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Comet Resources discovers two high-grade graphite zones at Springdale project in WA

The two new graphite zones host high-grade, near-surface mineralisation that has the potential to extend over several kilometres of strike.

Map of project
The Springdale project is 30 kilometres east of Hopetoun in the southwest WA

Comet Resources Limited (ASX:CRL) has discovered two high-grade graphite zones following a reconnaissance drill program targeting a series of electromagnetic (EM) anomalies along strike from the maiden resource at Springdale Graphite Project in WA.

The new zones confirm a strong correlation between high-grade graphite and the numerous EM anomalies identified by Comet’s recent geophysical surveys.

READ: Comet Resources eyes graphene from Springdale Graphite project

Comet Resources new chief executive officer Philippa Leggat said: “The shallow nature of the mineralisation in conjunction with the ability to use electromagnetic surveys to target high-grade mineralisation will aid our ability to cost-effectively increase the size of and certainty around our resources.

“We are pleased with the new, high-grade discoveries and have Tony Cooper, my predecessor, to thank for his work in identifying the Springdale Graphite Project.

“He has developed a solid technical base for us to transition the project into the next stage of development.”

READ: Comet Resources to define Springdale graphite potential as strategist takes on CEO role

The program included 11 shallow, reconnaissance-style reverse circulation (RC) holes for a total of 651 metres.

The drilling was successful in:

  • Discovering two new horizons of high-grade graphite mineralisation with an interpreted strike of around 3.5 kilometres and 5 kilometres;
  • Solidifying the geophysical interpretation of prospective stratigraphy; and
  • Confirming ground electromagnetic surveys as a useful tool for identifying high-grade graphite mineralisation.

High-grade intersections include:

  • 10 metres at 1.61% TGC from 40 metres, including 7 metres at 21.6%; and
  • 7 metres at 18.44% from 34 metres and 6 metres at 26.53% from 53 metres.

READ: Comet Resources appoints experienced industry executive Philippa Leggat as CEO

Following the success of discovering the high-grade Northern Zone and completion of the maiden resource estimate, Comet planned an RC drilling program to test two undrilled high-priority graphite targets.

The targets were defined using aeromagnetic data to define stratigraphy prospective for graphite mineralisation and a review of the aeromagnetic data with existing drill hole information.

This data identified that graphitic horizons intersected in existing drilling were in distinct magnetic lows.

Targets were further refined by ground electromagnetic (EM) surveys completed by Southern Geoscience Consultants Pty Ltd.

The company will continue to focus on further defining the high-grade zones with additional aircore and diamond drilling over the coming months.

Quick facts: Comet Resources Ltd

Price: 0.024 AUD

Market: ASX
Market Cap: $7.1 m

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