Comet Resources Limited (Comet or the Company) (ASX: CRL) is pleased to announce that it has executed a binding heads of agreement (HOA) with American International Ventures Inc (AIVN) for the proposed 100% acquisition (Acquisition) of the La Sorpressa III tenement (Tenement). The Tenement lies to the northwest of Comet's Santa Teresa Gold Project tenement 223182 – "Santa Teresa", sharing a tenement boundary proximate to the area of historical drilling at the Santa Teresa Gold Project (Project).

Highlights

• Binding HOA to acquire the La Sorpresa III tenement to extend the Santa Teresa Gold Project in Baja California, Mexico
• La Sorpresa III was historically mined at recovered grades of up to 280g/t gold and produced between 100,000 and 200,000 ounces
• The La Sorpresa III tenement is contiguous to the northwest license boundary of Comet's main Santa Teresa Gold Project tenement
• Mineralisation within the La Sorpresa III tenement is interpreted to be an extension of the system that hosts the Company's existing JORC Resource at Santa Teresa providing scope for a potential resource upgrade

Comet Resources MD, Matthew O'Kane, commented:

"The addition of La Sorpresa III to the Santa Teresa Project is potentially transformational. Our existing JORC Resource is in the northwestern corner of our existing tenement package and its open at the boundary with La Sorpresa III. With La Sopresa III we will have the opportunity to test the interpreted northwestern extension of mineralisation for inclusion into future resource updates."

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