Accelerate shares up on exploration review

Shares in Accelerate Resources were up by as much as 51 per cent today after the aspiring producer announced an exploration review of its Comet gold project.

Accelerate said it had begun a geological and targeting review of Comet after fellow explorer Musgrave Minerals announced its high grade gold discovery at the Starlight prospect early last month.

Both projects are located near the town of Cue, in Western Australia.

Accelerate said the review would help identify and generate gold targets for further exploration including mapping and surface sampling scheduled for this month, followed by reverse circulation (RC) drilling.

A number of companies have explored the Comet project and surrounding area since the 1980s, with the most focused exploration undertaken by Newcrest Mining and Westgold Resources.

Accelerate managing director YaXi Zhan said previous exploration had identified numerous gold targets with limited work, using only rotary air blast (RAB) and RC drilling.

“The company is putting in place all necessary approvals to complete deeper RC Drilling of these significant gold targets,” Mr Zhan said.

Accelerate’s Comet project comprises one exploration licence, covering 37.2 square kilometres.

Accelerate shares closed up 39 per cent to trade at 3.2 cents.