Comet Resources Announces Proposed Acquisition of new Copper Exploration Project in NSW, Australia
Comet Resources Ltd (Comet or the Company) (ASX:CRL) is pleased to announce the proposed acquisition of a new copper exploration project in NSW, Australia.
The 2,375ha exploration license that covers the project area, EL8492, is located near the town of Barraba, approximately 550km north of Sydney. It sits along the Peel Fault line and encompasses the historic Gulf Creek and Murchison copper mines. The region is known to host volcanogenic massive sulphide (VMS) style mineralisation containing copper, zinc, lead and precious metals. Historical workings at Gulf Creek produced high-grade copper and zinc for a short period around the turn of the 19th century, and this area will form a key part of the initial exploration focus.
Comet believes that copper is set to see an increase in demand due to the global efforts to reduce emissions from the transport network and also from generation of electricity. Copper is not only an important part of the batteries used in battery electric vehicles (BEV’s), but is also used extensively in the electric motors that drive the wheels of BEVs, and is also used intensively in the generation of eletricity from renewables, such as solar and wind. The Company believes that Barraba copper project complements its existing Springdale graphite project due to their shared end uses in batteries for BEV’s, and better utilises available board and management resources with the aim of driving shareholder value.
Comet Resources Managing Director, Matthew O’Kane, commented” “It is an exciting opportunity for Comet to be able to acquire the Barraba Project as it is in a prospective location and hosts a number of drill ready targets. We will be working hard to be in a position to test the project’s prospectivity as soon as possible after completion.”