Yandal Resources Ltd (ASX:YRL) has sold two tenements to Cosmo Metals Ltd (ASX:CMO), consolidating Cosmo’s Kanowna Gold Project in Western Australia's Goldfields.
Cosmo acquired the two prospecting licences, P26/4577 and P27/2461, from Yandal Resources Ltd (ASX:YRL) for consideration of $50,000 payable in CMO ordinary shares at a deemed issue price calculated using the 5-day VWAP prior to the date of the agreement.
The sale of the licences comes as Yandal Resources Ltd concentrates its exploration efforts on advanced prospects within the Ironstone Well-Barwidgee Project (IWB) in the northern Yandal Belt.
An initial review of regional soil sampling from the northwest portion of the IWB Project recently identified new gold exploration targets.
The review shows strong evidence of gold extending beyond the limit of current drilling at the Oblique and Flushing Meadows prospects, while also providing new early-stage targets based on gold and pathfinder element results.
Yandal plans to follow up all soil anomalies flagged in this sampling program in the field within the current quarter, while also extending soil sampling over the Caladan target area.
The review also highlighted several lithium-caesium-tantalum (LCT) anomalies, highlighting the additional critical minerals opportunity at the project.
Yandal also completed diamond drilling at the New England Granite Prospect, where both holes hit their target at the granite contact, which displayed encouraging deformation and alteration.
Yandal says it will apply the insights gleaned from this drilling program to design a broader reverse circulation (RC) drilling program across the New England Granite prospect.