 12:30pm AWST, Cosmo Metals’ share price had increased 10%.
Cosmo Metals is a base metals exploration company listed on the ASX that is focused on the advancement of its flagship Mt Venn, Winchester and Eastern Mafic projects in the underexplored Yamarna Belt within Western Australia’s Eastern Goldfields region.
This area of exploration is considered highly prospective for copper-nickel-cobalt (Cu-Ni-Co) and platinum group elements (PGE), with Cosmo having the unique opportunity to add value from this 460km-square landholding.
Images: Cosmo Metals Ltd