Comet Resources Limited (ASX:CRL) has finalised an exploration access agreement (EAA) for a large portion of privately held land within Exploration Licence 8492, which hosts the highly prospective Barraba Copper Project in New South Wales.
The land accessible under the agreement includes the historical, high-grade Murchison Copper Mine which historically produced copper at 3% average grade from the surface with historical assays returning grades of up to 5.1% copper.
An initial exploration program is planned to begin next month targeting the Murchison Copper Mine area and several IP anomalies to the north of the Gulf Creek Mine.
“First exploration access”
Comet Resources managing director Matthew O’Kane said: “It’s great to have finalised this agreement for the first exploration access to the Barraba Copper Project.
“There are multiple highly prospective exploration targets for copper within the tenement and we are very excited to be able to commence our exploration program around the Murchison Mine and the IP anomalies to the north of Gulf Creek starting in November.”
The initial exploration program will include grid-based geochemical soil and rock chip sampling program together with geological mapping.
Notably, on a recent field trip to the Barraba Copper Project, a red to orange halo of oxidation was observed at the surface around the IP anomalies, which the company believes suggests the presence of potential alteration and/or mineralisation.
Barraba project potential
Volcanogenic massive sulphide (VMS) deposits, such as the historic Murchison and Gulf Creek Mines, as well as the Four Mile Lode, often occur in clusters due to the nature of the geological processes that form them.
This is the case at the Barraba Copper Project with these three historic VMS deposits known to be located within the project area.
In addition to the known deposits, a large part of the licence remains unexplored using modern exploration techniques.
Having multiple deposits within a project area greatly enhances the chances of building a resource inventory of the scale required to be successfully developed into a producing mine which was one of the primary factors that attracted the company to the Barraba Copper Project.
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