![Mansoor’s Radar: The Comet journey from Liberty to Troilus East Mansoor’s Radar: The Comet journey from Liberty to Troilus East](https://www.marketopen.com.au/wp-content/uploads/2023/07/AdobeStock_Canada_Summit_Online-1140x641.jpg)
Mansoor’s Radar: The Comet journey from Liberty to Troilus East
September 18, 2023The lithium space is looking for the next underdog to come with the right geology and run. Investors are speaking to brokers, brokers have feelers out with geologists on the ground, and geologists are looking through government data and doing spatial assessments. All are waiting and want to make a call on the next opportunity.
Australians, especially those whose day job is mining, know Moranbah, Mt Isa, the Pilbara, and Roxby Downs. For Canadian-focused TSXV-listed lithium investors, it’s Rouyn-Noranda, Route 81, Val-d’Or, Fermont, Labrador, etc., where lithium stories get discussed. In short, Quebeckers know their backyard better than Australians, and that’s where the Comet Lithium story starts.
Glimmer of multiple opportunities
Comet Lithium (TSXV: CLIC) and its Liberty deposit are exciting. It is nestled between Winsome Resources’ (ASX: WR1) Jamar outcrop on the left-hand side, Osisko (TSXV:OM) and Loyal Lithium’s (ASX: LLI) Trieste formation on the right and onto South Azimuth Exploration’s (TSXV: AZM) land package. There are many good things here: location, closeology and nearology.
Like all grassroots greenfield exploration, Comet completed the Airborne Magnetic Survey and utilised a property-scale LiDAR survey to understand the Liberty land’s topography better. Comet improved its understanding of the ground through field exploration, where the crew journeyed 536 kilometres across the property or more than 90% of the ground. The exploration program included 205 rock samples now at the lab.
MarketOpen believes the second phase was completed and part of the field exploration program, where the field crew completed soil surveys to identify drill targets.
The regional geophysics analysis suggests there is a possibility a significant east-west trending fault corridor/shear feature exists that extends from the Adina Lithium project to the east, passing through Liberty. This corridor/shear feature could control potential spodumene mineralisation. That’s where the first drill holes potentially need to go.
Comet’s works and lithium exposure program comes with a second project, Troilus East. Troilus East is an unexplored jewel, with the lithium potential combined with its already-known gold–copper presence. The company is exploring multiple options to unlock the total potential value through a better mapping understanding of granitic dykes and pegmatite veins. Its geologists believe that initial prospecting was oriented toward gold copper and did not consider pegmatites as prospective targets.
Technical discussion and Market Cap
With only ~17m shares on issue and a recent sell-down, charts & technical analysis are backed by solid fundamentals.
The current market cap is ~C$7M, among the lowest market cap of a listed company with a lithium discovery next door (Adina). There is a promising pathway for the Comet team to travel supported with solid activity coordination, multiple milestone achievements, and a re-rate, which does not seem like an outlandish suggestion.
Read the last Mansoor’s Radar: Omnia Metals makes its best bet yet
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