Comet Resources (ASX:CRL) is pleased to announce that it has executed a Share Purchase and Joint Venture Agreement with the shareholders of El Alamo Resources Limited for the 100% acquisition of the Santa Teresa Gold Project.

Highlights:

  • Final agreement now executed with shareholders of El Alamo Resources
  • First stage of acquisition completed – Comet is now 50% owner of the Santa Teresa Gold Project1
  • Comet has the option to increase ownership to 100% within 2 years
  • 32 diamond holes have been drilled2 delivering numerous high-grade gold intersections including:
    • 2m @ 32.4g/t gold from 19m
    • 1m @ 958.4g/t gold from 239m
    • 2.5m @ 38g/t gold from 174m
    • 3.9m @ 39g/t gold from 121m
    • 3m @ 19.9g/t gold from 214m
    • 1m @ 125.9 g/t gold from 83m
    • 3.1 @ 14.4g/t gold from 59m
    • 3.1m @ 16g/t gold from 101m
  • Work to commence on re-assaying of historic drill core and preparation of a JORC compliant Mineral Resource estimate
  • Historical production in the surrounding El Alamo district estimated between 100,000 to 200,000oz gold
  • Exploration upside and opportunity to extend current mineralisation due to the under-explored nature of the tenements
  • Stream Financing agreement with Raptor Capital International Limited in advanced stage of documentation and expected to complete in the near-term

Comet Resources Ltd (Comet or the Company) (ASX:CRL) is pleased to announce that it has executed a Share Purchase and Joint Venture Agreement (SPA) with the shareholders of El Alamo Resources Limited (EARL) for the 100% acquisition (Acquisition) of the Santa Teresa Gold Project (Project). Documentation of the binding gold streaming and royalty financing (Financing) with Raptor Capital International Limited (Raptor) to fund activities at the Project for up to US$20 million (initial minimum of US$6 million) is advanced and is expected to complete in the near-term.

Comet Managing Director, Matthew O’Kane, commented, “From the initial announcement of this transaction to closing, the gold price has increased over US$200 per ounce. This has increased the potential value of Santa Teresa for Comet and we are now looking forward to commencing work on the historical drill core and a maiden JORC resource. In parallel, we will plan our initial field activities. The relatively under explored nature of the Project and the richness of the district provides a lot of scope to extend mineralisation.”

1 Subject to shareholder approval for the issue of the consideration shares. Comet has negotiated an accelerated acquisition of its initial 50% interest in the Santa Teresa Gold Project by agreeing that the certain conditions precedent to the acquisition be treated as conditions subsequent. Refer to Annexure A for further details.

2 Refer to the Company’s release of 9 June 2020 for results of all 32 drill holes.

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Drilling Commences at Santa Teresa Gold Project

Highlights:

  • 2,000m diamond drilling program has now commenced at the Santa Teresa Gold Project
  • Drilling aims to:
    • Follow on prior drilling in key areas where high grade intersections such as ST-005 with 1 m at 958.4 g/t were encountered (see Comet Asx announcement of 9 June 2020) Test extensions of known gold mineralisation along strike and down dip
    • Expand knowledge of the structure of the veins and controlling features of the mineralisation
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Drilling Commences at Santa Teresa Gold Project

Highlights:

  • 2,000m diamond drilling program has now commenced at the Santa Teresa Gold Project
  • Drilling aims to:
    • Follow on prior drilling in key areas where high grade intersections such as ST-005 with 1 m at 958.4 g/t were encountered (see Comet Asx announcement of 9 June 2020) Test extensions of known gold mineralisation along strike and down dip
    • Expand knowledge of the structure of the veins and controlling features of the mineralisation
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Completion of Acquisition of Highly Prospective Copper Projects in Northern Territory

Highlights:

  • Agreement to acquire a portfolio of copper-gold and base metals assets in Australia’s Northern Territory now completed
  • Assets include: Oonagalabi Copper-Zinc Project, Paradise Well Copper-Gold Prospect and the Silver Valley Copper-Gold-Silver-Lead Prospect, which combined cover approximately 840 km1
  • Oonagalabi best intersections from historical drilling include 36.6m at 1.0% copper and 1.7% zinc from 1.5m, 5m @ 1.26% copper and 1.22% zinc from 70m, 6m at 0.9% copper from 102m and 14m at 0.7% copper from 148m1
  • Paradise Well rock chip samples returned up to 8.9% copper and 2.2g/t gold, Silver Valley rock chip samples returned 554 g/t silver, 20% lead, 9% copper and 2 g/t gold, providing exciting earlier stage exploration potential1

Comet Resources Ltd (“Comet” or “the Company”) (ASX: CRL) is pleased to advise that it has now finalised its due diligence and has completed the acquisition of a portfolio of highly prospective copper-gold-zinc-silver-lead assets in the Northern Territory of Australia (“Portfolio”) from Bath Resources Pty Ltd (“Vendor” or “Bath”).

