viewComet Resources Ltd

Comet Resources ramps up Barraba Copper Project activities with project manager appointed

Initial exploration will include drill testing of areas below the historically identified deposits plus high-level exploration targets delineated by an IP survey of parts of the licence area that were never followed up.

Comet Resources Ltd - Comet Resources ramps up Barraba Copper Project activities with appointment of Mart Rampe as project manager
The project covers 2,375 hectares of exploration licence near the town of Barraba in northern NSW

Comet Resources Ltd (ASX:CRL) has ramped up activities at the Barraba Copper Project in NSW with its work plan for an on-ground exploration program nearing completion and the appointment of Mart Rampe as project manager.

Rampe is a highly experienced geologist with around six years’ experience in minerals exploration and development, which includes grass roots exploration through to pre-mine development.

Exploration experience

He has held senior exploration management positions in publicly listed and private exploration companies and has worked with several commodities including gold, base metals, uranium, coal and industrial minerals.

This experience spans Australia, Papua New Guinea, Solomon Islands, New Zealand and USA (Alaska) and more recently Central Asia and northern Europe.

Aiming to begin field exploration

Managing director Matthew O’Kane said: “Mart’s depth of experience in geology and exploration is a huge asset for us and the Barraba Copper Project.

“He has already commenced work on the project and as soon as permits are in place, he will conduct site visits to finalise the drill-hole location plan and conduct some surface exploration activities.

“We are aiming to commence the initial field exploration program in Q3 and are looking forward to testing the area around the historical Gulf Creek mine which produced copper grading 5% on average during its period of operation.”

Copper demand set to increase

Comet believes that copper is set to see an increase in demand due to the global efforts to reduce emissions from the transport network and from generation of renewable electricity.

Copper is not only an important part of the batteries used in Battery Electric Vehicles (BEVs), but is also used extensively in the electric motors that drive the wheels of BEVs, and is also used intensively in the generation of electricity from renewables, such as solar and wind.

There is also significant potential for post-COVID-19 fiscal stimulus initiatives by governments to provide further demand for copper, with the strong performance of the copper price over the last month providing further support for this contention.

Barraba Copper Project has never been systematically tested by modern exploration techniques.

The initial exploration program will include drill testing of areas below the historically identified deposits, plus high-level exploration targets delineated by an induced polarisation (IP) survey of parts of the licence area that were never followed up.

To complement the drill testing the company will also complete downhole geophysics with the aim of providing additional information about potential parallel and blind lodes, in addition to the known historical lodes.

As volcanogenic massive sulphide (VMS) deposits often occur in clusters, Comet said it was excited about the potential for new discoveries on the Barraba Copper Project through new exploration works and testing the extent of the previously discovered and partially mined lodes.

Quick facts: Comet Resources Ltd

Price: 0.021 AUD

Market: ASX
Market Cap: $8.03 m

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