Maiden Drilling at Bingara Targets 6m at 6.43 g/t Gold in Spring Creek

Exploration Restart at a Historic Gold District

Cosmo Metals Ltd (ASX – CMO) has embarked on a significant milestone with the commencement of its maiden drilling program at the Spring Creek prospect, situated within the expansive 484.1 square kilometre Bingara Project in New South Wales. This marks the first drilling activity at Bingara since the mid-1990s, reviving interest in a region historically known for gold, antimony, and copper mineralisation.

The Spring Creek area lies along the 12-kilometre Star of Bingara to Lone Hand Trend, a largely underexplored corridor that straddles the Peel Fault; a major regional geological structure within the New England Orogen. Previous shallow drilling campaigns in the 1980s and 1990s identified promising high-grade gold intersections, but the area has remained relatively dormant since.

Targeting High-Grade Gold and Structural Complexity

The current program consists of up to 13 reverse circulation drill holes totaling approximately 1,000 metres. These holes are designed to follow up on historic shallow, high-grade gold intersections such as 6 metres at 6.43 grams per tonne gold (including 2 metres at 17.59 g/t) and 6 metres at 2.97 g/t (including 3 metres at 5.51 g/t). Importantly, the drilling will also test for steeply dipping feeder zones that were not accessible to earlier shallow drilling efforts, potentially revealing new structural controls on mineralisation.

Additionally, the southern extensions of the known mineralised zone will be evaluated, guided by a strong coincident gold-arsenic soil anomaly that suggests the mineralisation may continue beyond previously defined limits. The mineralisation at Spring Creek is hosted within a sheared quartz-carbonate-sericite alteration zone capped by metabasalt, with contacts to graphitic shales and serpentinite-siltstone footwalls, indicating a complex geological setting.

Leveraging Historical Data and Modern Techniques

Cosmo Metals is leveraging a rich dataset accumulated over decades, including 45 historic drill holes totaling over 1,700 metres, extensive rock chip sampling, soil geochemistry, and recent high-resolution LiDAR and UAV magnetic surveys. These modern geophysical techniques have enhanced the understanding of the structural framework and mineralisation controls, enabling more targeted drilling.

Managing Director Ian Prentice highlighted the significance of this campaign, stating, "The start of our maiden drilling campaign at Spring Creek is an important milestone for Cosmo. We are excited to follow up on the wide, shallow, high-grade gold intersections and test the southern extensions of the known mineralisation as a first step in unlocking the potential of this high conviction target." The company expects initial assay results by late November, which will be critical in guiding subsequent exploration phases.

Strategic Implications and Shareholder Impact

The commencement of drilling also triggers the conversion of the second tranche of vendor performance shares, resulting in the issuance of 66.7 million fully paid ordinary shares subject to voluntary escrow until April 2026. This share issuance reflects the vendor’s confidence in the project’s potential but will require careful market communication to manage shareholder expectations.

Cosmo Metals’ broader portfolio includes other promising projects such as the Kanowna Gold Project near Kalgoorlie and the Yamarna Project in the Eastern Goldfields, positioning the company as a diversified explorer in gold and base metals. The Bingara Project’s renewed activity underscores the company’s commitment to unlocking value from underexplored but historically significant mineral provinces.