the last bargain on the asx

Maybe!!!

Some very good hits in previous reports with the results from 6 recent drill holes due very soon. Share price has a support at 10c with a year high of 22c so with zinc prices holding up CRL must be a bargain basement buy.. I hold at a premium to current price & am just waiting for someone to take out the 14c sellers Eyes down.



Comet listed on the Australian Stock Exchange in 1994. The Company discovered and studied the Ravensthorpe Nickel
Project which is now part of a 2.2 billion dollar project being developed by BHP Billiton. In 2001 Comet successfully sold
its final equity to BHP Billiton and returned to Comet shareholders $32 million. Comet has a number of exciting projects
that it is currently exploring and advancing. Comet has cash assets of approximately $2.5 million, 8.7 million Ferrowest
shares 0.5 million Prosperity shares, and has approximately 68 million shares on issue.

MARCH QUARTER ACTIVITIES REPORT
Highlights
Drilling at Browns Reef Zinc Lead Project continues.
6 holes completed, result expected soon.
Metallurgical test work underway.
Environmental Oil Solutions scale up continues.
New South Wales Projects
Browns Reef Zinc Lead Project (100% Comet)
During the quarter, 6 holes were completed for 1,578m of drilling. Diamond
drilling recommenced in early March with two drill rigs. Both rigs helped increase
metre rates per day during this initial period. We are current drilling with one
Diamond rig and utilising an RC rig for pre-collars.
The drilling to date has demonstrated that the width and style of mineralisation
intercepted during this current drilling programme is consistent with late 1970’s to
mid 1980’s drilling by Electrolytic Zinc Company of Australasia Ltd (EZ). The
mineralised zone is still open along strike and at depth and current work supports
Comet’s original concept that Browns Reef has the potential to host an extensive
zone of mineralisation with a large tonnage (+50 million tonne) ore body.
Core Sample from BR0007
Comet has calculated an initial inferred resource of 20.5 Million Tonnes at 2%
Zinc (Zn), 1.1% Lead (Pb), 0.1% Copper (Cu), and 9g/t Silver (Ag) which
covers a 1 km strike length and is open along strike and at depth (Figure1 and 2).
The surface expression of mineralisation (defined by gossans, surface sampling
and auger sampling) can be traced for over 10 kms in a north-north west
direction. Table 1 lists drill hole mineralised intersections by EZ diamond drilling
and Comet’s drilling and Table 3 lists collar location’s. Best drill hole intersection
is in BR0002 from 288m with 45.3m @ 3.01% Zn, 1.71% Pb, 0.10% Cu and
8.1ppm Ag. This intersection contains 20m @ 4.95% Zn, 2.77% Pb, 0.16% Cu,
and 13.5g/t Ag from 302 metres down hole.
Table 1. Drill Hole Mineralised Intersections.
