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Comet Resources Ltd

Comet Resources hires specialist to explore for more graphite from the air

The company’s goal is to increase the shallow-lying, high-grade component of its existing graphite resource.

helicopter with survey equipment
Electromagnetic surveys have proven to be an effective exploration method

Comet Resources Ltd (ASX:CRL) has engaged a consultant to conduct an aerial electromagnetic (EM) survey at its Springdale Graphite Project in Western Australia.

The discovery of two high-grade zones of graphite mineralisation in May 2019 confirmed the ability to target shallow, high-grade graphite mineralisation using electromagnetic surveys.

These surveys provide the ability to demonstrate potential scale of graphite-bearing stratigraphy identified in regional aeromagnetics.

READ: Comet Resources to target Springdale graphite extensions with aerial EM survey

Comet’s CEO Philippa Leggat said: “Our focus is to upgrade and increase the shallow-lying, high-grade component of the existing graphite resource, and we already have two high-grade discoveries outside the resource to assist us in achieving this aim.

“We’ve confirmed the ability to use electromagnetic surveys to target high-grade graphite mineralisation that are near-surface and are now ready to move ahead with the first aerial EM survey.

“We expect the results to provide the necessary information to enable our geological team to target the best zones of high-grade graphite mineralisation.”

READ: Comet Resources completes share placement to fund diamond drilling at Springdale

Comet recently completed a share placement that raised $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.

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

Quick facts: Comet Resources Ltd

Price: $0.03

Market: ASX
Market Cap: $6.94 m
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