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Comet Resources hits high grade Mexican gold

ASX-listed Comet Resources could be about to dust off the maracas after assays from an eight-hole, 2,250 metre drilling program completed at its Santa Teresa Gold project in Baja California, Mexico delivered a suite of high-grade gold hits. The results returned some bonanza grade intersections including 1.2m grading 63.2 grams per tonne gold from 124.8m with an inside hit of 0.7m hit going 27.5 g/t gold from 140.9m.

The company says its recent assay results confirm the continuity of mineralisation to the south east of the Santa Teresa project area with at least 140m of strike extension and 80m at depth. According to Comet, the assays validate historical mineralisation to the north west and indicate high-grade gold values from an approximate depth of 260m.

Other notable intersections included 1.6m going 31g/t gold from 239.8m and 1m grading 26.9g/t gold from 91.9m. Comet plans to feed the latest drilling results into its resource model to determine if a new mineral resource estimate is required.

The Santa Teresa Gold project is a two-course menu of mineral claims that covers about 200 hectares of land in the well-endowed El Alamo district around 100km south east of Ensenada, Baja California, Mexico and 250 km southeast of San Diego, California, USA.

Comet appears to have a plan in mind with its latest round of drilling, earmarking three key objectives for its eight-hole surgery of Santa Teresa.

The company says half of the eight holes sunk into the sun-baked Mexican sand were aimed at verifying the continuity of mineralised structures, south east of an area discovered by previous explorers over a decade ago.

It plunged in another three holes attempting to validate the continuity of the best results from the previous explorer’s drill program and says the best results from its latest round of drilling came courtesy of this trio of holes.

The remaining hole punched into Comet’s Santa Teresa tenure was aimed at testing a magnetic anomaly in the Northwest area of the company’s landholdings. The dome shaped anomaly was found during a small-scale surface geophysics program completed prior to its latest drilling campaign and the company quickly circled back to test the objects mineralisation.

Comet also has its head down pursuing exploration ambitions on the home front seeking to become one of the country’s first producers of high-value graphite products. The company recently vended-out its Springdale graphite project to International Graphite, an Australian manufacturer of processed graphite components whilst maintaining a 25 per cent stake in the venture.

International Graphite plans to list on the ASX early next year.

With gold continuing to trade at profitable levels and Comet managing to tease out a number of precious metal treats from its Santa Teresa Pinata, the company could be set for something of a fiesta come next year, particularly if its graphite venture picks up steam.

Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au

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