Comet looking to fly again with Molyneux

THE company that sold the Ravensthorpe nickel project in Western Australia to BHP some 20 years ago for about $50 million, Comet Resources, looks to be at the start of a very interesting new juncture.
Comet looking to fly again with Molyneux Comet looking to fly again with Molyneux Comet looking to fly again with Molyneux Comet looking to fly again with Molyneux Comet looking to fly again with Molyneux

Drilling at Springdale

New board appointments in recent months suggest there could be a significant year ahead, with the recent addition of Alex Molyneux particularly noteworthy.

Former investment banker Molyneux is relatively high profile in the ASX resources sector, and he oversaw a good success last month at Galena Mining when 40% of Galena's lead project was sold to Japanese lead and zinc smelting company Toho Zinc for A$90 million.

At Comet, Molyneux and fellow recent board appointee David Prentice are involved with a graphite-graphene play.

Long-time Comet director Tony Cooper told the RIU Exploration Conference that MoUs and collaboration agreements were seen in the pipeline this year, with Comet's Springdale graphite project (near Ravensthorpe) reporting a maiden resource in December.

The beauty of Springdale is its grade and its apparent amenability to convert into graphene and/or other high value uses such as in battery anodes.

According to Cooper, graphene values can currently range from $1-50 per gram, with Comet having high-grade resources of 2.6 million tonnes grading 17.5% TGC.

Meanwhile the project's exploration upside will be further probed next week with the arrival of a drill rig.

Shares in Comet were trading at 4c this week, up from 3c earlier this month.

At 4c the company is capitalised at $9 million.

Comet, which returned $34 million to shareholders after the nickel divestment all those years ago, started 2019 with $800,000 cash.