Cosmo Metals Ltd (ASX: CMO) has entered into a Binding Heads of Agreement for the acquisition of two highly prospective gold – antimony and copper exploration projects, totalling an area of ~743km2, in the New England Orogen of northern New South Wales (NSW), Australia.
Under the HoA, Cosmo has a 60-day exclusive option period to complete legal, commercial, and technical due diligence, prepare full form agreements for the acquisition and hold a General Meeting of Shareholders seeking approval for the acquisition. Cosmo has committed to funding certain exploration activities across the two projects during the option period to ensure a seamless and efficient progression of exploration work upon completion of the acquisition.
The belt-scale projects are highly prospective for Orogenic gold (antimony) covering over 40km cumulative strike of the historic Bingara and Nundle goldfields, and VMS/ Intrusion Related copper-gold with extensive high grade copper occurrences / historic mines.
Additionally, historic mining and exploration activities have identified strong evidence of widespread, underexplored to untested, shallow high-grade gold and copper mineralisation at both projects. Significant historical drilling intercepts and sampling include:
- 6.0m at 6.43g/t Au from 8.0m incl. 2.0m at 17.59g/t Au from 12.0m (SC17)
- 5.0m at 5.86g/t Au from 51m incl. 1.0m at 17.3 g/t Au from 51m – hole ended in mineralization (NGPD2)
- Up to 18.6% Cu and 9.8% Cu from oxide copper and primary magnetite-pyritechalcopyrite layered mineralization from VMS workings
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