CRL - Comet Resources

[springhill]

In the entire last quarter, CRL have not released one single announcement.
It seems they are exporing for manganese at the Kerr's Creek Project in NSW.

MC $3m
Shares on Issue 70.7m
High/Low 6c/3.6c
Cash on Hand $2m
Expenses this quarter $166k

Drilling at the project (31 holes for 1,642m) intercepted best results of 4m @9.9%Mn from 54m.
I'm not sure what grades constitute a viable Mn project, so if anyone can help with that i'd appreciate it.
Nearly at cash value.
They also seem to have the Murrumbateman Gold Project where rock chip samples from surface returned 0.5ppm Au.

 

[noie]

In the entire last quarter, CRL have not released one single announcement.
It seems they are exporing for manganese at the Kerr's Creek Project in NSW.

MC $3m
Shares on Issue 70.7m
High/Low 6c/3.6c
Cash on Hand $2m
Expenses this quarter $166k

Drilling at the project (31 holes for 1,642m) intercepted best results of 4m @9.9%Mn from 54m.
I'm not sure what grades constitute a viable Mn project, so if anyone can help with that i'd appreciate it.
Nearly at cash value.
They also seem to have the Murrumbateman Gold Project where rock chip samples from surface returned 0.5ppm Au.

I am not massive on a lot of actual acceptable drilling ratios, but do know a little about geology

Element	Abundance percent by weight	Abundance parts per million by weight
Oxygen		46.1%				461,000
Silicon		28.2%				282,000
Aluminum	8.23%				82,300
Iron		5.63%				56,300
Calcium		4.15%				41,500
Sodium		2.36%				23,600
Magnesium	2.33%				23,300
Potassium	2.09%				20,900
Titanium	0.565%				5,650
Hydrogen	0.14%				1,400

So 9.9 looks ok

 

[greggles]

An update on Comet Resources eight years later. They are currently exploring the Springdale Graphite Project in Western Australia, which was discovered in March 2016.

In September 2017 the company conducted a 220 sq km detailed aeromagnetic survey over the project. Interpretation of this survey delineated 26 kilometres of stratigraphy deemed to be prospective for graphite mineralisation (currently less than 20% of which is drill-tested). 93 shallow, reconnaissance style, RC holes were drilled between December 2017 and February 2018 for a total of 5320 metres. Over half the drilling intersected graphitic horizons. The standout result has been the discovery of the Northern Zone with its near-surface, shallow dipping and high-grade graphite mineralisation.

Following the commencement of diamond drilling in October the share price rose steadily from 5c to reach a high of 14.5c in early January 2018. It has since declined to 4c, with a small bounce today back to 5c after the company announced that it has raised $940,000 by issuing 23,500,000 shares at 4c per share.

Market cap is around $10 million with approximately 200,000,000 shares on issue.

 

[System]

CRL was removed from the ASX's Official List on 31 January 2024.