Extensive Surface Copper Mineralisation Identified at Barraba Copper Project

Highlights:

• Barraba Project Field Program activities focussed around the historical high grade
• Murchison Copper Mine and several IP anomalies at Gulf Creek North
• Visual observation of widespread copper mineralisation
• Soil, rock and mine dump samples collected submitted for laboratory analysis
• Assay results are expected to be received in December

Comet Resources Ltd (Comet or the Company) (ASX:CRL) is pleased to provide an update on the Barraba Copper Project located in the New England area of NSW, approximately 550km north of Sydney. Comet Consultant Geologist and Project Manager, Mr. Mart Rampe, has now completed the initial site investigation of the historical high grade Murchison Copper Mine and the Gulf Creek North prospects.

The Field Program included grid based geochemical soil sampling, rock chip sampling and geological mapping. Evidence of copper mineralisation was widespread around the Murchison Copper Mine, and historical mine workings that were previously unknown to the Company were discovered around Gulf Creek North proximate to a number of chargeability anomalies that were identified by a prior induced polarisation (IP) survey and may indicate the presence of a broader sulphide system.

Matthew O’Kane, Managing Director of Comet Resources, said “We’re encouraged by the widespread visual presence of copper mineralisation around the Murchison Copper Mine as well as the discovery of historical workings and the presence of iron oxides in the area of the IP anomalies at Gulf Creek North. We look forward to receiving the assay results and also will look to add in some drilling at Murchison to coincide with the initial drilling program at the Gulf Creek Copper Mine.”

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 geological processes that form them. This is the case at the Barraba Copper Project with three historic VMS deposits known to be located within the Project area.
The Murchison Copper Mine produced 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%. The initial Field Program focused on delineating the tenor of the visible mineralisation as well as its extent. Accordingly, a number of mine dump and outcrop samples were taken for laboratory analysis.

In addition, a soil sampling grid (centred on the old workings) was established over a strike length of 400 metres and a width of 200 metres. Closely spaced soil samples were obtained from several grid lines and these have also been forwarded for laboratory analysis.

A reconnaissance program was also undertaken over ground 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 discovered, evidencing past workings. Mullock from these workings exhibited strong iron oxide alteration. Iron oxide gossans are often found where the surface of massive sulphide deposits outcrop. Iron oxides will also be noted where underground sulphide mineralisation has been exposed to the atmosphere and subsequently is oxidised. As a result, the presence of them is a good exploration indicator to the potential location of sulphide ore bodies, such as VMS deposits, which are known to occur at the Barraba Copper Project.

A number of soil and rock chip samples were collected from the Gulf Creek North area and have been forwarded for laboratory analysis. The results from all lab assays will be compared to spot analysis undertaken using a Niton pXRF analyser.

Gulf Creek Copper Mine

During the exploration works a meeting was held on site with representatives from the Native Title Claimants to the Crown land which is host to the Gulf Creek Copper Mine. Exploration access to this land is still pending permitting, the major item of which is the clearance of the Native Title process.

The purpose of the meeting was to provide an overview of the proposed exploration program to the claimants and more specifically, inspect the ground where the initial drilling is to be undertaken. Observations by the representatives, which we understand to be favourable, are to be presented at the next general meeting of the claimants, which will potentially be held in December 2020.

This announcement has been authorised by the Board of Comet Resources Limited
For further information please contact:
MATTHEW O’KANE
Managing Director
(08) 6489 1600
comet@cometres.com.au
cometres.com.au
Suite 9, 330 Churchill Avenue Subiaco WA 6008
PO Box 866 Subiaco WA 6904

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