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Comet Resources Ltd

Comet Resources Ltd looks to unlock graphite potential at Springdale project

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Comet Resources Ltd (ASX:CRL) will conduct a drilling program primarily aimed at unlocking the graphite potential of the Springdale project near Hopetoun in Western Australia.

The project is part of the Albany-Frazer Orogen which hosts the historic Halberts Graphite mine near Munglinup.

The Munglinup area has produced the bulk of Western Australia’s recorded graphite production.

Comet conducted first pass aircore drilling program at Springdale in February 2016, drilling a total of 11 holes for 324 metres.

Significant intersections from this drilling included 7 metres at 12.6% graphitic carbon from 26 metres depth.

The proposed drilling program is designed to test the newly discovered graphite zone along strike and other prospective zones located from unpublished and verbal reports of graphite mineralisation.

A program of 150 drill holes for 4,500 metres has been planned.

The graphite drill component is 110 holes for 3,210 metres, with the remaining drilling used to test for gold and nickel mineralisation over the inferred Springdale Greenstone Belt.

Comet held $1.3 million in cash as at 30 June 2016.

 

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Price: $0.02

Market: ASX
Market Cap: $6.66 m
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