Cosmo Metals (ASX:CMO) receives qapproval to begin maiden drilling at Bingara

Cosmo Metals (ASX:CMO) has secured approval from the NSW Resources Regulator for its maiden drilling program at the Spring Creek prospect within the Bingara Project.

This represents the first drilling in the area since the mid 1990s and provides an important opportunity to follow up on shallow high grade intersections, investigate potential feeder zones, and step out into untested ground associated with a strong gold arsenic soil anomaly.

In this Q&A, Managing Director Ian Prentice addresses key questions investors may have about the program, the prospectivity of Spring Creek, and how Bingara fits into the company’s broader portfolio.

What is the scope of the maiden drilling program at Spring Creek?

The approved program comprises up to 13 reverse circulation holes for a total of approximately 1,000 metres.

The design of this work is focused on three objectives: following up historic shallow intersections of the flat lying Spring Creek mineralisation, testing for possible steep dipping feeder zones, and evaluating southern extensions of mineralisation associated with soil anomalies.

Importantly the mineralisation previously intersected at Spring Creek has a strong association with the gold – arsenic soil anomaly.

6.0m at 6.43 g/t Au from 8.0m, incl 2.0m at 17.59 g/t Au from 12.0m (SC17).

This type of result, recorded in past drilling, highlights the potential of the target zones to deliver strong mineralisation at shallow depths.

Why is the Spring Creek prospect considered a high conviction target?

Spring Creek is positioned in the centre of the 12 kilometre Star of Bingara to Lone Hand Trend, a zone marked by intense historic workings but which remains underexplored by modern programs.

Between 1984 and 1996, a total of 45 shallow drill holes defined a mineralised sheet up to 14 metres thick, dipping gently to the east, and extending across 350 metres of strike and 65 metres in width at Spring Creek.

This zone of mineralisation remains open along strike and down dip

“The drilling to date has defined the mineralisation over a ~350m north south strike and up to 65m wide zone, with mineralisation remaining open along strike to north and south and down dip.”

These results, combined with soil sampling that outlined a 1.4 kilometre long gold arsenic soil anomaly, demonstrate both known mineralisation and untested extensions to the north and south that remain as compelling exploration targets.

What advantages does this new drilling program have over previous work?

Earlier exploration averaged hole depths of just 38.6 metres, which meant mineralisation was only tested to a maximum of 36 metres below surface.

The new program extends well beyond that, with holes planned to reach down to 130 metres, as well as along strike to the south, enabling a more comprehensive test of the system at depth and across new ground.

“The upcoming approved drilling program at Spring Creek consists of up to 13 holes for ~1,000m of RC drilling, with holes to range in down hole depth from around 30m to 130m.”

This broader approach gives the company the ability to investigate below the shallow mineralised sheet to test for stacked shoots as well as target anomalies along strike that earlier work left untested.

How does the Bingara Project fit into Cosmo Metals broader exploration portfolio?

Bingara forms part of a 743 square kilometre landholding across the New England Orogen, alongside the Nundle Project which hosts an historic goldfield that has produced >300,000 Au.

Both areas are historically recognised for high grade gold, antimony and copper production, yet they have seen only sporadic exploration since the 1970s, with no drilling in nearly three decades until now.

This creates a rare opportunity for systematic, modern exploration across a highly prospective region with clear evidence of significant historic gold, copper and antimony production.

Cosmo Metals is also advancing its Kanowna Gold Project, situated 13 kilometres north of Kalgoorlie and adjacent to the 7 million ounce Kanowna Belle gold mine, and the Yamarna Project in the Eastern Goldfields, which hosts the Mt Venn copper nickel cobalt deposit.

Bingara’s combination of historic production, scale and limited modern testing makes it a central pillar of this diversified portfolio.

What are the next steps now that the drilling approval has been granted?

Engagement with drilling contractors is already underway, with mobilisation planned as soon as conditions allow. Initial holes will target areas where historic drilling returned strong shallow intersections.

6.0m at 2.97 g/t Au from 19.5m, incl 3.0 m at 5.51 g/t Au from 19.5m (PDHSC10).

Subsequent holes will focus on potential feeder zones interpreted from geological observations along strike of Spring Creek associated with historical workings, as well as step outs to the south where this section of the large 1.4 kilometre long gold arsenic soil anomaly has yet to be tested.

These results will be important not only for Spring Creek but also for guiding the next phase of exploration along the 12 kilometre Star of Bingara to Lone Hand Trend.

In parallel with preparation for the Spring Creek drilling program we have a crew in the field completing mapping and sampling of the Mona copper trend, an area that has never been subjected to modern exploration.

We are very much looking forward to the outcomes of this work at Mona, which makes up a portion of the large Mt Everest – Mona VMS trend which is a high priority target in our copper exploration strategy.

Unlocking potential at Bingara

The commencement of this maiden drilling campaign marks a pivotal step for Cosmo Metals.

For the first time in decades, Spring Creek will be systematically tested through a program designed to explore below shallow mineralisation, identify feeder structures, and assess new extensions mapped by geochemical anomalies.

The information gained will provide a foundation for ongoing work along the 12 kilometer long Star of Bingara to Lone Hand Trend as well as across the broader Bingara Project and will play a key role in shaping the company’s future exploration direction.

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