GRAPHITE-focussed Australian exploration company Comet Resources plans to add a copper project in NSW to its portfolio.
The Barraba copper project, named after the nearest town, is 550km north of Sydney, and its exploration licence covers 2375ha in a region known to host volcanic-style mineralisation containing copper, zinc and precious metals.
Comet Resources managing director Matthew O’Kane said the Barraba project hosts several drill ready targets and is in a prospective location.
“We will be working hard to be in a position to test the project’s prospectivity as soon as possible after completion,” he said.
The company believes the Barraba copper project complements its existing Springdale graphite project near Hopetoun in WA, due to the minerals sharing end uses in batteries for electric vehicles.
Comet is to acquire an 80pc share in the Barraba copper project from current owner Jonathan Downes for $150,000 cash and $450,000 Comet shares and it has the option to acquire the remaining 20pc stake for $2.5m.
The company is to raise $2m to fund exploration drilling of the Barraba project.