Cosmo soars as Mt Venn drilling intersects thick, copper intervals

Thick copper intersections returned from drilling at Mt Venn have confirmed Cosmo’s belief that its projects in WA’s Yamarna district host economic base metal deposits.

All seven reverse circulation holes drilled at the Mt Venn copper-nickel-cobalt project intersected copper mineralisation at the targeted depths, which confirms and extends the interpretation of the mineralisation to the north, south and down dip of the current sections.

Notable results are 18m at 0.48% copper, 0.12% nickel and 340 parts per million (ppm) cobalt from a down-hole depth of 142m in hole YARC021, and 13m at 0.46% copper and 0.11% nickel from 179m including 1m at 1.27% copper from 191m in YARC023.

Cosmo Metals (ASX:CMO) has also completed moving loop electromagnetic (MLEM) survey over the high priority Minjina base metals target, which is associated with widespread surface copper anomalism, and a shallow, untested off-hole conductor identified by down-hole EM in August.

Shares in the company are up more than 20% to 19.5c this morning.

Significant find

“The latest intersections at Mt Venn continue to support our interpretation that Cosmo’s Yamarna projects host a significant mineralised system with potential for economic base metals deposits,” managing director James Merrillees said.

We’ve now encountered thick, shallow, and continuous copper mineralisation in the three programs drilled at Mt Venn in 2022, and the identification of the Minjina prospect, a new ‘blind’ target less than 1km to the north of Mt Venn, supports our view of the region’s prospectivity, particularly when looked at with ‘new eyes’.

“Ongoing review of the recently completed MLEM survey is expected to yield further targets and with an RC rig on the horizon we’re looking forward to testing these and the Minjina target in the coming weeks.”

Mt Venn drilling and upcoming activity

The seven-hole drill program totalling 1,550m was designed to extend and infill copper-rich sulphide mineralisation hosted within gabbroic rocks of the Mt Venn Igneous Complex.

All holes intersected greater than 0.15% copper mineralisation at targeted depths, with mineralised intervals, comprising disseminated to massive and semi-massive sulphides hosted within a mafic to ultramafic unit adjacent to the contact with felsic-intermediate volcanics and volcaniclastics.

Exploration at Mt Venn will now focus on Minjina target about 900m to the north with an RC rig contracted to test the prospect later this month.

This will include several additional targets currently being reviewed by the Company’s technical team.

Cosmo has also engaged a Perth-based resource consultancy to review the results from the Company’s 2022 drilling at Mt Venn with the aim to provide an initial Exploration Target, which will provide a robust platform for planning further work at Mt Venn.

This article was developed in collaboration with Cosmo Metals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.