Re-assayed Historical Drill Core Confirmed up to 132g/t Goldat Comet’s Santa Teresa Gold Project

Comet Resources Limited (ASX:CRL or "CRL") is pleased to announce the results of several work programs at its Santa Teresa Gold Project (the "Project") in Baja California, Mexico, including results from re-assaying of historical drill-holes from the 2008 diamond drilling program, assays from a surface sampling program and results from phase 1 metallurgical test work.

Comet Managing Director, Matthew O'Kane, commented, "The re-assay of the historical drill core confirms the prior assay results, with intersections of very high-grade material. It also confirms the coarse gold/nugget effect apparent in the deposit, with variances being observed between some of the prior assay results and the current assay results, both higher and lower. The coarse gold seen in the assay results correlates well with the excellent metallurgical test results, where with the use of only gravity and floatation, we were able to achieve very high recoveries in excess of 90%. This is positive news as it is likely that a lowcost, free milling processing solution can be employed if a decision to mine is made."

Highlights:

• Recent re-assaying of diamond core from the 2008 drilling program at Santa Teresa confirmed intersections of high-grade gold, including 'bonanza' grade hits – Significant intersections included:
  • 1.0m at 132.0g/t gold from 112.7m (ST-0013)
  • 1.0m at 52.8g/t gold from 20.0m (ST-0003)
  • 1.0m at 27.9g/t gold from 142.0m (ST-0026)
  • 1.0m at 24.9g/t gold from 217.0m (ST-0001)
• In addition, 37 samples were taken at surface from mullock dump material, rock chips and surface outcrop of previously unmapped veins, returning gold results up to 9.5g/t
• Mapping and sampling of rocks and soils suggests that a subsequent intrusive event has resulted in epithermal overprinting of the original orogenic / mesothermal gold system
• Initial metallurgical test work results on material from historical sample pulps indicates most of the gold is 'free milling', producing recoveries of over 90% with a simple gravity and flotation circuit

Results from re-assaying of historical drill holes and surface sampling program

Prior to commencing 2021 drilling, the Company's Mexico-based geological consultants completed a detailed review of historical drill-core for re-sampling, and also conducted a surface sampling program at Santa Teresa. These activities were undertaken to better understand the geochemistry of the Project and the correlation between veins that outcrop at surface and the veins that were intercepted at depth in in historical drilling (see Figures 1 and 2 respectively for details on the location of the diamond drilling holes that were re-sampled and the location of surface samples).

Comet has now received assay results from the re-assaying program of 22 drill-holes that were drilled in 2008. The results included a number of significant high-grade gold intersections, including 'bonanza' grades in some (note: a JORC Table 1 is provided in Appendix 3 of this press release).

Significant intersections included:

• 1.0m at 132.0g/t gold from 112.7m (ST-0013)
  
• 1.0m at 52.8g/t gold from 20.0m (ST-0003)
• 1.0m at 27.9g/t gold from 142.0m (ST-0026)
• 1.0m at 24.9g/t gold from 217.0m (ST-0001)

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