{"id":4498,"date":"2024-01-17T02:39:01","date_gmt":"2024-01-17T02:39:01","guid":{"rendered":"https:\/\/economicherald.net\/?p=4498"},"modified":"2024-01-17T02:39:01","modified_gmt":"2024-01-17T02:39:01","slug":"cosmo-metals-looks-to-lift-off-with-new-acquisition-next-door-to-the-kanowna-belle-gold-mine","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=4498","title":{"rendered":"Cosmo Metals looks to lift off with new acquisition next door to the Kanowna Belle gold mine"},"content":{"rendered":"<p>Cosmo acquiring new project adjacent to the Kanowna Belle gold mine<br \/>\nHoles drilled by previous explorers have intersected near-surface gold<br \/>\nNew geological model shows potential link to the Kanowna Belle system<br \/>\nDrill-ready targets already identified<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report:<\/em> Cosmo Metals is adding a potentially company-making star to its constellation of projects with the execution of terms sheet for the exclusive right to acquire the Kanowna gold project in WA.<\/strong><\/p>\n<p>Prior to this acquisition, the company was focused on evaluating the newly discovered Minjina zinc-lead-silver prospect as well as the advanced Mt Venn copper-nickel-cobalt project within WA\u2019s Yamarna region.<\/p>\n<p><a href=\"https:\/\/stockhead.com.au\/company\/cosmo-metals-cmo\/\"><strong>Cosmo Metals (ASX:CMO)<\/strong><\/a> noted in its September 2023 quarterly report that it was conserving capital with limited on-ground exploration and a focus on evaluating opportunities outside the Yamarna region to identify assets complementary to the existing portfolio with potential to add significant shareholder value.<\/p>\n<p>During the quarter, it had also applied for tenement applications totalling more than 480km2 to cover the Wurnda lithium project where a review of historical geochemistry identified a &gt;50km long lithium and associated pathfinder anomaly in soils.<\/p>\n<p>The Kanowna gold project. Source: CMO<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Ticking all the right boxes<\/strong><\/h2>\n<p>However, the company might well be focusing its attention on the Kanowna project and for a multitude of good reasons.<\/p>\n<p>First off, historical drilling at the project has already proven the presence of significant near-surface gold with notable intercepts such as 44m grading 2.4g\/t gold from a down-hole depth of 24m including 18m at 5.3g\/t gold from 18m, and 50m at 1.2g\/t gold from 30m to end-of-hole, including 10m at 4.7g\/t gold from 32m.<\/p>\n<p>That all these were intersected in the shadow of <a href=\"https:\/\/stockhead.com.au\/company\/northern-star-resources-nst\/\"><strong>Northern Star Resources\u2019 (ASX:NST)<\/strong><\/a> adjacent Kanowna Belle mine \u2013 where +5.4Moz of gold has been produced since 1993 \u2013 is also worthy of note.<\/p>\n<p>Kanowna covers &gt;20km2 in 12 contiguous prospecting licences with heritage agreements in place just 13km from Kalgoorlie. It can be accessed via bitumen roads and is within trucking distance of multiple mills.<\/p>\n<p>Despite all these strengths, the project was poorly tested by previous explorers with just 12 shallow holes drilled to date.<\/p>\n<p>In addition, CMO has developed a new geological model with untested structures interpreted to connect to the Kanowna Belle system and has identified compelling aircore and RC targets for immediate follow up.<\/p>\n<p>Managing director James Merrillees said the execution of the terms sheet to acquire Kanowna represents an exciting opportunity for CMO\u2019s shareholders.<\/p>\n<p>\u201cThe company has identified widespread near-surface gold mineralisation at the KGP associated with NE trending structures analogous to the Fitzroy Fault, which controls mineralisation at Northern Star\u2019s adjacent +7Moz Kanowna Belle gold project,\u201d he said.<\/p>\n<p>\u201cThese NE trends have not been well targeted at the KGP and present exciting new exploration targets to guide future exploration at the KGP.<\/p>\n<p>\u201cDrill-ready targets have already been identified with this association at Don \u00c1lvaro, Laguna Verde and WKL, along with numerous shallow aircore intersections that have never been followed up.<\/p>\n<p>\u201cThe acquisition of the Kanowna gold project will complement the company\u2019s existing base metals and lithium portfolio at Yamarna and is a low-cost entry into the prolific Eastern Goldfields adjacent to world-class projects with exceptional infrastructure.\u201d<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Acquisition terms and exploration plans<\/strong><\/h2>\n<p>CMO is currently undergoing due diligence after paying a $50,000 option fee.<\/p>\n<p>Should it choose to proceed with the acquisition, it will acquire 100% of La Zarza Minerals, which owns the project, for $200,000 in cash, 8 million CMO shares priced at 5c each, and a further $200,000 cash payment within six months.<\/p>\n<p>The company already plans to carry out ground activities such as RC and aircore drilling in the current quarter following successful completion of technical due diligence.<\/p>\n<p>It has also received commitments from major shareholders for a $300,000 private placement to fund the acquisition.<\/p>\n<p>Exploration success at the project could be a boon for shareholders of the ~$4.5 million capped CMO, which already boasts a supportive share register with the top 20 owning +70% of shares on issue. Advanced Meekatharra gold explorer Great Boulder Resources (ASX:GBR) controls ~40% of the stock.<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Cosmo Metals, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/cosmo-metals-looks-to-lift-off-with-new-acquisition-next-door-to-the-kanowna-belle-gold-mine\/\">Cosmo Metals looks to lift off with new acquisition next door to the Kanowna Belle gold mine<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Cosmo acquiring new project adjacent to the Kanowna Belle gold mine Holes drilled by previous explorers have intersected near-surface gold New geological model shows potential <a href=\"https:\/\/economicherald.net\/?p=4498\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":4499,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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