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Comet Resources finalises streaming agreement of up to US$20 million for Santa Theresa high-grade gold project

Raptor Capital will provide a streaming facility to assist in the development of the Santa Teresa project in Baja California, Mexico.

Comet Resources Ltd - Comet Resources secures potential US$ 20 million streaming agreement for Santa Theresa Gold Project
Security provided under the streaming agreement will only cover the Santa Teresa Project and associated assets

Comet Resources Limited (ASX:CRL) has executed binding documents with Raptor Capital International Limited for a streaming facility to provide a minimum of US$6 million and up to US$20 million in funding for development of the high-grade Santa Teresa Gold Project in Baja California, Mexico.

The facility will become available after a certain conditions precedent are met, including Comet making a decision to mine at the project.

“Non-dilutive capital”

Comet managing director Matthew O’Kane said: “Finalisation of the streaming agreement with Raptor provides Comet with non-dilutive capital for the development of a mining operation at Santa Teresa Gold Project.

“We are presently working toward upgrading the existing foreign resource estimate at the project to a JORC-compliant resource.

“Information gained from completing the JORC resource will also assist us in planning the initial exploration activities at the project, including our first drilling program.”

Security provided under the streaming agreement will only cover the Santa Teresa Project and associated assets and will not extend to any of the company’s assets outside Mexico.

Santa Teresa comprises two mineral claims totalling 202 hectares in the El Alamo district, about 100 kilometres southeast of Ensenada, Baja California, Mexico, and 250 kilometres southeast of San Diego, California, USA.

The project is prospective for high-grade gold and is in a gold-rich region.

Quick facts: Comet Resources Ltd

Price: 0.024 AUD

ASX:CRL
Market: ASX
Market Cap: $9.46 m
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Comet Resources' Matthew O’Kane talks plans for Santa Teresa gold project...

Comet Resources Limited's (ASX:CRL) Matthew O’Kane caught up with Proactive's Andrew Scott after completing the acquisition of a 50% stake in the Santa Teresa Gold Project. Historical production in the surrounding El Alamo district is estimated at between 100,000 to 200,000 ounces and Comet...

on 25/8/20

2 min read