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Microcap explorer Cosmo Resources (ASX:CMO) has been up +11% through to lunchtime Monday after using its LiDAR data interpretation to define the eight-kilometre-long Antimony Gully Trend as a prospective corridor.
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Cosmo’s intraday hike has helped the microcap claw back some of its Week 45 losses; the explorer had sagged up to -27% as the bourse dumped.
Most excitement came from the LiDAR (light detection and ranging) survey run over the 484.1sqkm Bingara Project, which picked up clusters of historic antimony workings and mines along the Gineroi fault zone.
Initial rock chip sampling at the McManus Mine, the first target area along the newly defined Antimony Gully Trend, boasts visible antimony sulphide.
These, Cosmo reported, returned assays of up to 5.75% antimony and 0.14 grams per tonne gold, which the company believes indicates the presence of high-grade mineralisation. Other samples yielded 0.6% Sb, 0.08g/t gold.
“[We’d also note] this is one of a number of prospective areas for antimony at Bingara, a region… identified as having the highest antimony-gold prospectivity in the southern New England Orogen,” Mr Prentice expanded.
Together, it all bundles up to a “pivotal time” for the explorer – and Cosmo wants to make sure it gets follow-up workings underway to keep the good times rolling.
To that end, the explorer is now plotting more reconnaissance sampling across other clusters of historic workings spotted by LiDAR, as well as more detailed geological mapping and some soil sampling in the area.
Elsewhere, Cosmo is working on its Nundle, Kanowna, and Yamarna projects.
Price-wise, shares in CMO are selling for 2c each today.
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