Cosmo Metals has exercised its option to fully acquire La Zarza Minerals, the entity holding the KGP.

Situated in Western Australia (WA), KGP is located 1km west of the prolific Kanowna Belle gold operations. It is spread across 20km² and consists of 12 contiguous prospecting licences.

The company noted that the Kanowna Belle gold operations, which are adjacent to KGP, have been a significant source of gold since 1993, with production of more than 5.4 million ounces (moz) of gold.

Its operations currently maintain an annual production rate of nearly 150,000oz.

The strategic location of the KGP, just 13km east of Kalgoorlie by sealed road, places it within the Eastern Goldfields.

Completion of the acquisition is subject to the approval of Cosmo shareholders.

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Cosmo managing director James Merrillees said: “The execution of the option to acquire the Kanowna Gold Project (KGP) is an exciting opportunity for Cosmo Metals’ shareholders. The potential at the KGP is compelling with proven gold mineralisation adjacent to the world-class Kanowna Belle deposit including headline drill intercepts of 18m @ 5.3 g/t [grams per tonne] Au [gold] and 10m @ 4.7 g/t Au.

“The acquisition of the KGP complements the company’s existing base metals and lithium portfolio at Yamarna and is a low-cost entry into the prolific Eastern Goldfields adjacent to world-class projects with exceptional infrastructure.

“With the help of our corporate advisors, we are in the process of securing the support of existing and incoming shareholders for a capital raising to complete the acquisition and fund drilling and exploration programmes at the KGP.”