Kobo Resources Intersects 21.5 m at 1.14 g/t Au and 20.0 m at 1.41 g/t Au at the Jagger Zone and Files FY 2025 Financial Results
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All reported holes intersected gold mineralization, reinforcing continuity and improving structural understanding at the Jagger Zone
Results support the Company's systematic exploration and targeting approach for further resource definition at Kossou
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QUEBEC CITY — Kobo Resources Inc. (' Kobo' or the ' Company ') (TSX.V: KRI) is pleased to announce additional diamond drill results from the ongoing exploration program at its 100%-owned Kossou Gold Project (' Kossou ') in Côte d'Ivoire. Results from the Jagger Zone continue to confirm broad zones of mineralisation and extend the footprint of gold-bearing structures along strike and at depth.
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Diamond Drill Results – Highlights:
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Jagger Zone:
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Edward Gosselin, CEO and Director of Kobo commented: 'These latest results reinforce the scale and continuity of gold mineralisation at the Jagger Zone. We are encouraged by the width and tenor of the intercepts, which continue to validate our structural model and further support our systematic exploration approach at Kossou. With drilling still underway across our other high-priority targets, we are well-positioned to advance Kossou toward its maiden resource estimate next year as our exploration work continues.' Jagger Zone Drilling Highlights Scale and Continuity Results from seven diamond drill holes (KDD0080 to KDD0086), completed on sections JZ 525 to JZ 725 within the Jagger Zone, have been received and continue to expand the Company's understanding of this highly prospective target (see Figure 1).
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Gold mineralisation is hosted within and along the contacts of quartz feldspar porphyry and diorite intrusions, as well as within sheared contacts of basaltic massive and pillowed flow units. These structures define significant, laterally and vertically continuous gold-bearing zones that are traceable along strike and down dip. Notably, wide mineralised intervals in hole KDD0084, including 8.0 m at 1.41 g/t Au from 88.0 m and 21.5 m at 1.14 g/t Au* from 106.0 m (see Figure 2), demonstrate the presence of multiple stacked gold zones across the broader Jagger Shear Zone.
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On section JZ 700, gold mineralisation continues to demonstrate strong continuity and consistent geological associations observed in earlier drilling. Notable intercepts include 20.0 m at 1.41 g/t Au* from 106.0 m, including 5.0 m at 3.70 g/t Au, and 7.0 m at 1.20 g/t Au from 154.0 m. These results support the broader interpretation of the Jagger Shear Zone as a robust, multi-zone gold system and correlate well with previously reported drill holes and surface trench KTR030a (see Figure 3 for Section JZ 700.)
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Geological and Structural Setting of Gold Mineralisation at Kossou and the Jagger Zone
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Gold mineralisation at Kossou is hosted within a N-S trending, steeply west-dipping deformation corridor associated with the regional Contact Zone Fault, which separates basaltic volcanic flows from volcano-sedimentary rocks. Within this corridor, the 'Jagger Shear Corridor', brittle-ductile shear zones act as the primary structural controls on gold emplacement, particularly where lithological contrasts occur between basaltic units and intrusive rocks, including diorite and quartz-feldspar porphyry dykes.
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At the Jagger Zone, the main shear system is developed within a zone approximately 70-m wide and is closely associated with intrusive contacts. Drill core analysis has identified multiple quartz vein generations related to mineralisation. The V1 vein set consists of quartz veins and veinlets parallel to the S1 foliation, commonly occurring within the main shear zones and bearing gold. The dominant mineralized structures, however, are V2A veins, which trend west-northwest to northwest and are prominent both within and adjacent to the shears. A secondary vein set, V2B, is characterized by sub-horizontal hairline fractures and veinlets, which carry only sporadic gold mineralisation.
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Drilling to date indicates that gold mineralisation pinches and swells along strike and at depth, consistent with structurally controlled orogenic gold systems commonly found within the Birimian terrane of West Africa.
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Table 1: Summary of Significant Diamond Drill Hole Results
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An accurate dip and strike and controls of mineralisation are unconfirmed at this time and the true width of mineralisation are unconfirmed at this time. Drill holes are planned to intersect mineralised zones perpendicular to interpreted targets. All intercepts reported are downhole distances.
