Over the past years Comet has secured tenements in the Company’s own right, together with several local option agreements, over a diverse group of high potential mineral exploration projects (copper, base metal, gold and silver) located in the Coastal Cordillera of North Central Chile.
This is a region endowed with enormous mineral wealth, with mines in the area including La Copia, the world’s most productive silver mine coupled with many of the world’s largest (IOCG) deposits, such as Candelaria (700 Mt at 0.95% Cu + .23g/t Au), Manto Verde (120 Mt at 0.72% Cu) and Punte del Cobre (200 Mt at 3% Cu). It is also a region with relative ease of access with proximity to population centres and infrastructure, including treatment facilities (privately and Government owned).
The perceived complex mineral claims situation in this accessible and climatically hospitable Coastal Cordillera, with many small holdings, has effectively deterred the major mining companies from dominating exploration of this belt. Comet has benefited from Mr Harry Floyd’s 25 years of experience in this belt, his knowledge of virtually every project in the area and his patience and tenacity in picking up key exploration projects when they became available. Comet has to this extent stolen the march on the major companies or, indeed, those junior companies with less experience, patience and local knowledge in this area.
Comet has now progressed a large number of its original applications through to a form of tenement (mensura) which provides the holder with rights in perpetuity, as long as annual tenement fees are paid. Holding of these tenements does not require minimum annual expenditure commitments for tenure to be maintained, unlike in many other prime exploration regions around the world. The Company therefore has the ability to focus on specific projects and goals, whilst maintaining a ‘portfolio’ of targets which can be followed up as part of longer term planning.
Comet’s projects are not considered “grass roots” as the geology is largely well exposed, has been mapped and all the prospects have old mine workings on them. Furthermore, Comet has undertaken an initial program of geologically controlled channel sampling on all of them, returning potentially economic results.
The projects owned by Comet are currently categorised as follows:
|CAPOTE:||High grade gold vein systems and stockworks (numerous targets)|
|GARIN:||Large tonnage copper porphyry style, multiple other smaller mineralised targets|
|SARUCA:||Potential for bulk volume IOCG style similar to nearby Candelaria Mine|
|COMETA:||Large tonnage IOCG or copper porphyry style.|
|Plomiza:||Large silver/lead project targeting three flat mineralised zones (up to 80m thick).|
|Yanet:||Close to Teck’s Relincho project (3.2 MT Cu in indicated resource).|
|Estrella:||Regional target area with historic high grade silver mines.|
|Farellon:||High grade copper veins, currently in production, selling ore to the Chilean State treatment facility (Enami)|
|Maria Luisa:||High grade gold and copper veins, previously in production and targeted for development within the next 12 months|