Comet Resources is a resource company based in Australia working to develop projects aimed at serving the emerging battery metals market. Comet Resources recently acquired the Barraba copper project which encompasses 2,375 hectares across project license EL8492, 550 kilometers north of Sydney. Under the terms of the acquisition, Comet Resources is expected to pay AU$150,000 in cash for the project, in addition to AU$200,000 in shares at $0.01 per share.
The Barraba project encompasses two historic mines, the Gulk Creek and Murchison copper mines. The project is located along the Peel Fault line and contains massive sulfide-style mineralization with historical workings that produced high-grade copper and zinc briefly during the turn of the 19th century.
Comet Resources’ company highlights include the following:
- Acquisition of the Barraba copper project offers the opportunity for further exposure to the battery metals industry, as well as adding the base metals sector
- Historical workings of the Gulf Creek copper mined multiple lodes grading between two and six percent copper (average 5 percent) combined with zinc grades historically higher than copper grades
- Comet raised AU$500,000 to fund exploration on Barraba according to the project’s final acquisition terms
- 100-percent-owned high-grade Springdale graphite project is located on freehold land with access to grid power, piped gas and sealed roads directly to the nearest port
- Springdale project is located in Western Australia, the Fraser Institute’s second-ranked mining jurisdiction in the world for 2018
- The highest-grade intersection at Springdale returned 3.23 meters at 51.02 percent total graphitic carbon (TGC) from 35.27 meters within 42.5 meters at 17.02 percent TGC from 20 meters
- Directors and founders hold approximately 18.3 percent of currently outstanding shares, reflecting the company’s belief in the success of its projects
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