Comet Resources: Barraba Copper Project Update

Highlights:

• Site inspection at Barraba confirms Gulf Creek Mine was a significant historic copper mining operation within the project area
• Planning for drill-hole locations for initial on ground exploration are now being finalised representing the first comprehensive modern review of the project
• Initial focus will be the historical Gulf Creek Mine area, which previously produced copper at an average grade of 5%
• Significant zinc was noted in historical records, but grades were never reported
• Exploration will also test for the presence of precious metals often associated with VMS deposits in the style of that found at Gulf Creek
• Copper price approaching multi-year highs at ~US$3/lb

Comet Resources Ltd (Comet or the Company) (ASX:CRL) is pleased to provide an update on its Barraba Copper Project, located in the New England region of New South Wales, approximately 550km north of Sydney. Comet’s Consulting Geologist, Mr Mart Rampe, recently completed a visit to site to assess environmental and logistical conditions to enable the finalisation of planning for a comprehensive initial drilling program. This included a review of site topography and access conditions necessary for drilling equipment and support infrastructure. Mr Rampe also visited the location of historical mining and processing (known as the Gulf Creek Mine) and assessed that area in relation to current and historical exploration and mining data. Community consultation efforts were also further advanced.

Comet Managing Director, Matthew O’Kane, commented, “Based on our recent site work, we propose to focus initial physical exploration at Barraba on the Gulf Creek deposit area, where we see clear prospectivity. We’re now finalising a drilling plan aimed at confirming the presence and extent of mineralisation there not just for high-grade copper but also for other base and precious metals.”

To read the full press release, click here.

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