Cosmo Metals Locks in First Ever Drill Program at High-Grade Copper-Gold Target
Key Takeaways
- Cosmo Metals has executed a drilling contract with Durock Drilling for the first-ever RC program at the Mona VMS prospect, comprising up to 8 holes for approximately 2,200m across 4 approved drill pads.
- Mine dump grab samples at Mona have returned up to 4.93% Cu, 11.65g/t Au, and 204g/t Ag — interpreted as proxies for the deepest material historically extracted, indicating high-grade mineralisation persists at depth.
- A secondary intrusion-related mineralising event has been identified at Mona, characterised by molybdenum exceeding 200ppm and anomalous bismuth and tellurium, upgrading the precious metals potential of the system beyond the primary VMS target.
- Mona sits within the 5km Everest-Mona-Victory VMS Trend at the southern end of the 20km Bingara VMS Belt, which hosts at least 6 recorded historic copper mines — a positive drill result carries district-scale implications for the broader belt.
- Post-drilling down-hole EM surveys are planned to define extensions of any intersected massive sulphide bodies, with auger soil sampling data at the Plunkett and Cassidy antimony prospects also being compiled for follow-up drill targeting.
Maiden drill rig secured for Mona’s high-grade copper-gold target
Cosmo Metals (ASX: CMO) has executed a drilling contract with Durock Drilling for the first-ever RC drilling program at the Mona VMS prospect within the Bingara Project in NSW. The program comprises up to 8 reverse circulation (RC) holes for approximately 2,200m, spread across 4 approved drill pads with up to 2 holes per pad.
This is maiden drilling of a historically mined target that has never been drill-tested, and the surface evidence alone is striking. Mine dump grab samples from Mona have returned results of up to 4.93% Cu, 11.65g/t Au, and 204g/t Ag. Site works are now underway ahead of drill rig mobilisation.
Ian Prentice, Managing Director
“It is incredibly exciting to be doing the first ever drilling of an old high grade mining field, with the aim of discovering high grade mineralisation below the existing Mona workings and extrapolating this model across the broader untested historically mined 20km long Bingara VMS Trend.”
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What makes the Mona prospect so compelling
Understanding VMS copper-gold deposits
Volcanogenic Massive Sulphide (VMS) deposits form when superheated hydrothermal fluids vent through the seafloor, concentrating copper, gold, silver, and zinc into compact, high-grade lenses. The Mona prospect is consistent with a Cyprus-style VMS system, a deposit type characterised by modest tonnage but high-grade copper, gold, and silver mineralisation that tends to occur in clusters within a single geological “camp.”
That cluster potential is the key investor draw here. If one VMS lens exists, the geological logic suggests others may follow. Beneath the VMS lode itself sits the feeder zone, where precious metal-rich hydrothermal fluids originally concentrated before depositing the ore. Reaching that feeder zone is a primary objective of the Mona drill program.
The Mona signal — what surface sampling revealed
The mine dump grab samples at Mona are interpreted to originate from the base of the historic early 1900s workings, meaning they likely represent some of the last and deepest material removed. That makes them a meaningful proxy for what remains underground.
The multi-metal character of the Mona system builds on earlier surface sampling campaigns that confirmed high-grade copper gold silver at Bingara across multiple prospect areas within the VMS belt, establishing the geochemical consistency that now underpins the drill target rationale.
The multi-metal signature is notable. Sample CBR0005 returned 3.2% Cu, 4.14% Zn, and 3.18g/t Au, demonstrating coincident high-grade copper and zinc alongside gold. Separately, samples returned up to 11.65g/t Au and 204g/t Ag associated with high-grade copper.
A secondary mineralising event adds further significance. The high-grade gold and silver samples contained elevated molybdenum concentrations exceeding 200ppm, anomalous bismuth and tellurium, and cobalt depletion. The company interprets this as an intrusion-related overprint to the Mona VMS mineralisation, representing significant remineralisation in feeder structures. This upgrades the precious metals potential of the overall system.
| Sample | Cu (%) | Zn (%) | Au (g/t) | Ag (g/t) |
|---|---|---|---|---|
| CBR0005 | 3.2 | 4.14 | 3.18 | — |
| Mona dump (peak Au) | — | — | 11.65 | — |
| Mona dump (peak Cu) | 4.93 | — | — | — |
| Mona dump (peak Ag) | — | — | — | 204 |
Note: Individual sample IDs for peak Au and Ag results were not separately designated in the announcement. Peak figures are as reported in the 2 June 2026 CMO ASX announcement.
Inside the drilling program — targets and design
The initial RC holes are designed around a two-layer targeting strategy:
- The massive sulphide copper-rich VMS lode zone beneath the historic Mona mine workings, aiming to replicate the grades indicated by the mine dump grab samples.
- The potential high-grade intrusion-related gold and silver feeder zone at depth, representing the precious metals prize of the system.
Following the initial drilling, a program of down-hole electromagnetic (EM) surveys is expected to help identify lateral and down-dip extensions of any massive sulphide bodies identified, informing subsequent drill testing. Site preparation works are now underway, coordinated in line with regulatory approvals and local landholder engagement timelines.
The Bingara VMS Trend — a district-scale opportunity
The Mona prospect does not sit in isolation. Its broader geological context gives the maiden drilling program district-scale implications:
- Mona sits within the 5km Everest-Mona-Victory VMS Trend at the southern end of the Bingara VMS Belt
- The Bingara VMS Belt is a 20km-long stratigraphic corridor hosting at least 6 recorded historic copper mines that operated into the early 1900s
- Systematic exploration across the Everest-Mona-Victory Trend has been the focus of the company’s activity, including LiDAR data collection, high-resolution airborne magnetics, detailed soil geochemical surveys, and geological mapping
- Investigation of the Sweet Nell prospect to the east of Everest indicates that prospective target horizons may be stacked in the stratigraphy, highlighting an increased probability for the discovery of concealed and stacked VMS mineralisation
The company considers that the geological, geochemical, and geophysical evidence supports the potential for a cluster of VMS deposits within the Everest-Mona-Victory alteration corridor, with similar settings potentially repeated along the full 20km extent of the Bingara VMS Belt. Maiden drilling at Mona is positioned as the first tangible test of that interpretation.
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What’s next for Cosmo Metals investors
The confirmed near-term pipeline from the announcement includes:
- Completion of site works at Mona ahead of drill rig mobilisation
- Up to 8 RC holes (~2,200m) to be drilled
- Down-hole EM survey planned post-drilling to define lateral and down-dip extensions of any identified massive sulphide bodies
- pXRF auger soil sampling data at the Plunkett & Cassidy prospect (Antimony Gully) being collated and verified ahead of analysis, with the aim of defining targets for follow-up drill testing
Beyond the copper-gold VMS targets, antimony mineralisation at Bingara has been defined through surface sampling at the Plunkett and Cassidy prospects, adding a strategically relevant critical mineral dimension to the project’s commodity mix as auger soil sampling data is compiled for follow-up drill targeting.
The Mona program represents one active front across Cosmo Metals’ broader exploration portfolio, which also includes the Nundle gold-antimony and copper project in NSW, the Kanowna Gold Project in Western Australia, and the Yamarna Project in the Eastern Goldfields region.
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