Hole From To Width Silver Copper Lead Zinc Pb+Zn
No m m m ppm % % % %
BR0001 165.0 200.4 35.4 11.5 0.2 1.33 0.83 2.2
BR0002 291.0 336.3 45.3 8.1 0.1 1.71 3.01 4.7
including
302.0 322.0 20.00 13.5 0.16 2.77 4.95 7.7
BR0003 256.0 299.3 43.3 12.7 0.13 1.17 1.88 3.1
Including
256.0 260.2 4.2 34.5 0.44 1.47 3.80 5.3
268.5 273.7 5.2 18.9 0.13 1.49 1.89 3.4
279.4 285.2 5.8 5.5 0.12 2.14 3.86 6.0
289.8 293.1 3.3 11.6 0.18 1.25 2.87 4.1
BR0003A 286.8 306.0 19.2 5.8 0.08 0.99 1.94 2.9
BR004 266.3 328.8 62.5 4.7 0.08 0.81 1.72 2.5
Including
267.5 274.0 6.4 8.4 0.12 1.77 3.52 5.3
303.6 328.8 8.8 6.7 0.12 1.41 2.87 4.3
BR0005 312.8 322.8 10 10.2 0.13 0.92 2.34 3.3
Including
315.9 320.8 4.9 14.1 0.19 1.27 3.35 4.6
340.8 380.0 39.2 8.9 0.11 0.92 2.07 3.0
Including
357.6 370.4 12.8 4.8 0.04 1.13 2.51 3.6
BR0006 161.5 177.5 16 10.3 0.18 1.06 1.83 2.9
Including
161.5 165.8 4.3 8.2 0.05 1.38 2.70 4.1
BR0007 333.0 373.0 40.0 5.8 0.17 0.70 1.50 2.2
including
359.0 363.0 4.0 12.8 0.11 1.11 3.93 5.0
369.0 373.0 4.0 13.8 0.33 1.53 3.08 4.6
BS0001 184.5 194.3 9.8 8.6 0.16 0.68 1.44 2.1
BS0001 201.4 209.2 7.8 2.7 0.2 0.52 1.11 1.6
BS0002 256.7 266.0 9.3 12.4 0.18 2.67 4.28 7.0
BS0003 286.1 298.1 12 4.7 0.12 0.42 1.25 1.7
WS0001 443.5 459.3 15.8 7.5 0.14 1.17 1.45 2.6
BR0008
Drilling of BR0008 commenced in November 2006 and reached a depth of
223.2m before the drilling was discontinued due to drill rig failure. Drilling
recommenced in early March 2007 and was completed at a final depth of
459.3m.
A continuous zone of base metal mineralisation, predominantly galena (lead
sulphide) and sphalerite (zinc sulphide) with lesser chalcopyrite (copper sulphide)
was intersected in BR008 between 265 m and 302 m. This zone correlates
reasonably well in thickness and depth with the mineralisation reported in
BR0002. Additional narrower mineralised zones were intersected both above
and below this main interval. Samples have been submitted, with final results
expected in May.
Core sample from BR0008
BR0009
BR0009 was commenced in late March 2007 and has just been completed at a
depth of 546m. This hole is testing for the continuation of mineralisation at depth
beneath BR0005. A transmitting electrode has been lowered into BR0009 to
conduct a radial induced polarisation survey (RIP) designed to provide a 3D
representation of the mineralisation to assist in future drill programmes. The RIP
survey is planned to commence in May.
BR0009 will be logged and sampled during this quater.
BR0011.
BR0011 commenced 20 January 2007 and was completed on 22 March 2007 at
261.2m Geological logging indicates that the hole contains chalcopyrite, galena
and sphalerite mineralisation.
An electrode has been placed in this drill hole for the RIP survey. This hole has
been logged and sampled with results expected in May.
Comets shed at the Brown Reef Zinc Lead Project at Lake Cargelligo
Metallurgical Samples
Two metallurgical samples were prepared for test work. The samples have been
composited to represent a lower grade and higher grade ore type for extraction
test work. Head grades for these composite samples, when compared to the
original interval results, showed an increase in grade form 1.6% Zn to 1.8% Zn
for the lower grade sample and 3.8% Zn to 4.3% Zn for the higher grade sample.

Recent Diamond Drillhole
CBDD001
40m @ 1.51% Zn, 0.7% Pb,
0.17% Cu, 5.8g/t Ag
Drillhole in Progress

ACN 88 060 628 202
Level 9 , 190 St Georges Tce
Perth
Western Australia 6000
PO Box 7761 Cloisters Square
Western Australia 6850
Telephone: (08) 9322 5330
Facsimile: (08) 9322 5988
email:
[email protected]
30 April 2007
The Company Announcements Office
Australian Stock Exchange Limited
4th Floor
20 Bridge Street
SYDNEY NSW 2000
Dear Sir/Madam
MARCH QUARTER ACTIVITIES REPORT
Highlights
Drilling at Browns Reef Zinc Lead Project continues.
6 holes completed, result expected soon.
Metallurgical test work underway.
Environmental Oil Solutions scale up continues.
