ASX-listed Cosmo Metals has expanded its mining operations with the acquisition of two tenements at the Kanowna gold project in Western Australia.
The acquisition from Yandal Resources comprises prospecting licences P26/4577 and P27/2461, with a payment of $50,000 in Cosmo Metals ordinary shares.
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The deal grants Cosmo Metals an additional 32km² of contiguous tenure and extends its prospective strike by more than 8km.
It is significant as it lies just 1.5km west of Northern Star Resources’ Kanowna Belle gold operations, a site with a historical production exceeding 5.4 million ounces (Moz) of gold since 1993 and a current annual output of 150 thousand ounces (Koz).
The 20km² Kanowna gold project includes 12 prospecting licences and is situated 13km east of Kalgoorlie by a sealed road in the Eastern goldfields, a region renowned for its abundant gold production.
Cosmo’s technical team has conducted thorough due diligence, identifying four high-priority, drill-ready prospects at Don Álvaro, Laguna Verde, Dugite and WKL.
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By GlobalDataThese prospects have been validated based on the presence of widespread surficial and near-surface gold at WKL and Dugite, as well as high-grade gold intersections from historical drilling at Don Álvaro and Laguna Verde.
Additionally, the technical team has noted the association of these prospects with northeast-trending structures that intersect the Kanowna Shear, which traverses the project area from northwest to southeast.
Cosmo Metals chairman Peter Bird stated: “These two tenements are an obvious complement to the Kanowna gold project, giving us 100% ownership over 8km of highly prospective gold targets along the Kanowna Shear. As a fully scrip-based acquisition, it enables Cosmo to maximise expenditure in the ground and we appreciate Yandal’s support.
“At Kanowna we have an enormous opportunity for a significant gold discovery, as the project hosts one of the largest orogenic pathfinder anomalies in the Goldfields in a similar setting to the Invincible gold discovery at Kambalda. We are very keen to continue advancing our understanding of the gold system.
“While the recruitment process for a new managing director is underway, we’re reviewing all the Kanowna project data including all available geological and geophysical datasets to refine our targets for future drilling campaigns.”
