Managing Director, Matthew O'KaneSource: The Market Herald
- Over the September quarter, Comet Resources (CRL) completed the acquisition of the Santa Teresa Gold Project in Baja California, Mexico
- It also completed a rock chip and geochemical sampling program at the Barraba Copper Project in New South Wales
- Once it acquired Santa Teresa, Comet completed the first JORC-compliant mineral resource estimate for the project and appointed a project manager a few days later
- Over at Barraba, an upcoming drilling program will focus on areas below and along strike from historically mined zones
- This is expected to begin in November once final permitting has been received
- During the September quarter, Comet burnt through around $350,000 with the majority going towards administration and corporate costs
- As of September 30, the company had $2.09 million in funding available, representing 4.65 quarters worth of capital to support the business in the months ahead
- Comet is down 6.82 per cent on the market and shares are currently trading for 2.1 cents each
Managing Director, Matthew O'KaneSource: The Market Herald