New South Wales Projects
Browns Reef Zinc Lead Project (100% Comet)
During the quarter, 6 holes were completed for 1,578m of drilling. Diamond
drilling recommenced in early March with two drill rigs. Both rigs helped increase
metre rates per day during this initial period. We are current drilling with one
Diamond rig and utilising an RC rig for pre-collars.
The drilling to date has demonstrated that the width and style of mineralisation
intercepted during this current drilling programme is consistent with late 1970’s to
mid 1980’s drilling by Electrolytic Zinc Company of Australasia Ltd (EZ). The
mineralised zone is still open along strike and at depth and current work supports
Comet’s original concept that Browns Reef has the potential to host an extensive
zone of mineralisation with a large tonnage (+50 million tonne) ore body.
Core Sample from BR0007
Comet has calculated an initial inferred resource of 20.5 Million Tonnes at 2%
Zinc (Zn), 1.1% Lead (Pb), 0.1% Copper (Cu), and 9g/t Silver (Ag) which
covers a 1 km strike length and is open along strike and at depth (Figure1 and 2).
The surface expression of mineralisation (defined by gossans, surface sampling
and auger sampling) can be traced for over 10 kms in a north-north west
direction. Table 1 lists drill hole mineralised intersections by EZ diamond drilling
and Comet’s drilling and Table 3 lists collar location’s. Best drill hole intersection
is in BR0002 from 288m with 45.3m @ 3.01% Zn, 1.71% Pb, 0.10% Cu and
8.1ppm Ag. This intersection contains 20m @ 4.95% Zn, 2.77% Pb, 0.16% Cu,
and 13.5g/t Ag from 302 metres down hole.
Table 1. Drill Hole Mineralised Intersections.
Hole From To Width Silver Copper Lead Zinc Pb+Zn
No m m m ppm % % % %
BR0001 165.0 200.4 35.4 11.5 0.2 1.33 0.83 2.2
BR0002 291.0 336.3 45.3 8.1 0.1 1.71 3.01 4.7
including
302.0 322.0 20.00 13.5 0.16 2.77 4.95 7.7
BR0003 256.0 299.3 43.3 12.7 0.13 1.17 1.88 3.1
Including
256.0 260.2 4.2 34.5 0.44 1.47 3.80 5.3
268.5 273.7 5.2 18.9 0.13 1.49 1.89 3.4
279.4 285.2 5.8 5.5 0.12 2.14 3.86 6.0
289.8 293.1 3.3 11.6 0.18 1.25 2.87 4.1
BR0003A 286.8 306.0 19.2 5.8 0.08 0.99 1.94 2.9
BR004 266.3 328.8 62.5 4.7 0.08 0.81 1.72 2.5
Including
267.5 274.0 6.4 8.4 0.12 1.77 3.52 5.3
303.6 328.8 8.8 6.7 0.12 1.41 2.87 4.3
BR0005 312.8 322.8 10 10.2 0.13 0.92 2.34 3.3
Including
315.9 320.8 4.9 14.1 0.19 1.27 3.35 4.6
340.8 380.0 39.2 8.9 0.11 0.92 2.07 3.0
Including
357.6 370.4 12.8 4.8 0.04 1.13 2.51 3.6
BR0006 161.5 177.5 16 10.3 0.18 1.06 1.83 2.9
Including
161.5 165.8 4.3 8.2 0.05 1.38 2.70 4.1
BR0007 333.0 373.0 40.0 5.8 0.17 0.70 1.50 2.2
including
359.0 363.0 4.0 12.8 0.11 1.11 3.93 5.0
369.0 373.0 4.0 13.8 0.33 1.53 3.08 4.6
BS0001 184.5 194.3 9.8 8.6 0.16 0.68 1.44 2.1
BS0001 201.4 209.2 7.8 2.7 0.2 0.52 1.11 1.6
BS0002 256.7 266.0 9.3 12.4 0.18 2.67 4.28 7.0
BS0003 286.1 298.1 12 4.7 0.12 0.42 1.25 1.7
WS0001 443.5 459.3 15.8 7.5 0.14 1.17 1.45 2.6
BR0008
Drilling of BR0008 commenced in November 2006 and reached a depth of
223.2m before the drilling was discontinued due to drill rig failure. Drilling
recommenced in early March 2007 and was completed at a final depth of
459.3m.
