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: Placement Successfully Completed and Initiation of SPP

Comet Resources Ltd (Comet or the Company) (ASX:CRL) is pleased to announce it has received commitments for a placement of 100,000,000 new fully paid ordinary shares in Comet (Placement Shares) to eligible sophisticated and institutional investors at $0.02 per New Share (the Placement). The Placement will raise $2 million (before costs) and is priced at a 9.52% discount to the last closing price of Comet shares on 2 September 2020.

The Placement was well supported by new and existing sophisticated investors and the Company is pleased to welcome strategic investors on to the register. Proceeds raised will be used to fund activities at the Company’s Santa Teresa Gold Project and also the Barraba Copper Project, as well as for working capital purposes.

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Santa Teresa Gold Project Acquisition Completion

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.

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