Nickel-copper-PGE explorer Cosmos Exploration (ASX:C1X) reports it has secured a drilling contractor ahead of a maiden exploration campaign at its Orange East Project in New South Wales.
The upcoming campaign will be undertaken by drilling contractor BG drilling, which will cover the first phase of aircore (AC) drilling and shallow reverse circulation (RC) drilling at the recently acquired Quintons prospect.
The Quintons prospect was acquired by the company in August this year as part of a greater acquisition for tenements EL8807 and EL6378 and is known to be analogous to the nearby McPhillamys deposit, which boasts a 2.02Moz gold (Au) reserve in the same host Anson Formation.
To date no drill testing has been conducted on the area, however the upcoming drilling campaign will aim to identify bedrock geochemical and hydrothermal alteration vectors in order to effectively target the source of anomalous surface soil and rock chip results.
Drilling is scheduled to commence in early January 2023, pending a program of works (POW) government approval, and is reported to consist of up to 80 AC holes and 6 shallow RC holes for up to 1,500m over an area of 1.6km x 1km.
Speaking on the imminent maiden exploration campaign, Cosmos Exploration Executive Chairman, Jeremy Robinson said: “To be drilling a target of this size and quality directly along strike from a major gold deposit – the +2Moz McPhillamy’s Project, currently being developed by Regis Resources – in a world-class mining district is a very exciting proposition.
“To be drilling a target of this size and quality directly along strike from a major gold deposit – the +2Moz McPhillamy’s Project…is a very exciting proposition.”
From acquiring the project in August to drilling in January is a very quick turnaround and we appreciate the support of all stakeholders.”
Cosmos Exploration also notes it intends to extend the soil coverage across tenement EL8807 to target structural domains within prospective lithologies.
It is believed that there are opportunities in these areas to re-evaluate the prospectivity by using low-detection soil sampling methods.
In addition, the company believes that the lower grade Au assays for rock chip samples may suggest that the mineralised source is deeper within the bedrock compared to the outcropping mineralisation as seen as McPhillamys.
Cosmos Exploration is an ASX-listed Ni-Cu-PGE explorer which represents a wholly owned subsidiary of rare earth element (REE) focused RareX (ASX:REE). The company’s Orange East project is located about 200km northwest of the NSW capital city of Sydney in the Lachlan Orogen Au-Cu province, situated within 25km of some of the state’s largest Au and base metal deposits, including McPhillamys and Cadia-Ridgeway
The project is considered highly prospective for structurally controlled, orogenic and hydrothermally associated McPhillamys style Au mineralisation, Cu-Au porphyry style mineralisation and Cu-Au VHMS deposits.
With the upcoming drilling campaign scheduled to commence in January of next year, Cosmos Exploration announces a second larger RC drill rig is set to arrive at the project for mid-March 2023 once assay and spectral results have been received.
Images: Cosmos Exploration Ltd