A continuous zone of base metal mineralisation, predominantly galena (lead
sulphide) and sphalerite (zinc sulphide) with lesser chalcopyrite (copper sulphide)
was intersected in BR008 between 265 m and 302 m. This zone correlates
reasonably well in thickness and depth with the mineralisation reported in
BR0002. Additional narrower mineralised zones were intersected both above
and below this main interval. Samples have been submitted, with final results
expected in May.
Core sample from BR0008
BR0009
BR0009 was commenced in late March 2007 and has just been completed at a
depth of 546m. This hole is testing for the continuation of mineralisation at depth
beneath BR0005. A transmitting electrode has been lowered into BR0009 to
conduct a radial induced polarisation survey (RIP) designed to provide a 3D
representation of the mineralisation to assist in future drill programmes. The RIP
survey is planned to commence in May.
BR0009 will be logged and sampled during this quater.
BR0011.
BR0011 commenced 20 January 2007 and was completed on 22 March 2007 at
261.2m Geological logging indicates that the hole contains chalcopyrite, galena
and sphalerite mineralisation.
An electrode has been placed in this drill hole for the RIP survey. This hole has
been logged and sampled with results expected in May.
Comets shed at the Brown Reef Zinc Lead Project at Lake Cargelligo
Metallurgical Samples
Two metallurgical samples were prepared for test work. The samples have been
composited to represent a lower grade and higher grade ore type for extraction
test work. Head grades for these composite samples, when compared to the
original interval results, showed an increase in grade form 1.6% Zn to 1.8% Zn
for the lower grade sample and 3.8% Zn to 4.3% Zn for the higher grade sample.
Grade’s of the 2 metallurgical composites are listed in Table 2.
Table 2. Head Grade for Metallurgical Samples.
Element Symbol UNIT BR MET 01
Low Grade
BR MET 02
High Grade
SILVER Ag ppm 10 20
ARSENIC As ppm 20 90
COPPER Cu ppm 906 2456
IRON Fe % 8.09 10.2
LEAD Pb % 0.84 1.96
SULPHUR S % 1.81 6.25
ZINC Zn % 1.82 4.30
BR0010, BR0012, and BR0013
3 RC holes were drilled to test for supergene and transition zone mineralisation
at the Browns Reef Zinc Lead Project. Two of these holes had diamond tails to
confirm geology and location in the sequence. All holes intercepted
mineralisation and showed that copper can be enriched in the weathered zone.
Final results for this work is expected in May and further work is planned to test if
these zone extend to surface and present an opencut opportunity
Table 3. Collar Location Table
Hole Easting Northing RL Azimuth Dip Depth
No (m) (m) (m) Deg Deg (m)
BR0001 437,144 6,312,667 1000 69 -55 239.72
BR0002 437,082 6,312,656 1000 71 -66 339.1
BR0003 437,148 6,312,513 1000 71 -65 336.8
BR0003A 437,148 6,312,513 1000 71 -65 313.5
BR0004 437,043 6,312,802 1000 71 -66 331.8
BR0005 437,064 6,312,654 1000 71 -75 450
BR0006 436,976 6,313,146 1000 71 -55 262
BR0007 437,087 6,312,610 1000 71 -65 405
BR0008 437,074 6,312,705 1000 71 -60 459.3
BR0009 436,984 6,312,638 1000 71 -68 546
BR0010 437,040 6,313,106 1000 71 -60 150
BR0011 437,948 6,313,093 1000 71 -60 261.2
BR0012 437,139 6,312,821 1000 71 -60 196.2
BR0013 437,247 6,312,537 1000 71 -60 188.8
BS0001 437,712 6,311,022 1000 71 -65 259
BS0002 437,569 6,311,900 1000 240 -73 454.5
BS0003 437,566 6,312,304 1000 251 -43 387.5
WS0001 436,072 6,314,907 1000 49.5 -65 516.4
Starfield Project (100% Comet)
The Starfield Project is Located in the southeast portion of the Lachlan Fold Belt
(approximately 350km west south west from Sydney) and contains an attractive
porphyry copper gold deposit environment (large, low-grade, multi-million tonne
deposits). Host rocks are chemically similar to copper-gold porphyry deposit host
sequences in the Parkes district of NSW. Previous explorers in the north of the
tenement have defined Cu-Au mineralisation with supergene enrichment,
producing copper and gold grades over true widths of 15-20m at approximately
0.4% Cu and 0.4g/t Au. Drilling by previous explorers have intersected
mineralisation at vertical depths of up to 200m, although grades are similar to
that near-surface and true widths decreased (<10m).
