Highlights:

• Assays from the drilling program completed at the Santa Teresa Gold Project in Mexico in Q3 2021 deliver multiple high-grade intersections, including ‘bonanza’ grades
• Significant intersections include:

–    STDDH-21-006:

• 1.2m at 63.2 g/t gold from 124.8m; and
  • 0.7m at 27.5 g/t gold from 140.9m

–    STDDH-21-007: 1.6m at 31.0 g/t gold from 239.8m

–    STDDH-21-001: 1.0m at 26.9 g/t gold from 91.9m

• The results from the drilling will now be incorporated into resource modelling

Comet Resources Ltd (Comet or the Company) (ASX:CRL) is pleased to announce assay results from the Phase-1 Diamond Drill Program at the Santa Teresa Gold Project (Santa Teresa or the Project) located in Baja California, Mexico, including ‘bonanza’ gold grade intersections.

Eight holes were drilled during the program, totaling 2,250 meters, varying in completion depth from 212.5 to 392.4 meters. Figure 1 (below) shows the locations, depth, azimuth, dip and the zone of the Project where the holes were drilled.

Figure 1: Drill-hole location, depth, azimuth and dip data

Four holes of this drill program were planned to verify the continuity of the mineralised structures to the South East of the area explored by Grupo Alamo in 2008.

A further three drill-holes were planned to prove the continuity of the best results obtained for Grupo El Alamo in its drill program carried out in 2008 in the North Western portion of company´s mining concessions. The most significant results of the program were returned from these drill-holes.

One drill-hole tested a magnetic semi-circular anomaly located in the Northwest portion of the mining concessions controlled by Comet. This anomaly was identified during a small-scale surface geophysics exercise conducted prior to the commencement of the drilling program.

2021 Diamond Drilling Program:

490 drill core samples were collected from the eight holes drilled during the drilling program at the Santa Teresa Gold Project. Logging, sampling, packaging and transportation to the laboratory followed standard industry protocols under the supervision of Minera Cascabel SA de CV, a Hermosillo, Sonora-based geological consultancy.

Core samples were assayed at ALS Global, a worldwide certified analytical services company. Samples were prepared in the ALS Global branch in Hermosillo, Sonora, Mexico and pulps were sent to Vancouver, Canada. Samples were analyzed by standard fire assay and re-assayed by the gravimetric method for the samples that assayed higher than 10g/t from the initial assaying. Pulps were also analyzed by 35-elements (ICP).

Assay results confirm the continuity of mineralisation to the South East with at least 140 meters of strike extension and 80 meters at depth. The key assay results from the 4 drill-holes testing this extension to the South East are detailed in Figure 2 above, for drill holes STDDH-21-004 and STDDH-21-001, and also in and in Table 1 below.

To the North West the mineralisation identified in the 2008 drilling program was confirmed, with excellent assays that indicate high-grade gold values down to 260m depth. Visible gold was observed in some fragments of drill core from this area of the Project. The projection of the structures to surface show that the veins are high angle structures dipping at close to 90°. The key assays results obtained from the drilling program in this area are also detailed in Figure 2 above and in and in Table 1 below

A core sample taken from STDDH-21-006, of 0.50m at 10.65g/t gold at 258.5m depth, was sent to a laboratory at the University of Hermosillo for petrographic and mineralogical studies which showed that the rock is metamorphic, strongly foliated, and originated from a granitoid protolith (protomilonite) with small quartz-feldspar bands and sub-parallel milky quartz with visible gold particles. Studies suggest this is consistent with mineralisation of the “shear zone type” or orogenic origin.

Mineralisation is associated with white quartz veining of a few centimeters width, up to veins of 1.0m width, always associated with moderate to strong foliation and fine pyrrhotite-pyrite in quartz, foliation planes and disseminated. In general, the mineralisation is hosted in shear zones formed by regional metamorphism or lateral faulting. Structures are single veins, sub- parallel veins and quartz veining.

The results from the drilling program are now being incorporated into the resource modelling for the Project to determine if a new Mineral Resource estimate is required. If a new JORC compliant Mineral Resource estimate for the Project is developed it will be released at that time.

This announcement has been authorised by the Board of Comet Resources Limited

For further information please contact:

MATTHEW O’KANE
Managing Director
T: (08) 6489 1600
[email protected]
cometres.com.au
Suite 9, 330 Churchill Avenue Subiaco WA 6008
PO Box 866 Subiaco WA 6904

Original Article: https://mcusercontent.com/2fca36b6963d9ac563567f99e/files/b6503585-89ad-df92-ffdc-e8abb8d14532/Santa_Teresa_Drilling_Results.pdf