Uncertainty Looms as Cosmo Metals Begins Deep Drilling Near Kanowna Belle Mine

Diamond Drilling Kicks Off at Kanowna Gold Project

Cosmo Metals Ltd (ASX:CMO) has mobilised a diamond drill rig to commence the second phase of its high-impact exploration program at the Kanowna Gold Project (KGP), situated just 13km from Kalgoorlie in Western Australia. The program centres on a 400-metre deep diamond hole at the Laguna Verde prospect, co-funded by the WA Government's Exploration Incentive Scheme (EIS), aiming to test a structurally prospective zone near the Fitzroy Fault.

The Fitzroy Fault holds significant interest as it is closely linked to gold mineralisation at Northern Star Resources’ (ASX:NST) nearby Kanowna Belle mine, which boasts over 7 million ounces of gold. Cosmo’s drilling at Laguna Verde seeks to explore the interpreted extension of this fault, potentially unlocking new orogenic gold mineralisation in the region.

Targeting Structural Gold Near Kanowna Shear Zone

Beyond Laguna Verde, Cosmo plans to extend diamond tails on recent reverse circulation (RC) holes drilled at the Don Alvaro and Adder prospects. These targets lie along the Kanowna Shear Zone, a structurally permissive corridor with over 8km strike length, known for supergene gold and widespread pathfinder element anomalies such as arsenic and antimony. This area is prospective for high-grade deposits analogous to the Invincible Gold deposit at St Ives, which hosts over 1 million ounces of gold.

The RC drilling phase completed earlier included six holes totalling 875 metres, with a 100-metre pre-collar at Laguna Verde. Samples are currently in the laboratory, with assay results prioritised for Don Alvaro and Adder expected in the coming weeks. Previous drilling at Don Alvaro returned impressive intercepts, including 18 metres at 5.3 grams per tonne gold from 24 metres depth, while Adder has returned significant gold anomalism at depth, highlighting the potential for deeper mineralisation.

Strategic Location and Exploration Momentum

Kanowna Gold Project’s proximity to Kalgoorlie and adjacency to Northern Star’s Kanowna Belle mine provides logistical advantages, with multiple processing plants within 20 to 30 kilometres accessible by sealed roads. This infrastructure supports efficient exploration and potential development pathways.

Cosmo’s Managing Director, Ian Prentice, emphasised the team’s swift progression from RC to diamond drilling, underscoring the momentum in advancing the project. The company is eager to analyse the drill core from the deep EIS hole and intends to share findings with investors as they become available.

This drilling campaign builds on earlier activity, including securing the diamond drill rig and initiating RC drilling, detailed in recent updates. The co-funding from the WA Government’s EIS program also reflects external validation of the project’s prospectivity and supports Cosmo’s capital management strategy during exploration.
These developments follow the company's diamond drill rig secured and earlier high impact RC drilling launch at Kanowna, marking steady progress in testing multiple structural gold targets.