Several target have been generated.
1. Drilling for Cu-Au mineralisation in the south of the tenement area is limited
and one of the most significant fresh rock, gold (0.72g/t) and % Cu equiv (0.66%)
intercepts was recorded in this area. The area is covered by shallow transported
cover. In addition, the area hosts a strong stream sediment BLEG anomaly and
strong Induced Polarisation responses (geophysical method to detect sulphides).
2. The tenement contains minor podiform Cr deposits within a layered ultramafic
body, but there is no evidence of examination for platinum group elements.
3. Magnetite/sulphide facies BIF’s containing up to 40% sulphides and described
as Limonite at outcrop locations, have been noted within the tenement. The
prospectivity of these units for Au mineralisation, or as an Iron oxide resource,
has not been investigated.
Outcrop of massive Limonite/Haematite (iron oxide) rock at the Starfield
Project.
Western Australia
Utopia Project (100% Comet).
The Utopia project has been joint ventured to Sipa Gold Ltd (Sipa) and has had
it’s name change to the Woodline Gold and Basemetals Project. The main
highlights are:
• Data was received from a Hoistem electromagnetic survey flown in
January and preliminary interpretation has identified a number of
‘conductive’ and ‘resistive’ anomalies, some associated with known
outcropping alteration/mineralisation and some in areas of sand cover.
• A number of new gold-in-calcrete geochemical anomalies have been
identified.
• A suitable Reverse Circulation drill rig is being sought to test outcropping
gold-bearing lodes and gossans and Hoistem anomalies in the Greater
Socrates area, and a RAB/Aircore rig is being sought to test numerous
gold-in-calcrete anomalies.
The information in the report to which this statement is attached relates to Exploration Results, Mineral Resources or Ore
Reserves compiled by Mr. A Cooper, who is a Member of The Australian Institute of Mining and Metallurgy, with over 20
years experience in the mining industry. Mr. Cooper has sufficient experience, which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity, which he is undertaking to qualify as a
Competent Person as defined in the 2004 edition of the “Australian Code for Reporting of Mineral Resources and Ore
reserves”. Mr Cooper consents to the inclusion in the report of the matters based on his information in the form and
context in which it appears.
Environmental Oil Solutions (EOS) (A wholly owned subsidiary of Comet
Resources Limited)
Comet is researching of a cheaper and more effective ways of treating waste oil
in storage tanks than presently practiced by the oil industries.
The physical and chemical characteristics of waste oil are dependent on the
geologic source of the oil and subsequent industrial treatment. These
characteristics will vary from one storage tank to other. Consequently, the target
has been to develop a robust set of treatment plans and techniques flexible
enough to be applied to any stored waste oil irrespective of its characteristics.
During the quarter, several tests were carried out using 3 litres vessel containing
waxy waste oils. These tests confirmed that EOS’s proprietary formulation
significantly improved the “pumpability” of the waste oils. Analysis of these tests
confirmed that the EOS formula “Bio-Tankclean” is causing a reduction in volume
of the mid-range hydrocarbons. This range of hydrocarbons is solid at room
temperature so their reduction helps to significantly improve the flow of the waxy
waste oils.
