Cosmo Metals (ASX:CMO) has satisfied a key condition, receiving shareholder support, for the acquisition of the Bingara and Nundle gold-antimony and copper projects in New South Wales.
The projects cover a combined area of 743km2 and represent large, camp-scale exploration opportunities with evidence of high-grade multi-commodity mineralisation. The company says the projects contain an extensive pipeline of prospective targets that are under-explored or untested with modern exploration.
Earlier this year, Cosmo entered into a binding heads of agreement to acquire the two projects and having now satisfied this further condition, will proceed with exploration.
Cosmo plans to complete LiDAR and high-resolution imagery capture surveys, which will enhance the efficiency of the mapping, surface sampling, and drillhole positioning phase of exploration.
Managing Director Ian Prentice says the company is pleased to be executing its high-impact exploration strategy of these under-explored, high potential assets.
“The current activity represents the first dedicated modern exploration conducted across the projects since the 1990s and we’re confident that historical mining and exploration data alongside the LiDAR data will further define the some highly prospective targets for Cosmo to pursue in our upcoming campaigns,” Prentice says.
Cosmo is also planning a drilling program to follow-up shallow gold mineralisation identified in previous drilling such as 6m @ 6.43 grams per tonne gold from 8m, including 2m @ 17.59g/t gold from 12m.
The company is well-funded to execute its boots on the ground exploration after closing its $1.6 million fully underwritten entitlement offer.
Bingara, covering 484.1km2, contains two sub-parallel broadly north trending mineralised trends that follow the regional scale Peel Fault system. Meanwhile, Nundle, covering 259.1km2, straddles the regional scale Peel Fault and contains two key prospective target areas.
Cosmo Metals is a gold and base metals explorer focused on its project portfolio in Western Australia and New South Wales.
Write to Aaliyah Rogan at Mining.com.au
Images: Cosmo Metals
