11:26 AM EDT, 10/09/2024 (MT Newswires) -- Comet Lithium ( XTRRF ) reported Wednesday new and historical exploration results from its recently acquired Monarch property in northern Quebec.

Key results include 4.82 grams per tonne of gold over 4.5 meters in channel sampling, while new results include samples of up to 1.57% lithium oxide from a rock outcrop.

The company said the initial findings identified the importance of structural controls of the mineralized zones on the Monarch property.

Comet said it plans to follow up with an additional exploration program, focusing on structural geology. Following that the company will outline its future exploration plans for the project.

"We are very optimistic by the results from the Monarch property, which demonstrate significant potential for both gold and lithium mineralization," chief executive Vincent Metcalfe said. "With the identification of key target areas and new anomalies from the geophysical survey, we are well-positioned to advance further exploration and potentially unlock value at the Monarch property."

Comet shares were last seen up $0.01 to $0.29 on the TSX Venture Exchange.

Price: 0.29, Change: +0.01, Percent Change: +3.57