Exploration drilling works are planned to commence upon completion of proposed Mount Margaret Copper Mine transaction
Barraba Copper Project now Permitted for Drilling. (Credit: Khusen Rustamov from Pixabay)
Comet Resources Ltd (Comet or the Company) (ASX:CRL) is pleased to announce that the
Barraba Copper Project (Barraba or The Project) located in New South Wales (NSW) on
EL8492 has received regulatory approval from the NSW Resources Regulator to commence exploration works including drilling. The permitting of exploration works follows the successful resolution of an action at the National Native Title Tribunal earlier this year, which provided access to areas of Barraba that lie on Crown Land and are subject to a Native Title claim.
The exploration permit provides the Company with access to commence drilling around the historic Gulf Creek Mine located at the Project. The initial seven hole diamond drilling program is designed to intercept these historic lodes along strike and at depth from the historical underground workings.
Several site visits have recently been conducted, including with a drilling services contractor, to plan access routes and sites for the drill pads that minimise the need for clearing of bush and vegetation, and limit any earthworks required for positioning of the drill rigs to conduct the drilling.
Upon completion of the proposed acquisition of the Mount Margaret Copper Mine (Mount Margaret) from Glencore plc (Glencore) funding will be available to commence the planned exploration activities at Barraba. Further information on timing for commencement of drilling will be provided at that stage.
Since the Company’s announcement on 14 July 2022 outlining discussions that were in process with Glencore to improve the transaction structure of the Mount Margaret acquisition we have continued to work with both Glencore and the ASX to reach a final agreement that we can announce to shareholders. We hope to be able to update shareholders on that matter in the near term and appreciate your patience in the interim.
Source: Company Press Release