- Comet Resources (CRL) confirms historic “high-grade” gold at its Santa Teresa Gold Project in Mexico following re-assaying
- To better understand the geochemistry of the project, geological consultants reviewed historical drill-core for resampling
- The results reportedly confirm historic “bonanza” grades with intersections of up to 132 grams of gold per tonne over one metre
- A soil surface sampling program was also undertaken with results of 9.5 g/t and, the company concluded that the most of the gold is ‘free milling’
- Shares are trading 2.63 per cent higher at 2 cents apiece at 2:09 pm AEST
Comet Resources (CRL) has confirmed historic “high-grade” gold at its Santa Teresa Gold Project in Mexico following re-assaying.
In an attempt to better understand the geochemistry of the project, the company’s geological consultants completed a detailed review of historical drill-core for re-sampling and conducted a surface sampling program.
The work sought to investigate the correlation between veins that outcrop at surface and the veins that were intercepted at depth in historical drilling.
The re-assaying was of diamond core from a drilling program in 2008 which reportedly had intersections of very high-grade material.
CRL said the re-assay confirmed the grades, including ‘bonanza’ grade hits which included up to 132 grams per tonne of gold (g/t) for one metre, from 112.7 metres downhole.
Additionally, 37 samples were taken at surface from mullock dump material, rock chips and surface outcrop of previously unmapped veins, returning gold results up to 9.5g/t.
From the mapping and sampling work, the company said there were indications of a subsequent intrusive event which had resulted in epithermal overprinting of the original gold system.
Comet Managing Director Matthew O’Kane commented on the work conducted and the coarse gold nugget effect apparent in the deposit that was different to some of the prior assay results.
“The coarse gold seen in the assay results correlates well with the excellent metallurgical test results, where with the use of only gravity and floatation, we were able to achieve very high recoveries in excess of 90 per cent,” he said.
“This is positive news as it is likely that a low-cost, free milling processing solution can be employed if a decision to mine is made.”
According to the company, this particular find is considered important in the planning of future drilling and metallurgical test work programs.
Shares were trading 2.63 per cent higher at 2 cents apiece at 2:09 pm AEST.