Cosmo Metals (ASX:CMO) will progress with field testing at the Mt Ephraim prospect within the Nundle Project, after the high-density light detection and ranging (LiDAR) survey interpreted a multi element anomalism correlating to previous exploration.
The survey identified more than 550 pits and shafts within the Hanging Rock field area for a total strike length of 6.7km, characterised by hard rock lodes deep-lead areas where hydraulic sluice mining was previously conducted, and historical mining for alluvial gold in waterways.
Sample descriptions from the deep-leads indicate crustiform banded epithermal textures with gossanous fill as well as visible chalcocite and malachite across the 82,000m2 area containing six deep-lead areas and 31 open cut deep-leads gold mines, previously recording gold production of 165.66kg.
Managing Director Ian Prentice says the company will continue to prioritise ground truthing at the Mt Ephraim target within the project as the return of LiDAR data highlights extensive historical mining activity in the greater Nundle Goldfield.
“The multi element geochemical signature we are seeing in this data opens up the potential for large scale intrusion related gold-copper mineralisation at the Mt Ephraim area, a compelling target for follow up exploration,” Prentice says.
Mt Ephraim previously returned anomalous grades greater than 1.76 grams per tonne gold and up to 39.1g/t gold from six of nine quartz vein related samples conducted in rock chip sampling.
Top results include 15.7g/t gold, 20.3g/t gold, and 39.1g/t gold individually from quartz veining in the pit floor, along with assays interpreting silver, copper, bismuth, and anomalous tellurium.
Cosmo Metals is a gold and base metals explorer focusing on the development of its key projects in Western Australia and New South Wales.
Write to Maddison Elliott at Mining.com.au
Images: Cosmo Metals
