Cosmo Metals (ASX:CMO) has acquired two tenements from Yandal Resources (ASX:YRL) at the Kanowna Gold Project in Western Australia.
This acquisition gives Cosmo Metals 32km2 of contiguous tenure and more than 8km of prospective strike.
Under the acquisition, Cosmo Metals paid $50,000 in shares at a deemed issue price calculated using the five-day volume weighted average price prior to the date of the agreement.
Chairman Peter Bird says these two tenements complement the Kanowna Gold Project, giving the company 100% ownership over 8km of ‘highly prospective’ gold targets.
“As a fully scrip-based acquisition it enables Cosmo to maximise expenditure in the ground and we appreciate Yandal’s support,” Bird says.
“At Kanowna we have an enormous opportunity for a significant gold discovery, as the project hosts one of the largest orogenic pathfinder anomalies in the Goldfields in a similar setting to the invincible gold discovery at Kambalda.
“We are very keen to continue advancing our understanding of the gold system.”
Bird notes that while the recruitment process for a new managing director is underway, the company is reviewing all the Kanowna Project data.
This includes all available geological and geophysical datasets to refine the drill targets for future drilling programs.
Cosmo Metals is a gold and base metals explorer with projects in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Cosmo Metals
