https://www.miningweekly.com

Comet secures A$20m for gold development

16th September 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Metals explorer Comet Resources has reached a streaming agreement for up to $20-million for the development of its Santa Teresa gold project, in Mexico.

The company has inked binding documents with Raptor Capital International for the provision of a streaming facility to provide a minimum of $6-million and a maximum of $20-million in funding.

Comet said on Wednesday that the facility will become available after certain conditions precedent have been met, including taking a decision to mine at Santa Teresa.

“Finalisation of the streaming agreement with Raptor provides Comet with non-dilutive capital for the development of a mining operation at Santa Teresa,” said MD Matthew O’Kane.

“We are presently working towards upgrading the existing foreign resource estimate for the project to a Joint Ore Reserves Committee-compliant resource. Information gained from completing this resource will also assist us in planning the initial exploration activities at the project, including our first drilling programme.”

Santa Teresa lies on some 202 ha of land located in the El Alamo district and is prospective for high grade gold. In addition to the two claims of the project, two additional claims totalling a further 378 ha in the surrounding district are also being acquired by Comet.

Edited by Creamer Media Reporter

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION