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.
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.”
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.