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Comet Resources Limited (ASX: CRL), is a mineral exploration, research and development company. It deals with the exploration and development of graphite resources throughout Australia.
On May 7 2019, the company announced that it had discovered two new graphite zones which are high-grade, at its 100% owned Springdale Graphite Project. The project, in south Western Australia, located in free hold land, has great avail to infrastructure as it comes within 150 kilometres of the port at Esperance through sealed roads. The total holding of the land in this project is approximately 220 square kilometres.
The new two zones discovered are resultants of an inspection during a drilling program, which was targeted at a series of electromagnetic anomalies along strike from current resources. Aeromagnetic data was used to interpret the target areas. They were further refined by ground electromagnetic surveys conducted by Southern Geoscience Consultants Pty Ltd.
As far as the drill results are concerned, both zones confirmed high-grade, near-surface mineralisation. There is a great potential to extend several kilometres and grow the resource base further. The results show a strong association between EM anomalies and high-grade of graphite, which have been defined by CRLâs recent geophysical surveys.
On the technical front, the high-grade intercepts comprise of:
- Hole HR0142: 10m @ 16.1% TGC from 40m with 7m @ 21.6% TGC from 41m.
- Hole HR0150: 9m @ 9.5% TGC from 21m inclusive of 1m @ 19.6% TGC from 22m and 2m @ 24.9% TGC from 24m.
- Hole HR0151: 38 m @ 9% TGC, consists of the highest 1m intersection (till date) of 48.8% TGC.
The drilling program consisted of eleven shallow RC holes for a total of 651m, apt for the survey-type drill. It was successful in solidifying the geophysical results of stratigraphy, apart from the discoveries. According to the program, ground electromagnetic surveying as an apt method of identification of high-grade graphite mineralisation was established.
Considering the flow of events relating to the Springdale graphite project, the company had confirmed the presence of graphite in the area after completion of a first pass air-core drilling program in February 2016. A metallurgical test work in April 2017 also proved that graphene by electrical exfoliation. Further, using exfoliation method on solid, untreated rocks to produce graphene is a rare process for a graphite deposit.
Later in 2017, a detailed aeromagnetic survey deemed the region to be an important prospect towards mineralisation of graphite. It should be noted that presently, less than 20% of this identified region has undergone drill tests, implying a high potential scale of the project.
In February 2018, RC drilling was successfully completed in the Northern zone of the project. Later in 2018, the company released a maiden resource incorporating the Northern, Western and Eastern Zones.
Over the course of months and after identification of the new graphite horizons, the company would now focus on further defining the high-grade zones along added RC and diamond drilling.
Earlier this year in May, the company appointed a new CEO on board, Philippa Leggat. Her appointment is considered significant to the company when it moves ahead to the next phase of development of the Springdale Graphite Project.
Stock Price Information:
In todayâs trading session, as at 2:53 PM AEST, CRL edged up by 3.704% at A$0.028 on ASX (as on 07 May 2019), as compared to its previous dayâs close. Over the past 12 months, the stock has declined by 43.75%.
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