Cosmo Metals Limited has received approval from the New South Wales Resources Regulator to conduct the first-ever drilling program at the Mona copper-gold prospect within the Bingara Project.

The approved program covers up to eight holes for approximately 2,200 metres, targeting fresh, sulphide-rich mineralisation beneath the historic early 1900s Mona volcanic-hosted massive sulphide mine. Mine dump grab samples from the site have previously returned grades of up to 4.93% copper, 11.65 g/t gold, and 204 g/t silver.

The initial holes are designed to test the copper-rich lode position and extend through to a potential precious metals-rich feeder zone. Preparation for the campaign is currently underway, supported by engagement with drilling contractors and local landholders to enable mobilisation as soon as possible.

"We have systematically progressed exploration at the Everest-Mona-Victory Trend, building our knowledge from layers of geophysical, geochemical and geological data at this previously unexplored high conviction prospect. The area of the historic Mona VMS mine has presented as a compelling first target to test within this belt scale opportunity, with exceptional high-grade gold and silver results associated with high grade copper from material believed to be from the base of the old workings."

"This first ever drilling of an old mining field is incredibly exciting, with the aim of discovering high grade sulphide rich mineralisation below the existing workings that couldn't be exploited by the miners in the early 1900's."

— Ian Prentice, Managing Director

The upcoming work represents a larger meterage than the company's previous maiden drilling program at the Spring Creek prospect, which comprised 13 holes for approximately 1,000 metres.

The current campaign follows Cosmo’s acquisition of the Bingara and Nundle projects following shareholder approval on March 28, 2025. The company also secured $1.25 million through a two-tranche placement announced on September 2, 2026, to primarily support copper drilling at the project.

A program of down-hole electromagnetic surveying is scheduled to follow the initial drilling campaign to help identify lateral extensions of any massive sulphide bodies.

Read the full announcement: Approval Received for Maiden Drilling at Mona Cu-Au Prospect