Comet Resources: Quarterly Activities Report

Comet Resources (ASX:CRL) is pleased announce the Quarterly Activities Report and Appendix 5B for the quarter ending 30 June 2020.


Comet Resources Ltd (Comet or the Company) (ASX:CRL) is pleased announce the Quarterly Activities Report and Appendix 5B for the quarter ending 30 June 2020.


• Announcement of the proposed acquisition of the Santa Teresa High Grade Gold Project in Baja California, Mexico and Stream Financing (ASX 4 Jun 2020).

• Announcement of the completion of the Barraba Copper Project in Northern NSW and closure of capital raising of $650,000 (ASX 16 Apr 2020).

Post Quarter End

• Excellent graphite grades from initial metallurgical testwork on the Springdale Graphite
Project (ASX 15 Jul 2020).

Comet Resources Managing Director, Matthew O’Kane, commented:

“Q2 has been a transformative period for Comet. Early in the quarter we announced the completion
of the acquisition of the Barraba Copper Project in Northern NSW and a six hundred and fifty thousand dollar capital raise. This project is an exciting opportunity for Comet as it encompasses the historical mine at Gulf Creek, where high grade copper was mined around the turn of the 19th century at an average copper grade of 5%. Zinc was also noted in historical records but not assayed. A recent site visit by our consulting geologist has enabled the final planning of the drill holes for the initial field exploration program, which will commence as soon as permitting is complete.”

“In early June we also announced the proposed acquisition of the Santa Teresa High Grade Gold Project. The project hosts a very high grade mesothermal lode gold quartz vein system, with historical drilling intersecting grades up to 958 g/t Au. There is a lot of opportunity for resource growth through further exploration work, and with the streaming facility available as part of the transaction, there is also access to non-dilutive financing for development of the project. Due diligence work is advancing, and we are aiming to close the transaction during Q3 and thereafter moving into field activities as soon as possible.”


Graphite Metallurgical Test Work Update


  • 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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  • Sal de Vida Resource & Reserve Update
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