Comet Resources Acquires Northern Territory Copper-Gold Portfolio

THE BOURSE WHISPERER: Comet Resources (ASX: CRL) has entered into a Binding Option Agreement to acquire a portfolio of highly prospective copper-gold-zinc-silver-lead assets in the Northern Territory.

Comet Resources has paid a non-refundable deposit of $50,000 to Bath Resources for a 45-day exclusive option over the portfolio that includes the Oonagalabi copper-zinc project, Paradise Well copper-gold prospect and the Silver Valley copper-gold-silver-lead prospect, which cover a combined land holding of approximately 840 square kilometres.

Oonagalabi includes best intersections from historical drilling of:
36.6 metres at 1 per cent copper and 1.7 per cent zinc from 1.5m,
5m at 1.26 per cent copper and 1.22 per cent zinc from 70m,
6m at 0.9 per cent copper from 102m, and
14m at 0.7 per cent copper from 148m

Paradise Well rock chip samples returned up to 8.9 per cent copper and 2.2 grams per tonne gold, Silver Valley rock chip samples returned 554g/t silver, 20 per cent lead, 11.9 per cent copper and 2g/t gold, providing earlier stage exploration potential.

“This portfolio combines both advanced and early stage copper, gold and base metals targets,” Comet Resources managing director Matthew O’Kane said in the company’s ASX announcement.

“Being located in Australia they complement our existing copper and base metals project at Barraba in New South Wales, and provide Comet increased exposure to copper upside, which we believe will continue to strengthen as a result of increased global infrastructure spending and the transition to clean energy.

“With our recent placement, we are funded to explore all our existing projects as well as this latest exciting acquisition.”