Komet Files Initial Mineral Resource Technical Report for the Kabaya Prospect, (Dabia Sud property, Mali)

QUEBEC CITY, March 07, 2019 (GLOBE NEWSWIRE) — Komet Resources Inc. (TSX-V: KMT) (“Komet” or the “Company”) is pleased to announce today that a technical report, prepared in accordance with National Instrument 43–101 (“NI 43–101”), has been filed for the Kabaya Gold Resource, located in the southeastern part of the company’s Dabia Sud property, western Mali, West Africa (“the Report).

The report supports the disclosure made in Komet’s press release issued on January 21, 2019, entitled “Komet announces initial Mineral Resource Estimate for the Kabaya Prospect.”  There are no material differences in assumptions and estimates contained in the Report from those disclosed in the news release.

The report, dated March 5, 2019, is entitled “Dabia Sud Property, Kabaya Resource, NI 43–101 Technical Report, Mali” and was prepared by independent “Qualified Person” (as defined in NI 43–101) under the direction of Yann Camus, P.Eng., SGS Geological Services, Blainville, Canada. The report is available on SEDAR (www.sedar.com) and on the company’s website (kometgold.com).

Highlights of the Resource Estimate include:

  • An Indicated Resource of 3.17 million tonnes (Mt) grading 1.03 g/t for 105,000 contained gold ounces and an Inferred Resource of 0.96 Mt grading 1.14 g/t for 35,000 contained gold ounces at a cut-off grade of 0.40 g/t Au.
  • The pit constrained resource is based on optimized pit shells using a gold price of 1350 US$ and a presumed heap leach gold recovery of saprolite ore.
  • Gold mineralization at Kabaya remains open at depth in bedrock and laterally to the southwest and northwest.

Pit-constrained Indicated and Inferred Resources estimates as reported by SGS

Classification Tonnage (Mt) Au (g/t) Ounces (koz)
Indicated 3.17 1.03 105
Inferred 0.96 1.14 35
  1. Effective date for resources is January 7, 2019.
  2. The independent QP for this resource estimate is Yann Camus, Eng., SGS Canada Inc.
  3. The mineral resources are presented at a 0.4 g/t Au cut-off grade in pits.
  4. The resources are presented without dilution.
  5. Whittle pits have been utilized based on a gold value of US$1,350/oz.
  6. Mineral resources that are not mineral reserves do not have demonstrated economic viability. This disclosure does not include economic analysis of the mineral resources.
  7. No economic evaluation of the resources has been produced.
  8. This Resource Estimate has been prepared in accordance with CIM definition (2014).
  9. Density used is of 1.7 based on measurements and similar projects.
  10. Capping grade is of 30 g/t Au on original assays.

The Kabaya resource estimate is based on analytical data from trenching and several drill campaigns realized in 2012-2013-2014, 2017 and 2018. Five trenches, totalling 515 m, were realized in 2012–2013. All drilling was performed along east—west oriented lines with shallow drill holes inclined 50° to the west and consisted mainly of RC holes, totalling 12,530 m.

The independent qualified person for this Press Release, as defined by NI 43–101 guidelines, is Yann Camus P. Eng., of SGS Canada Inc. —Geological Services (“SGS Geological Services”), who has approved the technical information disclosed in this press release. The effective date of the technical report is January 7, 2019. Other scientific and technical content related to drilling in this news release is approved by Mr. Pascal van Osta, P.Geo., Vice President Exploration.

For more Information on Komet Resources Inc.:
Lucas Werner Claessens
Chief Executive Officer
Email: lw.claessens@kometgold.com
Tel: +1-647-647-2285

Investors relations:
Carl Desjardins, Relations publiques Paradox inc.
Email: carldesjardins@paradox-pr.ca
Tel: +1-514-341-0408

About Komet Resources
Komet Resources Inc. is a Canadian-based gold mining and exploration company, listed on the TSX-V, with a focus on exploration and production at its projects in Burkina Faso and Mali, West Africa.

Forward-looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains statements that may constitute “forward-looking information” or “forward-looking statements” as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Komet’s control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated resources, environmental risks (stricter regulations), unforeseen geological situations, unfavourable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Komet. The forward-looking information is based on the estimates and opinions of Komet’s management at the time of the publication of the information and Komet does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws.

Outstanding shares: 73,481,385

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