Comet Resources Releases Initial JORC Resource for the Santa Teresa Gold Project

Initial JORC compliant Inferred Mineral Resource estimate of 88.6koz at 7.47g/t gold

Highlights:
• Initial JORC compliant Inferred Mineral Resource estimate of 88.6koz at 7.47g/t gold
• Knowledge gained from the completion of the Mineral Resource estimate to be used to assist in planning for Comet’s upcoming drilling program at the Santa Teresa Gold Project

Comet Resources Limited (Comet or the Company) (ASX:CRL) is pleased to announce the results of the initial JORC compliant Mineral Resource estimate for its Santa Teresa High Grade Gold Project in Baja California, Mexico.

The Mineral Resource estimate (shown in Table 1 below) was calculated based on the application of top cap
grades on a lode by lode basis as assessed by the Competent Person, and a gold cut-off grade of 2.5g/t. Please refer to the attached JORC table 1 in Appendix A for further details of the Mineral Resource estimate.

Comet Managing Director, Matthew O’Kane, commented “The initial JORC compliant Resource is the first step for Comet in moving forward with Santa Teresa. Through this process we have increased our understanding of the mineralisation. It is also interesting to see the sensitivity of the resource to different top cap grades. With the Resource being open at depth and along strike, I am confident that we can extend mineralisation with the upcoming drilling.”

The updated Santa Teresa gold Mineral Resource estimate was completed by independent consultants from
Cube Consulting Pty Ltd.

Geology and Geological Interpretation

The Santa Teresa gold deposit is located within the Peninsular Range of Baja California. The Peninsular
Ranges batholith (large area of intrusive igneous rock) is the southernmost chain of North American Mesozoic
batholiths that extend from Alaska to the southern tip of Baja California.
The deposit is underlain by quartz diorite intrusive rocks cut by a dense swarm of older gabbro and hornblende
porphyry, and younger diabase dykes. The older dykes trend northwest-southeast with dips that are steep to
moderate. The diabase dykes are the youngest set and are consistent in strike and dip averaging 320° and
dipping 55° northeast. The dykes pinch and swell, varying in width from 7 cm to 12 m. The quartz diorite is
white, medium-grained, and contains black hornblende and biotite.

Gold mineralisation at Santa Teresa is within parallel, northwest-trending, southwest dipping to near vertical
mesothermal lode-gold quartz vein systems. The veins range in width from a few cm to about three metres in
width, and up to several hundred metres of known strike length. In general, the quartz veins are narrow,
averaging less than 0.3 m in width, occupying parallel fractures with sheared walls. The veins typically strike
300° and dip southwest 80°. The veins maintain the general trend even where interrupted by pre-mineralisation
dykes. In detail the veins pinch and swell, bend, or split into many stringers.

A second generation of veining followed a fracturing episode and was accompanied by epidote, hornblende
and sparse mineralisation of galena, sphalerite, pyrite, marcasite, pyrrhotite, chalcopyrite, magnetite,
specularite, and native gold. Gold occurs in the quartz veins and in contact with sulphides such as galena,
magnetite, and pyrite.

Mineralisation of the quartz veins/shear zones is stoped out (over-printed) by a series of post-mineralisation
diabase dykes that are interpreted to dip moderately to the north-east. Given the current level of drilling data
it was not possible to accurately model post-mineralisation dykes as 3D wireframes for incorporation into the
geological model. Due to the uncertainty of the position and extent of the post-mineralisation dykes, an
indicator kriging (IK) approach was used to create a localised model of the dykes, which provided a more
accurate amount of tonnage reduction to apply locally. The IK model essentially estimates the proportion of
diabase dyke per block.

Figure 1 and Figure 2 show plan and long section views of the mineralised veins.

Information about the vein size and orientation comes from surface outcrop, previous small-scale mining and
diamond drill holes.

Drilling and Sampling Techniques

Thirty-two HQ sized (63.5 mm diameter) surface diamond drill holes were drilled by Premier Gold Mines Ltd.
(Premier) in 2008. The holes were drilled at various dips towards the north-east, perpendicular to the known
strike of the veins. Core recovery was very good, with the only significant core losses occurring at the surface.
All holes were logged for lithology, alteration and structure, and photographed before sampling.
Sampling was via half-core, longitudinally sawn down-hole. Sample intervals were based on geological
contacts, with the sample length varying between 0.7 m and 3.05 m, with a mean of 1.07 m, however the most
common sample interval for the mineralised shoots was 1 m. Samples were dried prior to preparation and then
crushed to 90% passing 2 mm using a jaw crusher. A rotary splitter was used to obtain 500 gram sub-samples
for pulverizing.

