Cosmo Metals (ASX: CMO) has commenced an approximately 4,000m aircore (AC) drill programme at the Kanowna Gold Project in Western Australia.
The AC programme will run concurrently to the 2,000m RC programme which is currently underway.
“With a 2,000m RC programme already well underway at the Kanowna Gold Project, we’re pleased to be able to confirm that the planned 4,000m aircore drilling effort has now also kicked off," Managing Director, James Merrillees, said.
"With proven shallow and high-grade historical gold drill intercepts present across the project but limited drilling beneath 150m below surface, there remains ample opportunity to uncover an economic gold deposit at the KGP.
We’re extremely fortunate that any discovery made will lie within one of the world’s premier gold production districts and on the doorstep of several processing operations and a wealth of support expertise.
"We’re also pleased to have entered into an agreement with respected local contractor Challenge Drilling for part payment of the RC programme to be made in Cosmo shares. This represents prudent allocation of the company’s cash reserves and aligns a key contractor with the interests of all shareholders.”
The RC and aircore drilling campaigns at the KGP aim to test targets at Don Álvaro, Laguna Verde and WKL/Dugite along with numerous untested surface and shallow anomalies. These targets are associated with NE trending structures, considered analogous to the structural and geological setting of the Kanowna Belle gold mine less than 5km to the northeast and include:
- Widespread surficial and near-surface gold at WKL and Dugite;
- High grade gold in historical drilling intersections at Don Álvaro and Laguna Verde; and
- The association of gold anomalism with structures cutting the NE-trending Kanowna Shear which bisects the KGP from NW to SE.
The programmes are expected to take four to six weeks to be completed and results will be announced as they come to hand.
