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.
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.