Aeromagnetic Survey to Commence at Barraba Copper Project

Highlights

• Mitre Geophysics and AirGeoX have been engaged to conduct a high definition airborne magnetic survey of the Barraba Copper Project using an Unmanned Aerial Vehicle (UAV).
• Data collected from the UAV survey will be analysed to refine targets for the next stage ground geophysics program and drilling.
• Work to commence this month with results expected shortly afterwards.

Comet Resources Limited (Comet or the Company) (ASX: CRL) is pleased to announce that it has contracted Airborne Geo Exploration Pty Ltd (AirGeoX) to complete an aeromagnetic survey of its Barraba Copper Project located in north-east NSW. AirGeoX is an experienced contractor in the provision of geophysical services utilising the latest in UAV drone technology. This technology will enable the cost-effective acquisition of high-definition magnetic data over a large target area. The data acquired will display geological structures that may previously been undetected in the project area. AirGeoX’s mission statement is to significantly increase the rate of discovery for minerals and oil and gas through innovative methods and are currently developing the highest quality UAV drone magnetic acquisition system in the world.

Overseeing the program and providing specialist expertise with respect to the formulation of the program as well as interpretation of the survey results is Mitre Geophysics Pty Ltd (Mitre). Mitre has extensive experience in base metal exploration, which forms the core of their business. They have worked in many of the major cratonic shields worldwide on projects ranging from in-mine ore lens definition to basin-scale airborne EM projects. Mitre’s detailed knowledge of base-metals provides essential technical skills at both the front-end and back-end of an exploration program.

They are in a position to recommend the latest and most effective technique(s), which companies can utilise to acquire and apply quality controls to the data as it is being acquired, then process and interpret it to produce meaningful, integrated reports which Comet can use to plan further exploration including follow on ground based geophysics and drilling. The program will be undertaken over a period of 4-5 days in the following weeks, with results anticipated to be available shortly thereafter.

Matthew O’Kane, Managing Director of Comet Resources, stated “It is pleasing to acquire the specialist skills of AirGeoX and Mitre Geophysics as we pursue the encouraging results received from the recent initial exploration program at the historic Murchison Copper Mine, where high grade copper in rocks and soils were detected. We look forward to sharing the results of the drone survey as soon as they become available.”

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