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Comet Resources in trading halt ahead of news on acquisition and due diligence process

The trading halt will be in place until Thursday, January 23, or when an announcement is released to the market.

Chase Mining Corporation Ltd - Comet Resources in trading halt ahead of acquisition and due diligence process
Comet's Springdale project is adjacent to WA’s southern coast

Comet Resources Ltd (ASX:CML) has an announcement pending in regard to a proposed acquisition and due diligence process and has been granted a trading halt by the ASX.

The trading halt will remain in place until the start of normal ASX trading on Thursday, January 23, or when an announcement is released to the market, whichever occurs earliest.

Securities of the company last traded at 2.3 cents.

In November 2019 the company received the highest-grade intersection to date from the Springdale Graphite Project in southern WA with 3.23 metres at 51.02% Total Graphite Carbon (TGC).

The intersection from 35.27 metres in the North Zone was within 42.5 metres at 17.02% TGC from 20 metres.

Impressed by width and grade

At the time managing director Matthew O’Kane said, “Once again we saw spectacular grades in the infill program.

“While we have already achieved many high-grade intercepts in the Northern Zone at Springdale, we are particularly impressed by the width and grade of the intersections in hole HD024A, including the highest-grade intercept to date of 3.23 metres at 51%.”

The drilling was designed to provide bulk sample material for detailed metallurgical test work as well as infill geological and structural information on graphite mineralisation at the Northern and Western resource areas.

Quick facts: Comet Resources Ltd

Price: 0.011 AUD

ASX:CRL
Market: ASX
Market Cap: $3.26 m
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