Comet Resources Quarterly Activities Report – March 2020

Comet Resources Ltd (ASX:CRL) is pleased announce the Quarterly Activities Report and Appendix 5B for the quarter ending 31 March 2020.

Comet Resources Ltd (Comet or the Company) (ASX:CRL) is pleased announce the Quarterly Activities Report and Appendix 5B for the quarter ending 31 March 2020 (Quarter).

Highlights

  • Announcement of proposed acquisition of the Barraba Copper Project NSW as part of a strategy to obtain further positive exposure to the forecast growth in battery commodities required to support the de-carbonisation of the global transport network (ASX 23 Jan 2020).
  • Metallurgical test work on diamond drill continuing. Results expected Q2.
  • Receipt of R&D Grant payment of $480k

Post Quarter End

Closure of Capital Raising of $650,000 and completion of Barraba Project Acquisition (ASX 16 Apr 2020).

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

“Early in the Quarter we announced the Barraba Copper Project acquisition in Northern NSW. This is an exciting opportunity for Comet as Barraba is located in a prospective area and hosts a number of drill-ready targets located proximate to the historical Gulf Creek Mine where high-grade copper was mined around the turn of the 19th century. As Covid-19 arrived, we reacted quickly to restructure the transaction to fit with the changed market conditions, and ultimately closed the deal with a re-sized capital raise in April. We are now preparing and planning for the physical exploration program, which will commence once logistical conditions permit.”

“Copper, like graphite, is a commodity that is forecast to benefit from the growth in Battery Electric Vehicle (BEV) production over the coming decade. We also see opportunities for Copper coming from fiscal stimulus programs that are widely expected to be implemented as we come out of Covid-19.”

“The metallurgical test work for Springdale was temporarily deferred in Q1 as we dealt with the changed market conditions and the Barraba transaction. Work has recommenced and we look forward to sharing those results as they become available.”

Click here to read the full report.

Click here to connect with Comet Resources Ltd (ASX:CRL) for an Investor Presentation.

Source

Resolution Minerals Ltd Drilling Program at Sunrise Gold Prospect Completed

Adelaide, Australia (ABN Newswire) – Resolution Minerals Ltd (ASX:RML) (FRA:NC3) is pleased to announce that it has completed the Company’s first drilling program on the Sunrise Gold Prospect at the 64North Project in Alaska. Drilling was conducted along an existing access road, targeting outcropping granite hosted mineralisation, analogous in style to Kinross’s Fort Knox Gold Mine, which is one of Alaska’s most profitable mines. The Sunrise Prospect was identified in 2020 by a RML trenching program and is located less than 5km from Northern Star’s operating Pogo Gold Mine.

Summary

– A 1400m long “fence line” of 27 shallow RAB drill holes designed to test outcropping mineralisation at the Sunrise Prospect has been completed.

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Argyle Diamond Mine Closure: The End of a Sparkling Era

Pink and red diamonds are among the most special gems in the world. The value of these highly sought-after natural stones speaks for itself, but their rarity has arguably increased since the closure of Rio Tinto’s (ASX:RIO,LSE:RIO,NYSE:RIO) Argyle mine.

The asset, which ceased mining activity on November 3, 2020, had been in operation since 1983. In that time, 865 million carats of rough diamonds were produced.

The unique geological chemistry of the Western Australia location birthed the rarest hues, including champagne, cognac, blue, violet and of course, the coveted Argyle pink and red diamonds. Millions of carats of white diamonds were produced at the prolific property as well.

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Argyle Diamond Mine Closure: The End of a Sparkling Era

Pink and red diamonds are among the most special gems on earth. The value of these highly sought-after natural stones speaks for itself, but their rarity has arguably increased since the closure of Rio Tinto’s (ASX:RIO,LSE:RIO,NYSE:RIO) Argyle mine.

The asset, which ceased mining activity on November 3, 2020, had been in operation since 1983. In that time, 865 million carats of rough diamonds were produced.

The unique geological chemistry of the Western Australia location birthed the rarest hues, including champagne, cognac, blue, violet and of course, the coveted Argyle pink and red diamonds. Millions of carats of white diamonds were produced at the prolific property as well.

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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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Mineral sand monazite is an abundant REE-rich feedstock, that can be accessed as a by-product from global mineral-sand mines that target zirconium and titanium, without the need for additional mining. Medallion’s business model is centered on the Medallion Monazite Process , a transferable and scalable technology designed to accept multiple mineral-sand monazite feedstocks and extract high-value REEs with high efficiency, high recovery and zero liquid waste.

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