Cosmo exercises option to acquire Kanowna project
Gold and base metals exploration company Cosmo Metals on Monday announced it would acquire the Kanowa Gold Project (KGP), located adjacent to the seven-million-ounce Kanowa Belle gold mine, north-east of Kalgoorlie.
The 20 km2 KGP, which comprises 12 prospecting licences, is “compelling with proven gold mineralisation”, said MD James Merrilees, citing headline drill intercepts of 18 m at 5.3 g/t gold and 10 m at 4.7 g/t gold.
"The company has identified widespread near-surface gold mineralisation at the KGP associated with structures analogous to the Fitzroy Fault, which controls mineralisation at Northern Star’s adjacent seven-million-ounce Kanowa Belle gold project,” said Merrilees.
The acquisition, he said, complemented Cosmo’s existing base metals and lithium portfolio at Yamarna and was a low-cost entry into the prolific Eastern Goldfields.
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