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Comet Resources acquiring "very attractive" Mexican gold project

Comet Resources Ltd (ASX:CRL) managing director Matthew O’Kane speaks to Proactive about its acquisition of the Santa Teresa Gold Project in Baja California, Mexico, which has an existing non-JORC resource.

The company has also negotiated a non-binding term sheet with Raptor Capital International Ltd for a gold streaming and royalty financing of up to US$20 million to fund activities at the project.

O’Kane said the project has had limited historical drilling but results have reached up to 950 g/t gold.

He said: “There’s exploration upside, it's open along strike, it's open at depth and the licence itself is relatively underexplored so it looked like a very attractive project to us.”

Quick facts: Comet Resources Ltd

Price: 0.021 AUD

Market: ASX
Market Cap: $8.03 m

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on 27/2/20

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