Other Projects

Significant portfolio of secured Comet projects.

The following projects have been earmarked by Comet for future exploration:

Cometa:  

Comet owns a number of tenements (approx. 30km2 in area) situated just west of the Orito Mining District, about 40 km SE of Vallenar. The project covers an extensive hydrothermal alteration zone with lithologies indicative of precious metal and copper mineralisation. The project has no recent history of exploration, prior to the reconnaissance work performed by Comet, which has yielded some high values for copper (up to 3.5%) and occasionally elevated iron (up to 50%).

The area is characterised by a series of magnetic anomalies lying on the contact between andesite (extrusive) and monzodiorite (intrusive) igneous bodies.

Gringa Sarco

Comet is in discussions relating to tenements covering the Sarco Gringa project, located about 60 kilometres south of Freirina. The project is situated in the old Quebradita Mining District which is a historic mining locality dating back to the nineteenth century. The tenements cover the strike extension of a known high grade copper-gold bearing structure, where reportedly the mineralised structure maintained a width of 7 meters and average grade 12% Cu, to approximately 600 metre depth (the old Socavon mine lying just to the north of the tenements).  The Company has also commenced obtaining coverage in the adjacent area, in its own right, to bring the total area covered to approximately 7 km2.

The primary target in this project is the carbonate vein/structure which hosts copper and minor gold mineralisation, is approximately four meters wide and which can be followed along strike for about one kilometre.  It is interpreted as being the upper expression of the on-strike extension the Socavon Mine.  

Plomiza:

As part of its Capote tenement package, Comet owns tenements around and to the south and east of the old Plomiza silver-lead mine, situated about 6 km north east from the old Capote gold plant. The old mine was reportedly active in the 1940’s.  The deposit is a skarn replacement body that is situated along a regional contact of andesites and fossiliferous limestones which have been almost totally replaced by silica.  It is a bulk volume target, with three mineralised zones of up to 80 metre thickness, extending over strike lengths in excess of 300 metres.  Comet sampling has yielded high grade values at surface, including average 5.08 % Pb, and 123 g/t Ag over 14.8 meters with elevated gold sections.

The old mine itself lies approximately 900 metres inside the boundary of a National Park.  This however, does not preclude the establishment of a mining operation but, naturally, environmental requirements and permitting will be very strict and potentially prolonged.  The target lithologies and structures also extend well outside of the Park, within Comet’s secured tenements.

Estrella

The Estrella project, situated to the west of the Company’s Capote tenements contains silver and gold veins that are set in the Paleozoic greenschist facies of the Coastal Cordilleria. In some cases there is a limonite – wad stockwork system associated with these veins. The area is cut by a series of basaltic dikes. The mineralisation of the Estrella property can be classified as a structurally controlled vein type epigenetic-hydrothermal base-metal mineralisation.

Yanet

Project Yanet is a single tenement (Mensura) that covers 81 hectares situated some 45 km east of Vallenar. The target on this project is a well defined zone of alteration about 30 meters across, and 400 meters long (tending North-South), hosted by a felsic granitoid which is part of a regional intrusive batholith that is part of the Cretaceous Los Morteros plutonic. The target mineral is primarily molybdenum, but reconnaissance sampling has also indicated elevated values for copper, tungsten and other metals.