Work has commenced on scale up with using 200l vessels. Initial results are
encouraging but several technical and operational issues have been identified.
Test work will continue at this scale to resolve these issues in preparation of
increasing to 500l containers in the next quarter.
Two patents are being prepared to be filed. These patents are to secure
protection for discovery’s made during the
The R and D Contract with Flinders University have been extended.
Waxy Waste Oil in a 200 Litre Container before Treatment.
Treated Waxy Waste Oil in a 200 Litre Container.
For further information please contact.
Mr. Tony Cooper/Roj Jones
Comet Resources Limited
Tel 08.9322 5330
Fax 08.9322 5988
Email [email protected]
Web Page www.cometres.com.au
Comet listed on the Australian Stock Exchange in 1994. The Company discovered and studied the Ravensthorpe Nickel
Project which is now part of a 2.2 billion dollar project being developed by BHP Billiton. In 2001 Comet successfully sold
its final equity to BHP Billiton and returned to Comet shareholders $32 million. Comet has a number of exciting projects
that it is currently exploring and advancing. Comet has cash assets of approximately $2.5 million, 8.7 million Ferrowest
shares 0.5 million Prosperity shares, and has approximately 68 million shares on issue.
Sydney
Canberra
N.S.W.
Parkes
West Wyalong
GEOCAD (WA) Pty Ltd PATH ...NSW_projects\browns_reef\br_epl_update.dgn April 07
FIGURE 1
KILOMETRES
GDA Zone 55
0 1 2
N
(Comet Resources 100%)
Lake
Cargelligo
Browns Reef Project
33°30'00"S
33°20'00"S
EL6321
Existing Mineralised Zone and Potential Zones
To Hillston
To Griffith
Fault
To West
Wyalong
146°15'00"E 146°20'00"E
33°15'00"S
146°25'00"E
33°20'00"S
(Comet Resources 100%)
Lake Cargelligo
Area of
Resource
3
Shallow Drilling Zn, Pb
Geochemical Anomaly
Interpreted
Zn, Pb Zone
Interpreted
Zn, Pb Zone
EL6657
FIGURE 2
Browns Reef Project
Preston Beds Longitudinal Section
S N
Vertical Scale
Horizontal Scale
0 100m
100m
BS3
BR1
BR4
BR6
BR3A
BR2
BR5
BR3
10m @ 2.34% Zn, 0.92% Pb,
0.13% Cu, 10.2ppm Ag
and
39m @ 2.07% Zn, 0.92% Pb,
0.11% Cu, 8.9ppm Ag
45m @ 3.01% Zn, 1.71% Pb,
0.10% Cu, 8.1ppm Ag
43m @ 1.88% Zn, 1.17% Pb,
0.13% Cu, 12.7ppm Ag
19m @ 1.94% Zn, 0.99% Pb,
0.08% Cu, 5.8ppm Ag
16m @ 1.83% Zn, 1.06% Pb,
0.18% Cu, 10.3ppm Ag
62m @ 1.72% Zn, 0.81% Pb,
0.08% Cu, 4.7ppm Ag
35m @ 0.83% Zn, 1.33% Pb,
0.20% Cu, 11.5ppm Ag
12m @ 1.25% Zn, 0.42% Pb,
0.12% Cu, 4.7ppm Ag
1 KILOMETRE
Nominal Surface 1,000mRL
900mRL
800mRL
700mRL
600mRL
6,000N 6,250N 6,500N 6,750N
LEGEND
Previous Drillhole
GEOCAD (WA) Pty Ltd PATH...nsw_projects\brown_reef\pb_lgsec-a4_zoom_mar07.dgn March 07
Recent Diamond Drillhole
CBDD001
40m @ 1.51% Zn, 0.7% Pb,
0.17% Cu, 5.8g/t Ag
Drillhole in Progress