(Ecofin Agency) - Toronto-listed miner Komet Resources acquired from Mali’s ministry of mines the Moussala exploration permit located in the Kenieba gold mining camp. The permit which is valid for 7 years covers 67 km2 and is entirely (100%) held by Komet Mali Sarl, Komet’s subsidiary in Mali.

According to terms of acquisition, the firm will pay the former owner a 2% net smelter royalty on all eventual gold production from the permit.

“In the past, the permit area has been prospected by other mining exploration companies that have outlined significant geochemical, geological and structural settings which could lead to the discovery of significant gold rich orebodies”, states the firm’s website. Few examples include the Walia (or M1) anomaly discovered by Ashanti Mali SA in 1997, the Diesse (M2) anomaly and the M3, M4, M5 anomalies regrouped under the Kabaya zone.

Besides the Moussala permit, Komet Resources holds in West Africa, the Guiro permit located in the North-Eastern part of Burkina Faso. According to a statement released by the company at the end of March, resources measured and indicated were estimated at around 400,000 tons of ore, with an average grade of 6.2g/t gold, while probable and inferred resources were at 50,000 tons of ore, with a grade of 3.3g/t gold.

Louis-Nino Kansoun