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Comet Resources completes share placement to fund diamond drilling at Springdale

Comet is focused on high-quality graphite and graphene at its flagship Springdale Graphite Project in southern Western Australia.

hands dropping coins into glass jars
Funds will be used to advance diamond drilling program and metallurgical test work

Comet Resources Ltd (ASX:CRL) has now completed its share placement raising $1.125 million through the issue of shares priced at 3 cents with a one-for-two 6 cent option expiring June 2021.

Funds will be used for a diamond drilling program to infill and extend the high-grade component of the existing resource and recently made discoveries at Springdale.

The 15.6 million tonnes grading 6% total graphitic carbon (TGC) resource includes a high-grade core of 2.6 million tonnes trading 17.5% TGC.

The diamond core will also be used to conduct metallurgical test work to optimise the processing circuit to produce a high-grade graphite concentrate.

READ: Comet Resources to explore large target adjacent to Springdale graphite resource

Recently, Comet identified a large graphite exploration target adjacent to the existing resource at the Springdale Graphite Project.

With the new target appearing to be a repeat of the graphite-bearing stratigraphy that hosts the resource, Comet is confident of building on the Springdale asset.

The project already has an inferred resource of 15.6 million tonnes at 6% Total Graphitic Carbon (TGC), including a high-grade portion of 2.6 million tonnes at 17.5% TGC.

Proactive caught up with Comet in May 2019 for an update.

Quick facts: Comet Resources Ltd

Price: 0.021 AUD

Market: ASX
Market Cap: $8.03 m

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