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Comet Resources Drilling Permit for Santa Teresa Gold Project Received

Highlights:

  • Drilling permit for Santa Teresa Gold Project has now been issued
  • Details of initial drill program being finalised by in country team and consultant geologists
  • Drilling expected to commence in late Q2

Comet Resources Limited (Comet or the Company) (ASX:CRL) is pleased to announce that the drilling permit for the Santa Teresa Gold Project (the “Project”) has now been received from the Environmental Impact and Risk department of the Baja California Sub-Delegation for Environmental Protection and Natural Resources. This significant milestone for the Company paves the way for the commencement of diamond drilling at the Project. Comet is now finalising the details of its proposed Santa Teresa drilling program and engaging a drilling contractor to perform the works, with the aim that the program commences as soon as possible.

Comet Managing Director, Matthew O’Kane, commented, “We are very pleased to have received the permit to allow the commencement of drilling at the Santa Teresa Gold Project in Baja California, Mexico. We have been preparing for the receipt of this permit, having plans for the drill program near ready, and also having conducted the process of selecting the drilling contractor. This should allow us to move ahead quickly now to engage the contractors and commence the drilling program. We look forward to providing periodic updates from the commencement of the program to the results once they become available.”

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Comet Resources' Quarterly Activities Report – June 2021

Comet Resources Limited (Comet or the Company) (ASX:CRL), is pleased provide the Quarterly Activities Report and Appendix 5B for the quarter ending 30 June 2021 (the Quarter). The Company proactively progressed various exploration programs across its projects and successfully completed the acquisition of a portfolio of copper-gold and base metals assets in Australia's Northern Territory. Post Quarter end, the Company provided an update regarding the status of ongoing metallurgical test work on graphite from its Springdale Graphite Project located in Western Australia.

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In exceptional market conditions, Rio Tinto achieves record financial results and declares total interim dividend of 561 US cents per share, 75% of underlying earnings

Rio Tinto Chief Executive Jakob Stausholm said “Government stimulus in response to ongoing COVID-19 pressures has driven strong demand for our products at a time of constrained supply resulting in a significant spike in most prices. We focused on safely running our world-class assets and supplying products to our customers. This enabled us, despite operational challenges, to deliver record financial results with free cash flow of $10.2 billion and underlying earnings of $12.2 billion, after taxes and government royalties of $7.3 billion. We are further strengthening the portfolio with our commitment to fund the high-quality Jadar lithium project, which signals our large-scale entry into the fast-growing battery materials market. We will pay an interim dividend of 561 US cents per share, representing 75% of underlying earnings.

“We are making progress on our four priorities, identifying opportunities for operational improvement, advancing our ESG agenda, taking important investment decisions and stepping up our external engagement. We are making real and lasting changes to the way we engage, interact and operate and are committed to ensuring that we have strong and positive relationships wherever we do business. We have identified what we need to do to make Rio Tinto a better company for the long term, with the right teams in place to unleash our full potential.”

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Lake Resources NL Bonus Issue to Shareholders

Sydney, Australia (ABN Newswire) – Clean lithium developer Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF), in recognition of the support received from its shareholders, wishes to advise that it intends to undertake a bonus issue of options (Bonus Options) to all shareholders with an address in Australia or New Zealand (Eligible Shareholders) at 5:00 pm (Sydney time) on the Record Date (set out in the indicative timetable set out below*).

As the Bonus Options will be issued for nil consideration, Lake is raising no capital from their issue. For every ten (10) shares held at 5:00 pm (Sydney time) on the Record Date, Eligible Shareholders will be issued with one (1) free Bonus Option.

The Bonus Options will have an exercise price $0.35 each, expiring on 15 October 2021 and, if exercised, each will result in the allotment and issue of one (1) fully paid ordinary share in Lake. Lake will not seek listing of the Bonus Options on ASX.

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Lake Resources NL Argentina based Director Strengthens Board

Sydney, Australia (ABN Newswire) – Clean lithium developer Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF) has strengthened its Board, announcing today the appointment of experienced energy/natural resources lawyer, Sra. Amalia Saenz as a Non-Executive Director.

Based in Buenos Aires, Sra. Amalia’s appointment will assist Lake and its local team in Argentina in engaging with local stakeholders and preparing for the development of clean lithium production in Argentina.