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The Company also reports the filing of its audited consolidated financial statements for the twelve-month period ended March 31, 2025, and related management's discussion and analysis. Copies of these financial statements and related management's discussion and analysis can be found on the Company's issuer profile on SEDAR+ at www.sedarplus.ca as well as on the Company's website at www.koboresources.com.
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Sampling, QA/QC, and Analytical Procedures
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Drill core was logged and sampled by Kobo personnel at site. Drill cores were sawn in half, with one half remaining in the core box and the other half secured into new plastic sample bags with sample number tickets. Core samples are drilled HQ to below oxidation level and then is reduced to NQ for the remainder of the drill hole. Samples are transported to the SGS Côte d'Ivoire facility in Yamoussoukro by Kobo personnel where the entire sample was prepared for analysis (prep code PRP86/PRP94). Sample splits of 50 grams were then analysed for gold using 50g Fire Assay as per SGS Geochem Method FAA505. QA/QC procedures for the drill program include insertion of a certificated standards every 20 samples, a blank every 20 samples and a duplicate sample (split of the 1 m original sample) every 20 samples. All QAQC control samples returned values within acceptable limits.
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Review of Technical Information
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The scientific and technical information in this press release has been reviewed and approved by Paul Sarjeant, P.Geo., who is a Qualified Persons as defined in National Instrument 43-101. Mr. Sarjeant is the President and Chief Operating Officer and Director of Kobo.
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About Kobo Resources Inc.
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Kobo Resources is a growth-focused gold exploration company with a compelling new gold discovery in Côte d'Ivoire, one of West Africa's most prolific and developing gold districts, hosting several multi-million-ounce gold mines. The Company's 100%-owned Kossou Gold Project is located approximately 20 km northwest of the capital city of Yamoussoukro and is directly adjacent to one of the region's largest gold mines with established processing facilities.
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With over 15,000 metres of diamond drilling, nearly 5,900 metres of reverse circulation (RC) drilling, and 5,900 metres of trenching completed since 2023, Kobo has made significant progress in defining the scale and prospectivity of its Kossou's Gold Project. Exploration has focused on multiple high-priority targets within a 9+ km strike length of highly prospective gold-in-soil geochemical anomalies, with drilling confirming extensive mineralisation at the Jagger, Road Cut, and Kadie Zones. The latest phase of drilling has further refined structural controls on gold mineralisation, setting the stage for the next phase of systematic exploration and resource development.
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Beyond Kossou, the Company is advancing exploration at its Kotobi Permit and is actively expanding its land position in Côte d'Ivoire with prospective ground, aligning with its strategic vision for long-term growth in-country. Kobo remains committed to identifying and developing new opportunities to enhance its exploration portfolio within highly prospective gold regions of West Africa. Kobo offers investors the exciting combination of high-quality gold prospects led by an experienced leadership team with in-country experience. Kobo's common shares trade on the TSX Venture Exchange under the symbol 'KRI'. For more information, please visit www.koboresources.com.
