Cosmo Metals (ASX:CMO) embarks on first drilling at Bingara in three decades

Cosmo Metals (ASX:CMO) has commenced its maiden drilling program at the Spring Creek prospect, part of its 484 square kilometre Bingara Project in northern New South Wales.

The campaign represents the first drilling at Bingara since the mid-1990s, marking an important step for the company as it seeks to test and extend high-grade historical gold results within one of the New England Orogen’s most prospective structural corridors.

Highlights

• First drilling at Bingara since the 1990s.

• Up to 13 reverse circulation (RC) holes for approximately 1,000 metres planned.

• Follow-up of historical intersections including 6m at 6.43g/t Au and 6m at 2.97g/t Au.

• Program aims to test steep feeder zones and untested southern extensions of gold–arsenic soil anomalies.

• Located within the 12km Star of Bingara to Lone Hand trend.

The Bingara Project, spanning 484 square kilometres, sits astride the regional-scale Peel Fault, a major structural feature in the New England Orogen that has historically hosted gold, antimony and copper mineralisation.

Within this system, the Spring Creek prospect is notable as one of the few areas to have undergone limited past drilling, with 45 shallow holes completed between 1984 and 1996 averaging just under 40 metres in depth.

Cosmo’s new campaign, comprising up to 13 RC holes for approximately 1,000 metres, will probe deeper zones and new structural positions that were previously untested.

The target concept revolves around identifying steeply dipping feeder structures that could act as conduits for gold mineralisation beneath the shallow, easterly dipping lenses already defined at surface.

Historical results, such as 6m at 6.43g/t gold from 8m (including 2m at 17.59g/t) and 6m at 2.97g/t gold from 19.5m, demonstrate the tenor of mineralisation within the upper zones.

Importantly, these intercepts occur within a quartz-carbonate-sericite alteration system associated with the contact between metabasalt, serpentinite, and graphitic shale — lithologies typical of structurally controlled gold deposits in the region.

The company will also step out to the south to test extensions of a 1.4-kilometre-long gold–arsenic soil anomaly, which coincides with historic workings interpreted from recent LiDAR data.

The anomaly remains largely untested along strike, offering a near-surface vector for potential mineralisation continuity, with samples from the new program being progressively dispatched to laboratories in Brisbane and first assay results expected in late November.

Cosmo Metals Managing Director, Ian Prentice, described the program as a pivotal moment in the company’s efforts to unlock the broader Bingara mineral system.

“The start of our maiden drilling campaign at Spring Creek, one of the few areas at Bingara to have been subject to previous drilling, is an important milestone for Cosmo and we are very excited to be following up on the wide, shallow, high grade gold intersections returned from that drilling as well as testing the southern extensions of the known Spring Creek mineralisation as a first step in unlocking the potential of this high conviction target,” he said.

From a corporate standpoint, the commencement of drilling also triggers the conversion of the second tranche of vendor performance shares, amounting to 66.7 million fully paid ordinary shares, which will remain under voluntary escrow until April 2026.

This milestone underscores the alignment of project advancement with corporate performance obligations.

Cosmo’s broader portfolio extends across New South Wales and Western Australia, with the Bingara and Nundle Projects forming the company’s core gold–antimony–copper assets in the New England Orogen, while the Kanowna and Yamarna Projects in WA provide additional exposure to gold and base metals systems.

Bingara, however, remains the centrepiece of near-term exploration momentum, given its combination of historical high-grade results and large-scale, underexplored structures.

In an exploration landscape increasingly shaped by the rediscovery of neglected gold fields, Cosmo’s return to Bingara reflects a broader trend of re-evaluating historic data through modern geophysics and drilling methods.

The outcome of this 13-hole program will offer a first measure of how much promise remains beneath the shallow historical workings that once defined this forgotten New England goldfield.

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