Sra. Saenz is a partner at the law firm, Zang, Bergel & Viaes in Buenos Aires, where she leads the firm’s energy and natural resources practice.

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Classic Minerals Limited Quarterly Activities Report

Perth, Australia (ABN Newswire) – Classic Minerals Limited (ASX:CLZ) has made significant progress at Kat Gap during the quarter as it strives to become a gold producer.

Highlights of the quarter include:

– Assay results returned for infill RC drilling testing the gap between oxide and deeper fresh rock high-grade gold mineralisation at Kat Gap.

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In exceptional market conditions, Rio Tinto achieves record financial results and declares total interim dividend of 561 US cents per share, 75% of underlying earnings

Rio Tinto Chief Executive Jakob Stausholm said “Government stimulus in response to ongoing COVID-19 pressures has driven strong demand for our products at a time of constrained supply resulting in a significant spike in most prices. We focused on safely running our world-class assets and supplying products to our customers. This enabled us, despite operational challenges, to deliver record financial results with free cash flow of $10.2 billion and underlying earnings of $12.2 billion, after taxes and government royalties of $7.3 billion. We are further strengthening the portfolio with our commitment to fund the high-quality Jadar lithium project, which signals our large-scale entry into the fast-growing battery materials market. We will pay an interim dividend of 561 US cents per share, representing 75% of underlying earnings.

“We are making progress on our four priorities, identifying opportunities for operational improvement, advancing our ESG agenda, taking important investment decisions and stepping up our external engagement. We are making real and lasting changes to the way we engage, interact and operate and are committed to ensuring that we have strong and positive relationships wherever we do business. We have identified what we need to do to make Rio Tinto a better company for the long term, with the right teams in place to unleash our full potential.”

Keep reading... Show less

Lake Resources NL Bonus Issue to Shareholders

Sydney, Australia (ABN Newswire) – Clean lithium developer Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF), in recognition of the support received from its shareholders, wishes to advise that it intends to undertake a bonus issue of options (Bonus Options) to all shareholders with an address in Australia or New Zealand (Eligible Shareholders) at 5:00 pm (Sydney time) on the Record Date (set out in the indicative timetable set out below*).

As the Bonus Options will be issued for nil consideration, Lake is raising no capital from their issue. For every ten (10) shares held at 5:00 pm (Sydney time) on the Record Date, Eligible Shareholders will be issued with one (1) free Bonus Option.

The Bonus Options will have an exercise price $0.35 each, expiring on 15 October 2021 and, if exercised, each will result in the allotment and issue of one (1) fully paid ordinary share in Lake. Lake will not seek listing of the Bonus Options on ASX.

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Lake Resources NL Argentina based Director Strengthens Board

Sydney, Australia (ABN Newswire) – Clean lithium developer Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF) has strengthened its Board, announcing today the appointment of experienced energy/natural resources lawyer, Sra. Amalia Saenz as a Non-Executive Director.

Based in Buenos Aires, Sra. Amalia’s appointment will assist Lake and its local team in Argentina in engaging with local stakeholders and preparing for the development of clean lithium production in Argentina.

Sra. Saenz is a partner at the law firm, Zang, Bergel & Viaes in Buenos Aires, where she leads the firm’s energy and natural resources practice.

Keep reading... Show less

Classic Minerals Limited Quarterly Activities Report

Perth, Australia (ABN Newswire) – Classic Minerals Limited (ASX:CLZ) has made significant progress at Kat Gap during the quarter as it strives to become a gold producer.

Highlights of the quarter include:

– Assay results returned for infill RC drilling testing the gap between oxide and deeper fresh rock high-grade gold mineralisation at Kat Gap.

Keep reading... Show less

Rio Tinto commits funding for Jadar lithium project

Rio Tinto has committed $2.4 billion to the Jadar lithium-borates project in Serbia, one of the world’s largest greenfield lithium projects. The project remains subject to receiving all relevant approvals, permits and licences and ongoing engagement with local communities, the Government of Serbia and civil society.

The Jadar project would scale up Rio Tinto’s exposure to battery materials, and demonstrate the company’s commitment to investing capital in a disciplined manner to further strengthen its portfolio for the global energy transition.

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Sydney, Australia (ABN Newswire) – Clean lithium developer Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF) has appointed Peter Neilsen as Chief Financial Officer (CFO). The Company is ramping up its international project funding and development activities.

A key focus of the new CFO will be to guide a panel of international project financiers to successfully secure funding for Lake’s lithium production.

His other key role will be to develop and assist Lake’s team in Argentina to organise development activities and lithium production. He will also serve as joint Company Secretary.

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