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This news release contains 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking statements') within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as 'expects', or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', 'forecasts', 'estimates', 'believes' or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Kobo assumes no obligation and/or liability to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
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Mill recoveries of 95.6% and 81% for gold and silver, respectively. Heap leach recoveries of 73% and 25% for gold and silver, respectively. Pit slopes by area ranging from 42-47 degrees overall slope angle. 5% ore loss and 5% dilution factor applied to the 5 x 5 x 5m open pit resource block models. Mining costs of $2.00 per tonne of waste mined and $2.50 per tonne of ore mined. Milling costs of $16.81 per tonne processed. Heap Leach costs of $5.53 per tonne processed. G&A cost of $2.00 per tonne of material processed. 3% royalty costs and 1% selling costs were also applied. A 0.17 g/t gold only cutoff was applied to ex-pit processed material (which is above the heap-leaching NSR cutoff). Underground Resource estimates are based on economically constrained stopes generated using Datamine's Mineable Shape Optimizer (MSO) algorithm and the following optimization parameters (all dollar values are in US dollars): $1,950/ounce gold price and $25.24/ounce silver price. Mill recoveries of 95.6% and 81% for gold and silver, respectively. Mechanized cut and fill mining with a $60.00 per tonne cost. Diluted to a minimum 4m stope width with a 98% mining recovery. G&A cost of $4.00 per tonne of material processed. Milling costs of $16.81 per tonne processed. 3% royalty costs and 1% selling costs were also applied. Where mentioned, 'residual open pits' assumes that any underground stopes are backfilled with zero grade material at two-thirds of the original rock density. Economic-constrained open pits are then estimated with this mined-out, backfilled material in the open pit block selective mining unit ('SMU') model and assuming the resource parameters above. Mineral Resources are not Mineral Reserves (as that term is defined in the CIM Definition Standards) and do not have demonstrated economic viability. Refer to the Additional Notes section for further information. Drilling and geological interpretation suggests that the three known main deposit areas (Guadalupe, Central and Z-T) are larger than previously reported. Potential also exists for new discoveries where mineralized trends have been identified outside of the currently defined resource areas. Historic operating results indicate that an estimated 1 million ounces of gold and 60 million ounces of silver were recovered from five separate operations at Los Reyes between 1770 and 1990. Prior to Prime's acquisition, recent operators of Los Reyes had spent approximately US$20 million on exploration, engineering, and prefeasibility studies. QA/QC Protocols and Sampling Procedures Drill core at the Los Reyes project is drilled in predominantly HQ size (63.5 millimetres 'mm'), reducing to NQ (47.6 mm) when required. Drill core samples are generally 1.50 m long along the core axis with allowance for shorter or longer intervals if required to suit geological constraints. After logging intervals are identified to be sampled, the core is cut and one half is submitted for assay. Sample QA/QC measures include unmarked certified reference materials, blanks, and field duplicates as well as preparation duplicates are inserted into the sample sequence and make up approximately 8% of the samples submitted to the laboratory for each drill hole. Samples are picked up from the Project by the laboratory personnel and transported to their facilities in Durango or Hermosillo, Mexico, for sample preparation. Sample analysis is carried out by Bureau Veritas and ALS Labs, with fire assay, including over limits fire assay re-analysis, completed at their respective Hermosillo, Mexico laboratories and multi-element analysis completed in Vancouver, Canada. Drill core sample preparation includes fine crushing of the sample to at least 70% passing less than 2 mm, sample splitting using a riffle splitter, and pulverizing a 250 gram split to at least 85% passing 75 microns. 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Additional Notes Prime's MRE as of October 15, 2024 is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (' CIM ') 'CIM Definition Standards - For Mineral Resources and Mineral Reserves' adopted by the CIM Council (as amended, the ' CIM Definition Standards ') and in accordance with the requirements of NI 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Metres is represented by 'm'; 'etw' is Estimated True Width and is based on drill hole geometry or comparisons with other on-section drill holes; 'Au' refers to gold, and 'Ag' refers to silver; 'g/t' is grams per metric tonne; some figures may not sum due to rounding; Composite assay grades presented in summary tables are calculated using a Au grade minimum average of 0.20 g/t or 1.0 g/t as indicated in 'Au Cut-off' column of Summary Tables. Maximum internal waste included in any reported composite interval is 3.00 m. The 1.00 g/t Au cut-off is used to define higher-grade 'cores' within the lower-grade halo. Additional details are available in the associated Technical Report, filed on November 27, 2024. Qualified Person Scott Smith, Executive Vice President of Exploration, is a Qualified Person for the purposes of NI 43-101 and has reviewed and approved the technical content in this news release. About Prime Mining Prime is managed by an ideal mix of successful mining executives, strong capital markets personnel and experienced local operators all focused on unlocking the full potential of the Project. The Company has a well-planned capital