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.