- Approval received for up to eight-holes in 2,200m program
- First ever drilling to test beneath historic Mona VMS mine
- Testing within five km long Everest-Mona-Victory VMS trend
- Following up results from Mona mine dump material which confirmed high grade Cu-Au-Ag VMS mineralisation
Cosmo Metals (ASX: CMO) is set to test beneath a historic NSW mine after receiving approval from the resources regulator for the first ever drilling under the Mona VMS high grade copper-gold-silver (Cu-Au-Ag) prospect.
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Approval has been received for up to eight drill holes for around 2,200m within the Everest-Mona-Victory trend at the Bingara project following up mine dump samples from Mona including up to 4.93% copper, 11.65 grams per tonne (g/t) gold and 204 grams g/t silver.
Mapping and field investigations at Mona indicate that the high-grade Cu-Au-Ag fresh, sulphide-rich material collected from the mine dumps is from the base of the historic workings. This material could not be processed and effectively recovered in the early 1900s when these mines were last operated.
The initial holes at Mona are designed to test the rich VMS lode position beneath the historic mine and extend through to test the potential Au-Ag rich feeder zone. Advanced engagement with drilling contractors is progressing in line with the approval and local landholder engagement timelines.
“We have systematically progressed exploration at the Everest-Mona-Victory Trend, building our knowledge from layers of geophysical, geochemical and geological data at this previously unexplored high conviction prospect,” MD, Ian Prentice, said.
“The area of the historic Mona VMS mine has presented as a compelling first target to test within this belt scale opportunity, with exceptional high-grade gold and silver results associated with high-grade copper from material believed to be from the base of the old workings.
“This first ever drilling of an old mining field is incredibly exciting, with the aim of discovering high-grade sulphide-rich mineralisation below the existing workings that couldn’t be exploited by the miners in the early 1900s.
“We are also very excited about the extrapolation of this model to the potential for discovery of other high-grade mineralised VMS horizons with an intrusion related gold-silver overprint in the five km plus long Everest- Mona-Victory Trend, and in the broader untested historically mined 20km long Bingara VMS Trend.”
The Bingara VMS belt is a semi continuous 20km long, moderately cross faulted stratigraphic corridor of basaltic volcanics and associated sediments of the Nangahrah Formation, that hosts at least six recorded historic copper VMS mines that were operated into the early 1900s.
The five km long Everest–Mona-Victory trend, located at the southern end of the Bingara VMS belt, has been the focus of the company’s systematic exploration activity, which included the collection of LiDAR data, a high resolution airborne magnetic survey and detailed soil geochemical survey.
CMO was steady at 0.5¢ with a Mkt cap of $3.470M prior to markets opening.
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