Comet Resources eyes robust year ahead building over the solid initiatives taken in the December quarter

Comet Resources Limited (ASX:CRL) is eying a robust year ahead building over the solid initiatives taken by the company to expand resources, initiate a field program and seek permission to carry out drilling activities. Santa Teresa Gold Project Comet completed the acquisition of the Santa Teresa Gold Project during the quarter, completed during the Quarter, is enhanced by funding from Raptor Capital International of US$6 million via a gold stream and royal facility. During the quarter, the company has revealed a maiden 88,600-ounce JORC-compliant mineral resource estimate for Santa Teresa High-Grade Gold Project in Baja California, Mexico. The company has also announced inferred mineral resource estimate of 369,000 tonnes at 7.47 g/t gold was calculated based on the application of top cap grades on a lode by lode basis and a gold cut-off grade of 2.5 g/t. The company also appointed Interminco Services Ltd, who has a track record spanning over 20 years in Latin America as project manager for Santa Teresa. Field exploration at Barraba Copper Project Comet resources managing director Matthew O’Kane said: “Comet focussed its efforts in Q4 on setting up a team and the resources required in Mexico to advance the Santa Teresa Gold Project, while at the Barraba Copper Project we commenced the first field exploration program at the Murchison Mine while we wait for the permitting of the drilling program planned for the Gulf Creek Mine to be finalised. “We are continuing this work in early 2021 and look forward to commencing the initial drilling programs once the required permits are in place.” Known historical mineral deposits During the quarter, Comet’s consulting Geologist, Mart Rampe, completed the initial field program during which a soil sampling program was undertaken, as well as taking samples of mine dump material and rock chips from outcrops. The Barraba Copper Project has never been systematically tested by modern exploration techniques. There are several known historical mineral deposits on the license, being the Gulf Creek Mine, the Murchison Mine and the Four Mile lode. The initial drilling program will focus on the drill-testing of areas below and along strike of the historically mined lodes at the Gulf Creek Mine. Comet's drilling will be complemented with downhole geophysical surveys to provide additional information about potential parallel and blind lodes. Gulf Creek North Prospect A reconnaissance program was also undertaken overground to the north of the Gulf Creek Mine within freehold land where exploration access has been granted. The focus of the program was to determine whether historically identified IP anomalies, some of which coincided with an orange/red oxidised soil profile, represented a mineralising event. During the investigation of the area, the presence of several pits and an 18-metre deep shaft were noted, evidencing past workings.