Comet Resources Announces Proposed Acquisition of new Copper Exploration Project in NSW, Australia

Comet Resources Announces Proposed Acquisition of new Copper Exploration Project in NSW, Australia

Comet Resources Ltd (Comet or the Company) (ASX:CRL) is pleased to announce the proposed acquisition of a new copper exploration project in NSW, Australia.

The 2,375ha exploration license that covers the project area, EL8492, is located near the town of Barraba, approximately 550km north of Sydney. It sits along the Peel Fault line and encompasses the historic Gulf Creek and Murchison copper mines. The region is known to host volcanogenic massive sulphide (VMS) style mineralisation containing copper, zinc, lead and precious metals. Historical workings at Gulf Creek produced high-grade copper and zinc for a short period around the turn of the 19th century, and this area will form a key part of the initial exploration focus.

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 also from generation of electricity. Copper is not only an important part of the batteries used in battery electric vehicles (BEV’s), but is also used extensively in the electric motors that drive the wheels of BEVs, and is also used intensively in the generation of eletricity from renewables, such as solar and wind. The Company believes that Barraba copper project complements its existing Springdale graphite project due to their shared end uses in batteries for BEV’s, and better utilises available board and management resources with the aim of driving shareholder value.

Comet Resources Managing Director, Matthew O’Kane, commented” “It is an exciting opportunity for Comet to be able to acquire the Barraba Project as it is in a prospective location and hosts a number of drill ready targets. We will be working hard to be in a position to test the project’s prospectivity as soon as possible after completion.”

To read the rest of the Comet Resource Press Release, click here.

Graphite Metallurgical Test Work Update

Highlights:

  • Bulk sample of Springdale graphite concentrate estimated to be completed in Q2 2021.
  • Concentrate material will then be sent to Germany to test its amenability for the production of battery anode material suitable for use in EVs.
  • Final test results expected in Q3 2021.

Comet Resources Ltd (ASX:CRL) is pleased provide an update on ongoing test work on natural flake graphite from its Springdale Graphite Project (Springdale) located in Western Australia. Both excellent grade and recoveries were achieved on initial tests, leading to commencement of work to produce a bulk sample for further testing. Importantly, the graphite concentrates previously produced demonstrated a unique and potentially very valuable characteristic in its small size distribution, with two-thirds of the product passing the 38 µm size fraction screen. Generally, this small size fraction of graphite is a by-product of processing of larger flake fractions, which produces smaller size graphite, but in doing so also damages the smaller flake material in the process, reducing their performance and value. Deposits that contain high quality ultra-fine graphite are uncommon and are potentially suitable for supplying the expanding battery anode market, which continues to grow as the sales of electric vehicles (EVs) increase. Graphite suitable for battery anode production also achieves premium pricing in graphite markets, making it a highly sought-after product.

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