Sample Analysis Method

All samples were sent to American Assay Laboratories in Sparks, Nevada, USA. After pulverizing, analysis for
gold was by lead collection fire assay fusion with gravimetric finish. It was recognised that there was significant coarse gold at the property, and consequently all samples with visible gold or galena, and ribbon or banded quartz veins were analysed by 500 gram or 1 kg screen metallic fire assay. The samples submitted for screen
metallic assaying were screened at 106 microns, and the weight of both coarse and fine fractions were
recorded to produce a final weighted average gold assay.

Click here for the full press release.

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Gold isn't all that glitters in the land down under — silver in Australia is a major industry, and the country is home to both large and small players.

When it comes to precious metals, Australia has long punched above its weight — the nation was born riding the wave of a gold rush.

Gold isn't all that glitters through — Australia is also a major global producer of silver. It's among the 10 top producers, and was ranked seventh in 2020, with 1,300 tonnes coming from the many operational mines in the country. By comparison, the world's top producer, Mexico, produced 6,300 tonnes that same year.

Other key players in the silver market are Peru, China and Russia, which produce more silver than Australia, and the US, Argentina and Bolivia, which produce less.


Australia is sitting on quite a lot of the precious metal, with the world's second largest reserves, behind only Peru.

According to Geoscience Australia, one of the country's first mines was a silver-lead mine near Adelaide. Since then, the entire continent has been combed over with a fine-toothed comb, with deposits identified in every state and territory and active mines in every jurisdiction but one (Victoria).

Overall, Australia is well explored when it comes to silver, and since the mid-1800s it's had a constant stream of silver production. Aside from that, the country boasts metals-processing facilities in South Australia that separate the precious metal from its commonly mined counterpart metals, lead and zinc.

Silver companies in Australia

Those looking at the Australian silver market have options. There are plenty of big players with interests in Australian silver, and many smaller players for investors to consider researching too.

Most silver comes from mines dedicated to other metals — Glencore's (LSE:GLEN,OTC Pink:GLCNF) Mount Isa in Queensland produces mainly copper, zinc and lead, but silver is separated by the company's integrated processing streams. Glencore also operates the McArthur mine in the Northern Territory, which is primarily zinc, but between its copper and zinc assets, Glencore produced 7,404,000 ounces of silver in Australia in 2020 — over 200 tonnes.

Elsewhere, BHP (ASX:BHP,NYSE:BHP,LSE:BLT) produces a lot of silver as well at the Olympic Dam operation in South Australia. Perhaps best known for the production of uranium and copper, it also yields significant silver resources to the tune of 984,000 ounces in 2020 (or almost 28 tonnes).

According to Geoscience Australia data from 2016, over 20 mines in Australia produced silver in that year, while there are dozens of other resources identified in each state.

A primary producer of silver is the Cannington mine in Queensland, where South32 (ASX:S32,OTC Pink:SHTLF), a company that was spun off from BHP in 2015, mines silver and lead. Cannington is a big one, producing 11,792,000 ounces in 2020, or 334 tonnes of silver.

Tasmania boasts the Rosebery mine, which has seen 85 years of continuous operations and is currently owned by MMG (ASX:MMG,HKEX:1208). Rosebery, like all the others here, is polymetallic, and besides silver also produces copper, zinc, lead and gold. MMG also has the Dugald River mine in Queensland which also produced silver.

Getting into smaller companies, there are those like New Century Resources (ASX:NCZ) which restarted the Century mine in the Northern Territory for zinc and silver.

The future of silver in Australia

So, you get the picture — there's a lot of silver to be mined in Australia by way of mining everything else.

It's worth noting that because silver operates both as a precious and an industrial metal, and is mined most often alongside base metals, it can be pulled in many directions. However, it traditionally follows (and lags behind) its precious metal sibling, gold, making it a valuable investment commodity to keep an eye on.

Looking forward, the future of the commodity in the land down under — especially given Australia's significant reserves and operator diversity — is as bright as you'd like it, and depends on what investors are most interested in, given the by-product nature of the metal.

