Comet Resources Quarterly Activities Report

Comet Resources Ltd (Comet or the Company) (ASX:CRL) is pleased announce the Quarterly Activities Report and Appendix 5B for the quarter ending 31 December 2019.

Highlights

• Diamond drilling program assays completed with multiple broad zones of shallow, high-grade graphite results released over the December quarter incl. 57m @ 22.38% Total Graphitic Carbon (TGC) (ASX 17 Oct 2019), 17m @ 16.55% TGC (ASX 24 Oct 2019) 10.9m @ 10.61% TGC (ASX 25 Nov 2019) and 42.5m @ 17.02% TGC including 3.23m @ 51.02% TGC (ASX 28 Nov 2019)
• Appointment of Matthew O’Kane as Managing Director (ASX 12 Nov 2019)
• Capital raise of $562,500 before costs completed (ASX 19 Nov 2019)
• Highly experienced specialist teams engaged to conduct Aerial Electromagnetic (EM) survey, diamond drilling and metallurgical testwork (ASX 10 Oct 2019)
• EM completed, providing strong dataset to optimise graphite exploration efficiency by targeting shallow, high-grade, graphite (ASX 15 Oct 2019). Survey identified priority graphite targets in close proximity to Resources and 18 kilometres of strike length
• Metallurgical test work on diamond drill core underway in Perth. Initial results expected in Q1 2020.
• R&D Grant funding submission completed and submitted to Australian Government.

Post Quarter End

• Announcement of proposed acquisition of the Barraba Copper Project in Northern NSW as part of a strategy to obtain further assets that share graphite’s exposure to the forecast growth in battery commodities required to support the de-carbonisation of the global transport network (ASX 23 Jan 2020)
• Receipt of R&D Grant payment of $480k

Click here to read the full ASX Announcement