Comet Resources Limited announced the proposed acquisition of a new copper exploration project in NSW, Australia. The 2,375ha exploration license that covers the project area, EL8492, is located near the town of Barraba, approximately 550km north of Sydney. It sits along the Peel Fault line and encompasses the historic Gulf Creek and Murchison copper mines. The region is known to host volcanogenic massive sulphide (VMS) style mineralisation containing copper, zinc, lead and precious metals. Historical workings at Gulf Creek produced high-grade copper and zinc for a short period around the turn of the 19th century, and this area will form a key part of the initial exploration focus. Comet believes that copper is set to see an increase in demand due to the global efforts to reduce emissions from the transport network and also from generation of electricity. Copper is not only an important part of the batteries used in battery electric vehicles (BEV's), but is also used extensively in the electric motors that drive the wheels of BEVs, and is also used intensively in the generation of eletricity from renewables, such as solar and wind. The Company believes that Barraba copper project complements its existing Springdale graphite project due to their shared end uses in batteries for BEV's, and better utilises available board and management resources with the aim of driving shareholder value. The key terms for acquisition of the Barraba project: The proposed transaction allows for an acquisition of up to 100% of the Project from current registered holder Mr. Jonathan Downes, who is not a related party of the Company nor a shareholder in the Company. Comet Resources has a conditional right to acquire an 80% interest for consideration of $150,000 cash and $450,000 in shares and a commitment for the completion of a minimum drilling and exploration expenditure programme over the 18 months from date of acquisition. The minimum exploration commitment is $600,000 with a minimum of 1,250m of RC or Diamond drilling to be completed to earn the 80% interest. The Vendors are free-carried until a decision to mine has been reached at which point they contribute pro rata in a JV or dilute to a 2% royalty. Comet has the option to purchase the remaining 20% interest in the first 36 months for $2.5 million. Comet is required to raise a minimum of $2,000,000 to fund exploration as a Condition Precedent of the transaction and, if the capital raising is to be completed by way of placement, will seek shareholder approval for the issue of these shares at a general meeting to be held in the coming months. This funding will support an exploration programme including geophysics (surface and downhole) as well as targeted RC or diamond drilling. The initial phase of drilling will focus on testing for extensions of known mineralisation around historic copper-zinc lodes.