Comet Resources Identifies Priority Graphite Targets

THE DRILL SERGEANT: Comet Resources (ASX: CRL) has had an aerial electromagnetic survey (EM) carried out over the company’s Springdale graphite project in southern West Australia.

Comet Resources said the survey had identified multiple high-conductivity graphite targets all within close proximity to the currently defined Springdale graphite JORC Resource.

The company has earmarked all as high-priority targets for drill testing.

Comet reported the EM survey had clearly defined the outline of the Springdale graphite JORC Resource while also identifying multiple conductive graphite bedrock anomalies as high amplitude responses in the late-time EM within the block 1 survey area.

These targets are close to the existing Resource as well as along, the now clearly defined, prospective stratigraphy in the wider licence area.

The block 1 survey area was flown over the main Springdale graphite project licence that hosts an 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 majority of defined resources are situated within 60 metres of surface.

Comet has interpreted the strength of the graphite conductor response in this area to reflect the relatively shallow, flat-dipping geometry of the high-grade graphite units that has been demonstrated by previous drilling, making them high priority targets for future drilling.

In addition to the targets in close proximity to the existing resources, the survey also delineated numerous new targets within the project licence the company considers to clearly reflect the folded geometry of the prospective target graphite stratigraphy.

“EM has again been demonstrated as a powerful tool for us to target shallow, high-grade graphite mineralisation, increasing the capital efficiency of our exploration,” Comet Resources CEO Philippa Leggat said in the company’s announcement to the Australian Securities Exchange.

“The priority targets closest to the shallow, high-grade areas of our existing Inferred Resources of 2.6 million tonnes at 17.5 per cent TGC is where we will focus.

“Our recent diamond drilling program centred around the fold closure in the northern area of the resource.

“The strength of the EM response in this area is interpreted to reflect the relatively shallow, flat-dipping geometry of the high-grade graphite units as seen in previous drilling.

“We are excited to see the new results as they become available over the coming weeks.”