Comet Resources Identifies Large Graphite Target

THE DRILL SERGEANT: Comet Resources (ASX: CRL) has identified a large, priority exploration target immediately to the north east of the company’s existing Springdale graphite resource in Western Australia.

Comet Resources believes the target could be a fold repeat of graphite-bearing stratigraphy that hosts the current high-grade Springdale resource that consists a defined Inferred Resource of 15.6 million tonnes at 6 per cent total graphitic carbon (TGC), including a high-grade portion of 2.6 million tonnes at 17.5 per cent TGC.

The company’s interpretation of a recent regional aeromagnetic survey identified a potential fold-repeat of graphite-bearing stratigraphy eight kilometres east-north-east of the defined resources.

The scale of the folding presents a target of approximately seven square kilometres.

The target sits in a similar, favourable fold-closure position to the one that already hosts the high-grade graphite resource.

Comet said its ability to target shallow, high-grade graphite mineralisation using electromagnetic surveys (EM) was confirmed during its February drilling campaign with the discovery of two new zones.

The company’s exploration to date has focussed on the fold closure of a northeast-southwest trending syncline.

Recent interpretation of the regional aeromagnetic survey has highlighted a potential fold-repeat of graphite-bearing stratigraphy to the east-north-east of the existing resource.

Comet plans to use EM as a high-grade targeting tool to test the newly identified area.

“We don’t yet know if we have found the highest-grade areas of graphite mineralisation at Springdale,” Comet Resources CEO Philippa Leggat said in the company’s announcement to the Australian Securities Exchange.

“The highest intercept of one metre at 48 per cent TGC was retuned in our February drilling program.

“The two new discoveries made in the program are outside the current resource and clearly confirmed the potential to use EM to target the high-grade zones near surface, and that is really quite exciting.

“We already have an Inferred Resource of 2.6 million tonnes at 17.5 per cent TGC on less than ten percent of our licence, mostly within 60 metres of surface, and this is before we look at the potential that a fold repeat could deliver.

“Moving forward, we see EM helping to identify the highest grade in new areas and around the existing resource, so that we can cost-effectively upgrade the high-grade component of our project.”