Comet Gains Access to Explore Barraba Copper Project

- October 21st, 2020

Comet Resources Limited (Comet or the Company) (ASX:CRL) is pleased to announce the finalisation of an exploration access agreement (EAA)

• Exploration access agreement finalised for a large portion of freehold land located within EL8492 at the Barraba Copper Project

• The land accessible under the agreement includes the historical, high grade Murchison Copper Mine

• The Murchison Copper Mine is a volcanogenic massive sulphide deposit that historically produced copper at 3% average grade from surface’ • Historical assays returned grades of up to 5.1% copper’

• Initial exploration program commencing in November targeting the Murchison Copper Mine area and several IP anomalies to the north of the Gulf Creek Mine

Comet Resources Limited (Comet or the Company) (ASX:CRL) is pleased to announce the finalisation of an exploration access agreement (EAA) for a significant portion of privately held land, located within Exploration Licence 8492. EL8492 is host to the Company’s Barraba Copper Project located in the New England Region of New South Wales.

Matthew O’Kane, Managing Director of Comet Resources, said “It’s great to have finalised this agreement for the first exploration access to the Barraba Copper Project. There are multiple highly prospective exploration targets for copper within the tenement, and we are very excited to be able to commence our exploration program around the Murchison Mine and the IP anomalies to the north of Gulf Creek starting in November.” Land within EL8492 is comprised of both freehold and Crown land, with the majority of the land being freehold. The historical Gulf Creek Mine and the Four Mile Lode are located on parcels of Crown land, for which the permitting process is ongoing. However, much of the exploration tenement on freehold land is now able to be accessed for the purpose of conducting exploration activities, including drilling operations. The area accessible for exploration contains the historic Murchison Copper Mine, which historically produced copper at an average grade of 3% and also returned copper assays of up to 5.1%. In addition to the Murchison Copper Mine, a number of chargeability anomalies that were identified by a prior Induced Polarisation (IP) survey located to the north of the Gulf Creek Mine lie within the freehold land area now available for exploration under the EAA.

Volcanogenic massive sulphide (VMS) deposits, such as the historic Murchison and Gulf Creek Mines, as well as the Four Mile Lode, often occur in clusters due to the nature of the geological processes that form them. This is the case at the Barraba Copper Project with these three historic VMS deposits known to be located within the project area. In addition to the known deposits, a large part of the licence remains unexplored using M modern exploration techniques. Having multiple deposits within a project area greatly enhances the chances f” of building a resource inventory of the scale required to be successfully developed into a producing mine. This was one of the primary factors that attracted the Company to the Barraba Copper Project. An initial exploration program commencing this November is now being developed to target the Murchison Copper Mine and several IP anomalies to the north of the Gulf Creek Mine. This will entail a grid based geochemical soil and rock chip sampling program together with geological mapping. On a recent field trip to the Barraba Copper Project, a red to orange halo of oxidation was observed at surface in the area of the IP 1 anomalies, suggesting the presence of potential alteration and/or mineralisation.


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