Comet Resources Reports High Grade Copper and Zinc Mineralisation Confirmed at Barraba Copper Project

Highlights:

• Copper assay results up to 4.6%, zinc up to 4.0% and cobalt up to 0.7% from mine dump samples at the historic Murchison Mine site
• Soil geochemical sampling and analysis confirms surface copper mineralisation around the Murchison Mine, with mineralisation open to the West and East
• The above results have now confirmed that the Murchison Mine is a high priority drill target within the broader Barraba Copper Project
• Further exploration works being planned to follow on from these encouraging results

Comet Resources Ltd (Comet or the Company) (ASX:CRL) is pleased to provide assay results from mineralised samples taken during the field program undertaken in November 2020 at the Barraba Copper Project located in the New England area of NSW, approximately 550km north of Sydney. Comet has now received complete assay results from samples taken from the historical high grade Murchison Copper Mine site and the Gulf Creek North prospects.

The Field Program included grid based geochemical soil sampling and rock chip sampling. Evidence of copper mineralisation was widespread around the Murchison Copper Mine. Historical mine workings that were previously unknown to the Company around the Gulf Creek North area and proximate to a number of charge-ability anomalies identified by a prior induced polarisation (IP) survey were also assessed.

Matthew O’Kane, Managing Director of Comet Resources, said “These assay results, with high copper, zinc and cobalt, have confirmed that the historic Murchison Copper Mine at the Barraba Copper Project is another area of high priority exploration interest to us. In addition to the known historical high grade mineralisation at the Gulf Creek Mine, these results now provide us with multiple exploration targets at the project. We look forward to advancing physical exploration works on both prospects.”

Murchison Copper Mine

Historical data indicates that the historic Murchison Copper Mine is a volcanogenic massive sulphide (VMS) style deposit, the same as that found at the Gulf Creek Copper Mine. These deposits often occur in clusters due to the nature of the hydrothermal processes that form them. This is the case at the Barraba Copper Project with three historic VMS deposits identified within the Project area. The Murchison Copper Mine (Figure 1) produced ore in the early 1900’s with historical records
indicating the presence of underground workings to a depth of 16 metres, as well as a number of shallow pits. Copper and zinc mineralisation were the primary commodities of interest. Historical production records state copper was produced at an average grade of 3%, with historical assays up to 5.1%.

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