Comet claim home field on Quebec’s lithium quarry

Comet claim home field on Quebec’s lithium quarry

November 21, 2023 Off By Tom Duggan

Comet Lithium is young and still in the early exploration stage, but the Canadian junior is revved up under new leadership and exceedingly hungry to claim its share of Canadian lithium away from the ASX interlopers – with a homefield advantage.

Like many mining executives, newly appointed Comet Director and Executive Chairman Vincent Metcalfe found himself in a white-hot lithium market, and there were plenty of buyers for property, but rather than taking the easy cash and selling outright, Metcalfe and a group of others instead began looking for a new public vehicle.

They began by surveying a James Bay region now well-established as one of the world’s premier exploration fronts, and when looking at potential and relative valuation, Comet and its territory at the Trieste camp became the easy choice.

“The Trieste camp is incredibly active with Winsome, Azimut, Rio/Midland and Loyal Lithium conducting extensive exploration programs.,” Metcalfe explains.

“There are over 7 drills in the area, so a lot of action. Based on our preliminary evaluation, we see the makings of a new major Lithium camp, and unlike Patriot’s Corvette, which is controlled by one player, we think there’s a possibly Trieste could hold multiple deposits along the formation.”

Metcalfe was joined at Comet by the appropriately named Sylvain Champagne as CFO and Director and Vincent Cardin-Tremblay as VP Exploration, key cogs to shift Comet into gear into a well-oiled exploration machine.

“What is important for people to understand, is that they’re getting a team that is well oiled, that moves quickly, does the systematic work, and has good access to capital, all key ingredients to move a company forward,” he says, while giving a tip of the cap his cap to the rock man of the group.

“The 3 of us all have various capabilities, but for Comet, it’s VCT who has extensive experience around the world and great knowledge of the James Bay area, that will be the vital part of the team as we move the exploration program forward.”

Australian companies cashed up from their domestic front have certainly had their fair share of success digging into Canada’s massive lithium reserves, and Metcalfe doesn’t grudge any successes, but says Comet retains an exploration advantage on home soil.

“Obviously it is our backyard, we understand the intricacies of exploration seasonality, we have access to some of the Quebec-based funds which are great financial supporters and a non-negligible benefit in this capital-intensive business. Permitting process is also an important area we will be able to navigate well given our knowledge,” he stands.

Given its eminent location, Comet’s Liberty property was well known by market observers, but after joining Comet, Metcalfe says he was surprised at both others and his own lack of knowledge of his new company’s holdings across the region.

“Since joining Comet, we’ve been surprised that a few assets within Comet are relatively unknown to the market, or at least were to us,” he says.

“We’ll be bringing those forward fast. You will hear a lot more out of Troilus East, Triple Lithium, or Galli for example. All assets that we believe hold great value, and need additional work, all in the James Bay area.”

Lithium prices have descended since shattering all-time prices early in the decade, but Metcalfe says that lithium and copper is still where you want to be among the Canadian juniors.

“There’s appetite to support good teams that hold the capabilities to advance their programs. The market is not as healthy as it was in the early 2010’s, it’s definitely a buyers markets and now is the time to advance the projects,” he explains.

“We are preparing for the turnaround. Importantly, government Canada and Quebec are investing massively to cater to OEMs as the industry shifts to support the EV revolution. More lithium will need to be mined in Canada, that’s a given.”

A view certainly backed by a Canadian Federal Government looking to support critical minerals projects with a new C$1.5-billion-dollar fund.

Comet has recently closed on its Pontax tenements and has a permit in the palm to begin the inaugural drilling campaign over Liberty as it looks toward planning a white-hot winter for exploration in the frozen north.

“We are waiting for assays from our initial ground program, which was conducted this fall, we’ve also initiated an extensive gravity survey at Liberty,” Metcalfe says with heavy anticipation.

“Those are the missing pieces to our exploration puzzle, once in hand, we will be delineating targets and assessing the size of the program for the upcoming winter.”

“Importantly, there’s a lot of information coming out from our neighbours, it’s an incredible wealth of information that we will also be leveraging continually.”

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