logo-loader
viewComet Resources Ltd

Comet Resources drills 57 metres at 22% TGC at graphite project, more news set to flow

Snapshot

Drill assays have been received for diamond holes HD024 and HD022, the first results from a recently completed 12-hole program at Springdale.

Comet Resources Ltd - Comet Resources drills 57 metres at 22% TGC at graphite project, more news set to flow

Quick facts: Comet Resources Ltd

Price: 0.015 AUD

ASX:CRL
Market: ASX
Market Cap: $5.74 m
Follow

Comet Resources Ltd (ASX:CRL) has received high-grade drill results from two holes drilled at the Northern Zone within its Springdale Graphite Project in southern West Australia.

HD024 intersected up to 57 metres at 22.38% total graphitic carbon (TGC) from 35.5 metres downhole and HD022 intersected 16.95 metres at 16.55% TGC from 29.2 metres downhole.

These results reconfirm the company’s strategy to focus on the shallow, high-grade mineralisation at Springdale.

Core from the drill holes will also be used as part of a bulk sample for priority metallurgical test work.

Comet’s CEO Philippa Leggat said: “We have more, fantastic grades which confirm the continuity of our broad zones of high-grade graphite mineralisation in the fold-closure of the Northern Area.

“These results are pretty exciting when viewed in context of the electromagnetic survey data and the shallow, high-grade targets in the surrounding, fold closure.

Building towards a resource upgrade

In December 2018, Comet released a maiden Inferred Resource of 15.6 million tonnes at 6.0% TGC, including a high-grade component of 2.6 million tonnes at 17.5% TGC for Springdale.

Leggat  added: “This drilling program is the first diamond drilling in the northern zone, assisting our understanding of the mineralisation, confirming the previous RC results and building towards a resource upgrade.”

Metallurgy work to determine important flake information

Leggat added: “Diamond core from this hole is now in the metallurgical lab for characterisation and floatation test work.

“From this work and over the coming weeks, we anticipate a series of important results relating to initial recoveries and flake distribution.

“On from that we will continue to optimise the results across a broader range of samples.

Investors can expect more news flow

“This is an exciting time for Comet, with the balance of our drilling results to come and metallurgical results to follow, investors can expect great news flow over coming weeks and months.”

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Comet Resources Ltd named herein, including the promotion by the Company of Comet Resources Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Comet Resources secures funding commitment for Barraba...

Comet Resources Limited (ASX:CRL) managing director Matthew O'Kane updates Proactive on securing commitments for the $2 million required to acquire the Barraba Copper Project in NSW. The MD explains why the project is so exciting for Comet, and why he thinks the demand for copper is about to...

on 27/2/20

2 min read