Comet Resources Ltd is pleased to advise that it has now finalised its due diligence and has completed the acquisition of a portfolio of highly prospective copper-gold-zinc-silver-lead assets in the Northern Territory of Australia from Bath Resources Pty Ltd.
- Agreement to acquire a portfolio of copper-gold and base metals assets in Australia’s Northern Territory now completed
- Assets include: Oonagalabi Copper-Zinc Project, Paradise Well Copper-Gold Prospect and the Silver Valley Copper-Gold-Silver-Lead Prospect, which combined cover approximately 840 km1
- Oonagalabi best intersections from historical drilling include 36.6m at 1.0% copper and 1.7% zinc from 1.5m, 5m @ 1.26% copper and 1.22% zinc from 70m, 6m at 0.9% copper from 102m and 14m at 0.7% copper from 148m1
- Paradise Well rock chip samples returned up to 8.9% copper and 2.2g/t gold, Silver Valley rock chip samples returned 554 g/t silver, 20% lead, 9% copper and 2 g/t gold, providing exciting earlier stage exploration potential1
Comet Resources Ltd (“Comet” or “the Company”) (ASX: CRL) is pleased to advise that it has now finalised its due diligence and has completed the acquisition of a portfolio of highly prospective copper-gold-zinc-silver-lead assets in the Northern Territory of Australia (“Portfolio”) from Bath Resources Pty Ltd (“Vendor” or “Bath”).
Commenting on the proposed acquisition, Comet Resources Managing Director Matthew O’Kane stated “With copper prices recently touching records highs, it’s a great time for us to add this portfolio of both advanced and early stage copper, gold and base metals targets to our existing copper exposure. Being located in Australia, a Tier 1 mining jurisdiction, they complement our existing copper and base metals project at Barraba in NSW and provide us with further exposure to copper upside. Industry analysts believe copper prices will continue to strengthen as a result of increased global infrastructure spending and the transition to clean energy. We look forward to getting onto the ground in the Northern Territory shortly to review the projects and make plans for the commencement of field exploration activities.”