Northern Star’s Kanowna Belle gold mine in WA is getting a new neighbour as Cosmo Metals prepares to acquire the Kanowana gold project (KGP).
Cosmo managing director James Merrillees said the acquisition represents an exciting opportunity for Cosmo shareholders.
“The potential at the KGP is compelling with proven gold mineralisation adjacent to the world-class Kanowna Belle deposit,” Merrillees said.
“The company has identified widespread near-surface gold mineralisation at the KGP associated with NE trending structures analogous to the Fitzroy Fault, which controls mineralisation at Northern Star’s adjacent… Kanowna Belle gold project.”
Existing major shareholders have agreed to raise $300,000 to part fund the KGP acquisition.
The KGP is located 1km west of the Kanowna Belle operation, a well-known mine that has produced over 5.4 million ounces of gold since 1993.
“Structurally the (KGP) is intersected by a 6km length of the reward shear zone, a series of parallel shear zones trending west-northwest to east-southeast, which mirror the Kanowna shear southwest of Northern Star’s Kanowna Belle gold deposit,” Cosmo Metals said.
Once Cosmo has completed due diligence in February, it will immediately commence exploration at the site.
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