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Komet Resources Options Brunswick Belt Property From Osisko Metals
MONTREAL, Aug. 17, 2020 (GLOBE NEWSWIRE) -- Komet Resources Inc. (“Komet”) (TSX-V: KMT, OTCQX: KMMTF, FRANKFURT: 1XQ) and Osisko Metals Incorporated (“Osisko Me
About this update from Osisko Metals Incorporated
[{"type":"text","content":" MONTREAL, Aug. 17, 2020 (GLOBE NEWSWIRE) -- Komet Resources Inc. (“Komet”) (TSX-V: KMT, OTCQX: KMMTF, FRANKFURT: 1XQ) and Osisko Metals Incorporated (“Osisko Metals”) (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) are pleased to announce that they have entered into an Option Agreement (the “Option”) whereby Komet can acquire a majority interest in Osisko Metals’ Brunswick Belt exploration property (the “Property”), located in the eastern portion of the Bathurst Mining Camp in the Bathurst area in New Brunswick (the “Transaction”). The Property covers 72 kilometres of the prolific Brunswick Belt and includes the Key Anacon and Gilmour South base metal deposits. The Option allows Komet to earn up to 75% interest by spending an aggregate of $15,000,000 in three stages over a seven-year period. Robert Wares, Chairman & interim President of Komet, commented: “With the sale of most of its African assets and the signing of this option agreement, we are very happy to reposition Komet as a company focused on exploration and development of exceptional base and precious metal properties in Canada. This agreement is an important first step toward achieving our new objectives with both greenfield and brownfield Canadian exploration targets. We are especially excited to have the opportunity to expand the resources at Key Anacon and Gilmour South and further explore the prolific Brunswick Belt, host to world-class massive sulfide deposits of past-producer Brunswick Mining & Smelting”. Jeff Hussey, President and COO of Osisko Metals, added: “With the release of our robust PEA at Pine Point, we are happy to partner with Komet on the Brunswick Belt. Osisko Metals is currently focused on the development of its flagship Pine Point zinc-lead project and this agreement will allow advancement of the Brunswick Belt Property without incurring further financial dilution, which we believe will deliver maximum value to our shareholders. Osisko Metals will maintain its interest in the large property package to the west of the Brunswick Belt, including Mount Fronsac, Mount Fronsac North, Devil’s Elbow and Camel Back, and will seek out partners to joint-venture these projects”. Option Agreement Details The Option is divided into three distinct earn-in requirements (all amounts in Canadian dollars): The First Option: by funding an aggregate of...