Cosmos keen to start gold drilling at Quintons
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Cosmos Exploration is pulling out all the stops to start in January first phase drilling at its Quintons gold prospect, which is along strike from the 2Moz McPhillamys deposit.
The company is understandably keen to get the aircore and shallow reverse circulation drilling given the similarities – including occurring in the same host Anson Formation stratigraphy and in an identical structural position – that Quintons has to the third party deposit in New South Wales.
Drilling is aimed at identifying bedrock geochemical and hydrothermal alteration vectors to effectively target the source of anomalous surface soil and rock chip results, which extend over a 1km by 1km area with abundant outcropping and suboutcropping quartz veins over Quintons Hill.
Cosmos Exploration (ASX:C1X) expects the program of 80 aircore holes and six shallow RC holes totalling 1,500m over a 1.6km by 1km area to begin in January pending state government approval and cessation of rain.
A second larger RC rig is scheduled to arrive in March 2023 for follow-up drilling once assay and spectral results have been received from the first drill program.
“To be drilling a target of this size and quality directly along strike from a major gold deposit – the +2Moz McPhillamy’s Project, currently being developed by Regis Resources – in a world-class mining district is a very exciting proposition,” executive chairman Jeremy Robinson said.
“From acquiring the project in August to drilling in January is a very quick turnaround and we appreciate the support of all stakeholders.”
Quintons is the latest addition to the company’s Orange East project in New South Wales’ highly prospective Lachlan Fold Belt.
It consists of tenements EL8807 and EL6378 that are immediately south of Orange East (EL8442) and 10km along strike from McPhillamy’s.
The prospect, which has not been drill tested to date, is defined by abundant multi-directional quartz veins up to 600m in length and 7m in width containing gossanous rocks and a broad 1km by 1km moderate to low arsenic-bismuth-antimony-gold geochemical anomaly in soil and rock chips.
Rock chip samples returned maximum values of up to 3,170 parts per million (ppm) arsenic, 80 parts per billion (ppb) gold, 15.75ppm bismuth and 279ppm antimony.
The lower grade gold assays for rock chip samples is an indication that the mineralised source is deeper within the bedrock compared to the outcropping mineralisation observed at McPhillamys.
Cosmos also plans to extend soil/auger coverage across EL8807 to target structural domains within prospective lithologies.
This article was developed in collaboration with Cosmos Exploration, 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.