Cosmo Metals (ASX:CMO) has reported a fresh round of ‘significant’ copper-zinc-lead-silver mineralisation at its Yamarna Project in Western Australia.
The results come from reverse circulation (RC) drilling in the area and include silver grades up to 123 grams per tonne (g/t) Ag.
Cosmo says the results, generated by 4 RC holes completed at the Minjina Base Metals prospect, indicate wide zones of zinc-lead and copper mineralisation and confirm an extension of the known zinc-lead zone 80m south of hole MIRC003.
Additionally, a downhole electromagnetic (EM) survey of drillhole MIRC012 has identified a new high conductance target (MJ1) located 150m south, which lines up with massive sulphides in MIRC013.
Cosmo reports MJ1 represents a ‘compelling’ walk-up target due to its strength and connection with ‘high-grade’ silver, as well as with widespread base metals in MIRC013. The company plans to test the target with two shallow 200m-deep RC holes.
Key results from drilling include hole MIRC013 with 11m @ 1.03% Zn, 0.22% Pb, 33.50g/t Ag, 0.15% Cu from 212m, including 6m @ 1.46% Zn, 0.29% Pb, 50.58g/t Ag, 0.21% Cu; and hole MIRC010 with 14m @ 0.47% Zn, 0.10% Pb, 8.96g/t Ag, 0.12% Cu from 144m, including 1m @ 1.2% Zn, 0.26% Pb, 15.8g/t Ag, 0.17% Cu from 145m.
The drilling was designed to target VMS-style zinc-lead-copper-silver mineralisation about 1km north of the company’s Mt Venn deposit, as well as test the open extensions of MIRC003 down dip and along strike.
As of 1:01pm AEST, Cosmo Metals’ share price had increased by 25% to $0.125.
Commenting on the results, Cosmo Metals Managing Director James Merrillees says: “These are exciting results as we build our belief that Minjina could be the beginning of a meaningful polymetallic mineral discovery.
Although we haven’t hit the high-grade base metals zone we are targeting, the wider Pb-Zn intersections now with Cu and higher-grader silver associated with massive sulphides in MIRC013 is an unexpected but important result, supporting our interpretation that this is the tip of a larger, potentially higher-grade Zn-Pb-Ag-Cu VMS system.
“the wider Pb-Zn intersections now with Cu and higher-grader silver associated with massive sulphides in MIRC013 is an unexpected but important result”
The identification of a strong conductor from DHEM modelling in MIRC012, which stopped short of the massive sulphide zone intersected in MIRC013, is another exciting development, with the MJ1 target, 150m south of the high-grade silver hits in MIRC013, opening a significant area for drill testing.”
The company also notes holes MIRC010 and 014 also intersected further wide zones of zinc-lead-silver mineralisation, with copper grades increasing down dip, that remain open.
It is believed the increasing copper and silver mineralisation associated with zinc-lead support the interpretation of a stockwork system underlying the ‘high-grade’ core of a VMS system at Minjina.
With results from drilling now returned, Cosmo Metals announces structural/3D geological modelling, petrographic examination, and isotope studies are currently ongoing in order to improve its understanding of the Minjina deposit, as well as to provide vectors to potentially economic zones within the system.
Work programs scheduled to begin over the coming months include auger sampling to map out anomalies in the regolith, grid fences of shallow RC or aircore drilling of structural targets, and RC drilling of direct drill targets such as MJ1, as well as mineralisation down dip of the existing drill fences.
Cosmo Metals is an ASX-listed base metals exploration company focused on the advancement of its flagship Mt Venn, Winchester, and Eastern Mafic assets in the underexplored Yamarna Belt in the Eastern Goldfields region of Western Australia.
The company’s Yamarna Project is located within proximity to its Winchester Project in Western Australia’s Yamarna Belt, which is considered ‘highly prospective’ for copper-nickel-cobalt and platinum group elements.
Images: Cosmo Metals Ltd
