Komet Announces Acquisition of Waconichi Base Metal Property, Chibougamau, Quebec
September 01 2020 - 7:00AM
Komet Resources Inc. (“Komet” or
the
“Corporation”) (
TSX-V :
KMT) is pleased to announce it has acquired, through map
staking, the Waconichi base metal property, located 40 km northeast
of the mining town of Chibougamau in the northern part of the
Abitibi greenstone belt, Eeyou Istchee, Quebec. The property
comprises 260 map-staked claims covering a surface area of 14,297
hectares (143 sq. km) and is accessible by an all-season bush road
from Chibougamau.
The property was acquired because it includes
numerous historical base metal (Zn-Pb-Ag) showings and volcanic
geology that is favorable for the discovery of volcanogenic massive
sulfide (VMS) deposits. The area was explored intermittently
in the last 50 years and previous work outlined 18 surface showings
of zinc-lead-silver or copper mineralization with reported values
of up to 9% Zn+Pb in grab samples. Government records indicate a
total of only 88 shallow (less than 200 m) historical drill holes
on the entire property, mostly around surface showings, with no
record of systematic exploration for VMS deposits. Numerous short
intervals (less than 4 metres) grading from 0.75-3.1 % Zn were
recorded. The property also includes numerous surface showings of
massive to semi-massive pyrite, indicative of abundant volcanogenic
exhalative activity.
A more recent (2014) airborne geophysical survey
(MAG-TDEM) revealed over 180 conductor axes on the property, the
longest being continuous for about 19,000 meters. The longest
conductors correlate to near-surface graphitic and massive pyrite
horizons (exhalative units) and include some of the base metal
showings. The vast majority of conductors, however, remain untested
by drilling.
Mr. Robert Wares, Chairman and interim President
of Komet, commented, “We are very pleased to have successfully
acquired the Waconichi property in the Chibougamau region of
Quebec. Along with the recently announced option to acquire a
majority interest Osisko Metals’ Brunswick Belt property, Komet is
now well positioned to carry out exploration programs in areas that
offer excellent potential for the discovery of polymetallic massive
sulfide deposits in Eastern Canada”.
Komet is planning a fall prospecting program on
Waconichi as well as an airborne gravity gradiometry survey that
will validate locations of showings and allow for discrimination of
portions of conductors that are associated with massive sulfides.
Any significant anomalies will be tested with drilling in 2021.
About Komet
Komet is a Montreal-based mineral exploration
corporation listed on the TSX-V under symbol KMT and was previously
active in gold exploration and mining in West Africa. It has put
its African assets for sale and is now focused on exploration and
development of gold and base metal properties in Eastern
Canada.
John Langton, P. Geo., of JPL GeoServices, is
the independent Qualified Person who has approved the scientific
and technical information contained in this news release.
Investor
Relations/information:
Mr. Robert Wares, Chairman and interim President
(r.wares@kometgold.com).
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
Cautionary Statement on Forward-Looking
Information
This news release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation based on expectations, estimates and projections as at
the date of this news release. Forward-looking information involves
risks, uncertainties and other factors that could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Factors that could cause actual results to differ
materially from such forward-looking information include, but are
not limited to, capital and operating costs varying significantly
from estimates; the preliminary nature of metallurgical test
results; delays in obtaining or failures to obtain required
governmental, environmental or other project approvals;
uncertainties relating to the availability and costs of financing
needed in the future; changes in equity markets; inflation;
fluctuations in commodity prices; delays in the development of
projects; the other risks involved in the mineral exploration and
development industry; and those risks set out in the Corporation’s
public documents filed on SEDAR at www.sedar.com. Although the
Corporation believes that the assumptions and factors used in
preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Corporation disclaims
any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law. Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news
release.
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