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- Cosmo Metals (CMO) intersects thick, shallow copper mineralisation at the Mt Venn prospect within its Yamarna project in WA
- 10 holes drilled in the area reportedly intersected significant copper mineralisation including 22 metres at 0.48 per cent copper from 135 metres
- The company also defined mineralisation over 250 metres of strike at the nearby ML13 target within the Eastern Mafic Complex
- Cosmo plans to undertake more drilling and geophysical surveys to extend and infill targets at Mt Venn and Eastern Mafic
- Company shares are trading down 5.88 per cent at 16 cents at 12:27 pm AEST
Cosmo Metals (CMO) has received results from a reverse circulation (RC) drilling program at its Yamarna copper-nickel-cobalt project in the Eastern Goldfields of Western Australia.
The program included 16 holes with 12 testing extensions and infill mineralisation at the Mt Venn prospect, and the other four testing the previously defined ML3 and ML13 targets at the Eastern Mafic Complex.
Mt Venn
Positively for the company 10 of the 12 holes drilled at Mt Venn intersected significant copper mineralisation. One hole was abandoned at 20 metres due to difficult ground conditions.
The mineralisation intersected included disseminated to massive and semi-massive sulphides hosted within a mafic to ultramafic unit.
Highlighted results from this prospect include 22 metres at 0.48 per cent copper, 0.16 per cent nickel and 0.06 per cent cobalt from 135 metres in YARC008 including one metre at 1.56 per cent copper, 0.15 per cent nickel and 0.05 per cent cobalt from 147 metres.
Additional results include 18 metres at 0.4 per cent copper from 202 metres in YARC013 including one metre at 1.05 per cent copper from 215 metres.
Cosmo plans to undertake further drilling at Mt Venn as the ground conditions impacted the previous program.
Drilling will test extensions of the mineralisation still open to the north and south as well as areas down dip from the currently drilled sections. The company expects to begin this work in the coming weeks.
Eastern Mafic Complex
The Eastern Mafic Complex lies seven kilometres east of the Mt Venn prospect and is defined by a 4.5-kilometre by 3.5-kilometre gravity anomaly discovered in 2018.
The area has seen limited exploration with just 36 holes drilled to date which targeted electromagnetic (EM) conductors.
Two of the recently drilled RC holes intersected several zones of significant mineralisation at the ML13 target including six metres at 0.19 per cent copper from 132 metres in YARC002 and 10 metres at 0.2 per cent copper from 70 metres in YARC004.
Hole YARC004 targeted a position where there was no conductor identified in the airborne survey and mineralisation has now been defined over more than 250 metres with the closest drillhole more than one kilometre to the south.
The ML3 target is a prominent EM anomaly which two historical holes couldn’t explain.
One of the recent holes (YARC001) aimed to test an alternative interpretation of the conductor and was drilled to 174 metres. Unfortunately, the hole also failed to intersect modelled conductor.
The company is reviewing the results and further drilling at ML3 may be undertaken.
“We’ve now encountered thick, shallow and continuous copper mineralisation over two RC programs and the results at Eastern Mafic give us encouragement that we’re on to another copper system,” Managing Director James Merrillees said.
“The opportunity for Cosmo to identify world class base metal deposits at Yamarna remains enormously exciting.”
Cosmo Metals will conduct a moving-loop EM survey to cover the entire prospective trend extending for three kilometres to the south of ML13 towards the Ben Lomond target.
The company aims to begin the survey in mid-August and believes it will take around two weeks to complete.
Company shares were trading down 5.88 per cent at 16 cents at 12:27 pm AEST.
