Comet planning initial copper drilling campaign
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
Comet Resources Ltd (ASX:CRL) announced today that its Consulting Geologist, Mr Mart Rampe has completed a visit to the Barraba Copper Project site.
Rampe visited the New England, NSW site to assess environmental and logistical conditions to enable the finalisation of planning for a comprehensive initial drilling program.
Rampe has 46 years’ experience in minerals exploration and development which includes grassroots exploration through to pre-mine development, and has as held senior exploration management positions in publicly listed and private exploration companies, and also worked with a number of commodities including gold, base metals, uranium, coal and industrial minerals.
The assessment included a review of site topography, as well as access conditions to bring in drilling equipment and support infrastructure.
Further assessment of the historical mining and processing Gulf Creek Mine was made in relation to current and historical exploration and mining data.
“Based on our recent site work, we propose to focus initial physical exploration at Barraba on the Gulf Creek deposit area, where we see clear prospectivity,” Comet Managing Director, Matthew O’Kane said.
“We’re now finalising a drilling plan aimed at confirming the presence and extent of mineralisation there not just for high-grade copper but also for other base and precious metals.”
It should be noted the Barraba Copper Project is an early stage copper play that has never been investigated using modern exploration techniques.
Once validation of existing exploration data is finalised, Comet will focus on the initial exploration program, including drill-testing of areas below and along strike of the historically mined lodes at the Gulf Creek Copper Mine.
Along with drill testing, Comet will also conduct downhole geophysical surveys, which it hopes will provide additional information about potential parallel and blind lodes.
Anomalous areas previously delineated by induced polarisation surveys are considered to be priority exploration targets.
These Targets will be followed up during the course of the same exploration program.
Volcanogenic massive sulphide (VMS) deposits often occur in clusters, it is this fact that has the company excited about the potential for new discoveries in and around the Gulf Creek Mine.
Copper play, just one bullet in Comet’s arsenal
Today’s news comes shortly after the company gave an update on its due diligence relating to the binding heads of agreement (HOA) with privately owned El Alamo Resources Limited (EARL) for the proposed acquisition of the Santa Teresa Gold Project.
The high-grade Santa Teresa Gold Project is comprised of two mineral claims totalling 202 hectares located in the gold-rich El Alamo district, immediately to the south of the town of El Alamo, approximately 100 kilometres south-east of Ensenada, Baja California, Mexico.
It is prospective for high-grade gold, with an existing Inferred Resource of 64,000 ounces gold at an average grade of 8.7g/t, reported at a cut-off grade of 4 g/t (foreign resource estimate).
Furrhermore, Comet recently has received promising metallurgical test work completed on material from the diamond drilling program at its 100% owned Springdale Graphite Project in Western Australia.
This included a total carbon grade of 96.9% in final optimised flotation results.
These results open up opportunities for potential applications in high price graphite markets and also pave the way for further test work on graphene.
There is expected to be plenty of news to come from all three projects as the year progresses.
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.