Cosmo Metals’ Maiden Drilling Marks Critical Test for 12km Gold Trend in NSW
Cosmo Metals has kicked off its first drilling program in nearly 30 years at the Spring Creek prospect in NSW, backed by a $2 million capital raise and government funding to advance exploration across its NSW and WA projects.
- Maiden RC drilling program approved and commenced at Spring Creek, Bingara
- LiDAR data reveals 12km Star of Bingara to Lone Hand Gold Trend with extensive historic workings
- Received $50,000 NSW government grant for geochemical sampling at Mt Everest – Mona
- Raised $2 million via placement including participation from Managing Director and major shareholder
- Exploration advancing across NSW gold-antimony-copper projects and WA’s Kanowna and Yamarna regions
Exploration Milestone at Spring Creek
Cosmo Metals Ltd (ASX, CMO) has embarked on a significant new chapter with the commencement of its maiden reverse circulation (RC) drilling program at the Spring Creek prospect within the Bingara Goldfield in New South Wales. This marks the first drilling activity in the area in approximately 30 years, signaling renewed momentum for the company’s exploration ambitions in the region.
The approved program targets up to 13 holes totaling around 1,000 metres, designed to follow up on promising historic intersections such as 6 metres at 6.43 grams per tonne gold from 8 metres depth. The drilling aims to test both shallow mineralisation and deeper, steeply dipping feeder zones, as well as an untested gold-arsenic soil anomaly to the south of previous drilling.
Unlocking the Star of Bingara to Lone Hand Trend
Underpinning this drilling initiative is the recent interpretation of high-resolution LiDAR data, which has unveiled a 12-kilometre-long high conviction gold trend stretching from the Star of Bingara mine to the Lone Hand mine. This trend is defined by over 1,180 historic workings, many of which have been obscured by vegetation until now.
The LiDAR survey has provided a detailed digital terrain model that reveals geological structures and historic mining activity, enabling Cosmo to prioritise targets with greater confidence. The company’s reconnaissance sampling has already returned high-grade gold assays up to 19 grams per tonne, reinforcing the prospectivity of the area.
Broader NSW and WA Exploration Advances
Beyond Bingara, Cosmo Metals is advancing exploration at the Mt Everest – Mona copper-gold trend, where recent rock chip sampling has confirmed high-grade copper mineralisation with assays up to 24.2% copper. The company secured a $50,000 grant from the NSW Government’s Critical Minerals & High-Tech Exploration Program to co-fund systematic soil sampling aimed at defining drill targets along this +4km VMS corridor.
In Western Australia, Cosmo’s Kanowna Gold Project near Kalgoorlie is set for a deep diamond drill test at the Laguna Verde prospect, supported by a co-funded grant from the WA Government’s Exploration Incentive Scheme. Meanwhile, the Yamarna Project continues to hold promise for base metals, with a significant copper-nickel-cobalt exploration target defined at the Mt Venn deposit.
Capital and Financial Position
To support its active exploration agenda, Cosmo Metals completed a two-tranche placement raising $2 million before costs, with participation from Managing Director Ian Prentice and major shareholder Great Boulder Resources. The company ended the quarter with a healthy cash balance of $1.83 million, positioning it well to execute its planned work programs.
Exploration expenditure for the quarter was $538,000, reflecting ongoing geological, geophysical, and sampling activities. No mining production occurred during the period, consistent with the company’s focus on early-stage discovery and resource definition.
Looking Ahead
Cosmo Metals is poised to leverage its newly acquired data and funding to accelerate exploration across multiple fronts. The maiden drilling results at Spring Creek will be closely watched as an initial test of the newly delineated gold trend. Concurrently, the company’s systematic approach to soil sampling and geophysical surveys in NSW and WA could unlock further high-grade targets, setting the stage for potential resource growth.
Bottom Line?
With maiden drilling underway and fresh capital secured, Cosmo Metals is entering a pivotal phase that could redefine its NSW and WA exploration prospects.
Questions in the middle?
- What initial assay results will the maiden Spring Creek drilling yield, and how might they impact resource estimates?
- How will the upcoming soil sampling at Mt Everest – Mona influence drill targeting and exploration strategy?
- What are the timelines and expectations for the deep diamond drilling at Kanowna’s Laguna Verde prospect?
