Comet Resources Ltd (ASX:CRL) has intersected graphite resources from first pass drilling at the Springdale project near Hopetoun in Western Australia, sending the share price flying.
The discovery was within the southern margins of the Yilgarn Craton and constitutes part of the Albany-Frazer Orogen which hosts the historic Halberts Graphite mine near Munglinup.
The results from the earlier drilling program included hits of: 10 metres at 9.7% graphitic carbon from 23 metres depth and including 7 metres at 12.6% graphite.
All holes intersecting graphite mineralisation over 500 metre of strike, zone open at depth and along strike.
Comet conducted first pass aircore drilling program at Springdale in February 2016 drilling a total of 11 holes for 324 metres.
Significant intersections from this drilling included 7 metres at 12.6% graphitic carbon from 26 metres depth.
The program was not designed to test the full sequence or mineralisation at depth, but as a proof of concept with a number of holes ending in mineralisation.
The tenement is a freehold land 20 kilometres away from sealed road, with access to port facilities within 150 kilometres.
Three more prospective zones have been identified by rock chip sampling, which are to be evaluated during the next phase of exploration.
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