Don't forget to follow us @INN_Australia for real-time updates!

Securities Disclosure: I, Scott Tibballs, hold no direct investment interest in any company mentioned in this article.

Australia took a stand against Facebook and Google earlier this year, and the move could have long-term implications for tech investors.

It was a ban that sent Australians wild and had the whole world watching.

Back in February, Facebook (NASDAQ:FB) stopped users in Australia from posting news in a week-long blackout, reacting to proposed legislation that would have forced the social media behemoth to pay publishers for content.

What prompted Facebook to "friend" Australia again, and what are the potential long-term implications of the squabble? Read on to learn what tech-focused investors in Australia should know about the situation.


Australia squares off against Facebook

On February 25 of this year, Australia's federal government passed the News Media and Digital Platforms Mandatory Bargaining Code. It was developed after extensive analysis by the Australian Competition and Consumer Commission, and is aimed at ensuring that news media businesses are fairly remunerated for their content.

It stipulates that digital platforms such as Facebook and Google (both named in the documentation) must pay news outlets whose content they feature — for example, if content is shared on Facebook or shows up in Google search results. The idea is that this will help to sustain journalism in Australia.

Unsurprisingly, Facebook and Google didn't react well to the code, which was first introduced in 2020.

Google didn't make any moves after it passed, but Facebook quickly made it impossible for Australian users to share news content, and pages for both local and international news organisations went blank — a major concern given the COVID-19 and wildfire concerns that were circulating at the time.

Australian Prime Minister Scott Morrison was scathing about Facebook's decision — which he ironically shared in a Facebook post — declaring the tech giant's actions "as arrogant as they were disappointing." He added, "These actions will only confirm the concerns that an increasing number of countries are expressing about the behaviour of BigTech companies who think they are bigger than governments and that the rules should not apply to them."

Despite strong feelings from both Australia and Facebook, the dispute was resolved fairly quickly, with the country agreeing to make four amendments to the legislation and Facebook restoring Australian's access to news.

Implications for Big Tech and news organisations

Both Australia and Facebook have claimed victory in the dispute, with a Facebook representative saying the company will be able to decide if news appears on the platform — meaning it won't automatically have to negotiate with any news businesses. Changes were also made to the arbitration process.

Tech experts have pointed out that larger news companies may ultimately benefit from the changes, but smaller ones could be pushed to the side. Major publishers that have struck agreements with tech giants, such as News Corp, Nine Entertainment (ASX:NEC,OTC Pink:NNMTF), Seven West Media (ASX:SWM) and Guardian Australia, may be able to increase their market share while smaller independent players lose out.

A business that is in full support of the laws is Microsoft (NASDAQ:MSFT). During the conflict, President Brad Smith came out loudly in favour of Australia's law, and advised that his company is willing to step up with search engine Bing should Google and/or Facebook pull out of the Australian market.

"In Australia, Prime Minister Scott Morrison has pushed forward with legislation two years in the making to redress the competitive imbalance between the tech sector and an independent press. The ideas are straightforward. Dominant tech properties like Facebook and Google will need to invest in transparency, including by explaining how they display news content," he said in a blog post.

"The United States should not object to a creative Australian proposal that strengthens democracy by requiring tech companies to support a free press. It should copy it instead."

Global reach and tech investor impact

Six months down the road from Australia's landmark legislation, it's tough to say what the long-term impact may be.

That said, market watchers do believe the country is part of a new precedent of forcing Big Tech into paying for journalism — something giants Facebook and Google are not used to.

Countries looking to pursue similar legislation include Canada, where Facebook agreed in May to pay 14 publishers to link to their articles on its COVID-19 and climate science pages, as well as other unspecified use cases. Canada is pursuing other avenues too. Meanwhile, in France, Google said it will pay publishers for news content after the country took up new EU copyright laws that make digital platforms liable for infringements.

For investors, the takeaway is perhaps that while companies like Facebook and Google may seem too big too fail, they too can fall subject to new regulations that can change how they do business. As nations around the world look to take back control from these mega companies, it's important to be aware of possible effects on their bottom lines.

Don't forget to follow @INN_Australia for real-time updates!

Securities Disclosure: I, Ronelle Richards, hold no direct investment interest in any company mentioned in this article.

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