structure with a strong management team and insider ownership. Prime is targeting a material resource expansion at Los Reyes through a combination of new generative area discoveries and growth, while also building on technical de-risking activities to support eventual project development. For further information, please visit or direct enquiries to: Scott Hicks CEO & Director Indi Gopinathan VP Capital Markets & Business Development Prime Mining Corp. 710 – 1030 West Georgia St. Vancouver, BC V6E 2Y3 Canada +1(604) 238-1659 info@ Cautionary Notes to U.S. Investors Concerning Resource Estimates This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms 'mineral reserve', 'proven mineral reserve', 'probable mineral reserve', 'inferred mineral resources,' 'indicated mineral resources,' 'measured mineral resources' and 'mineral resources' used or referenced in this presentation are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the CIM Standards. The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the ' SEC ') in Regulation S-K Subpart 1300 (the ' SEC Modernization Rules ') under the U.S. Securities Act of 1933, as amended (the ' Securities Act '). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules. Forward Looking Information This news release contains certain 'forward-looking information' and 'forward-looking statements' within the meaning of Canadian securities legislation as may be amended from time to time, including, without limitation, statements regarding the perceived merit of the Company's properties, including additional exploration potential of Los Reyes, potential quantity and/or grade of minerals, the potential size of the mineralized zone, metallurgical recoveries, and the Company's exploration and development plans in Mexico. Forward-looking statements are statements that are not historical facts which address events, results, outcomes, or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve several risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding the price of gold, silver and copper; the accuracy of mineral resource estimations; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained, including concession renewals and permitting; that political and legal developments will be consistent with current expectations; that currency and exchange rates will be consistent with current levels; and that there will be no significant disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: risks related to uncertainties inherent in the preparation of mineral resource estimates, including but not limited to changes to the cost assumptions, variations in quantity of mineralized material, grade or recovery rates, changes to geotechnical or hydrogeological considerations, failure of plant, equipment or processes, changes to availability of power or the power rates, ability to maintain social license, changes to interest or tax rates, changes in project parameters, delays and costs inherent to consulting and accommodating rights of local communities, environmental risks, title risks, including concession renewal, commodity price and exchange rate fluctuations, risks relating to COVID-19 and other future pandemics, delays in or failure to receive access agreements, on-going receipt of amended and/or operating permits, risks inherent in the estimation of mineral resources; and risks associated with executing the Company's objectives and strategies, including costs and expenses, physical access to the property, security risks, availability of contractors and skilled labour, as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis, as well as its annual information form dated March 25, 2024, available on Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
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- Globe and Mail
NEM, B, KGC: Central Banks Plan to Boost Gold Reserves to Record Levels
A new survey has found that central banks plan to further boost their gold reserves this year as they decrease their holdings of U.S. dollars over the coming five years. Confident Investing Starts Here: Geopolitical concerns, macroeconomic uncertainty, and concerns about the status of the U.S. dollar are driving central banks around the world to make record gold purchases. Gold recently overtook the Euro currency to become the world's second-largest reserve asset, behind the U.S. dollar. Gold prices have risen 30% this year and doubled in the last two years as global uncertainty and market volatility have propelled central bank demand for bullion. Now, a record 95% of central bank respondents to a World Gold Council survey say they expect their gold holdings to increase over the next 12 months. That's the highest level since the annual poll started in 2018 and potentially good news for gold mining companies such as Newmont (NEM), Barrick Mining (B), and Kinross Gold Corp. (KGC). Dumping U.S. Dollars Meanwhile three-quarters (75%) of central banks said they expect their U.S. dollar holdings to decline over the next five years. A total of 70 central banks responded to the survey. Another key finding of the survey is that, due to geopolitical tensions, many central banks plan to store gold domestically rather than in New York or London, the world's two largest repositories of the precious metal. The U.S. government's erratic approach to global affairs under U.S. President Donald Trump has contributed to unease among many central banks. Central bank gold buying has accelerated since Russia invaded Ukraine in 2022. There is also a move among central banks to diversify away from the U.S. dollar. Gold is currently trading at $3,404.70 per ounce and is not far from its all-time high of just over $3,500. GLD Performance The SPDR Gold Shares (GLD) exchange-traded fund (ETF) holds physical gold and tracks the spot price movements of the precious metal. As one can see in the chart below, GLD has risen 10.91% in the last three months.
