Komet Resources Inc.
TSX VENTURE : KMT

Komet Resources Inc.

June 21, 2016 11:17 ET

Komet Acquires the Moussala Gold Permit Located in Mali

QUEBEC CITY, QUEBEC--(Marketwired - June 21, 2016) - Komet Resources Inc. ("Komet" or the "Company") (TSX VENTURE:KMT) is pleased to announce the acquisition of the Moussala exploration permit located in the Kenieba gold mining camp in the Republic of Mali, West Africa. The permit title covering 67 km2 issued by the Ministry of Mines, is valid for a period of 7 years and is entirely held (100%) by Komet Mali Sarl, a subsidiary fully owned by Komet Resources Inc. All eventual commercial gold production from the permit will be subjected to a 2% net smelter royalty (NSR) payable to the previous owner. Located about 300 km to the west of Bamako, the country's capital, the permit is easily accessible via the recently rebuilt international highway that links Bamako to Dakar on the Atlantic coast in Senegal and passes through the Village of Dabia, a few kilometres to the northeast of the permit (see link for location map). Keniaba, the prefectural city is 25 km to the north of Dabia along the same road.

The Moussala permit covers meta-sedimentary and meta-volcanic rocks part of the Birimian Kenieba greenstone belt of Lower Proterozoic age of West Africa well known for its large historical and recent gold production.

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.

In the northern part of the permit the Walia (or M1) anomaly has been outlined by a geochemical soil sampling survey completed by Ashanti Mali SA in 1997 and is the locus of a major artisanal mining site. The anomalous area covers an area of 1,600 m by 1,000 m, with gold values as high as 4,919 ppb.

Because of their relative proximity the M3, M5 and M7 anomalies have been regrouped under the Kabaya zone. These targets located in the south-east portion of the permit have been uncovered during the same soil survey program by Ashanti Mali SA, in 1997. They have been prospected in some details along the southern boundary of the permit. The geology of this geochemical target consists of strongly altered metasedimentary units cut by quartz stockworks and veins structurally related to a north-east to north-north-east trending shear zone. The eastern part of the zone has been prospected with trenches and two reverse circulation (RC) drilling campaigns by Robex Resources Inc., in 2013 and 2014. It covers an area of 500 m x 200 m drilled with 62 holes totaling 3,768 m. The best results are reported by Robex in a press release dated May 28, 2014 and are presented in the following tables:

Trench Number Interval Length (m) Au (g/t)
Fm (m) To (m)
Ms2013tr001 0.0 50.0 50.0 1.81
Ms2013tr002 0.0 105.0 105.0 0.71
Ms2013tr003 0.0 60.0 60.0 3.92
Hole Number Interval Length (m) Au (g/t)
Fm (m) To(m)
Ms2013ac02b 0.0 31.0 31.0 2.80
Ms2013ac13 3.0 31.0 28.0 1.26
Ms2013ac16 27.0 41.0 14.0 18.56
Ms2013tr001 0.0 50.0 50.0 1.81
Ms2013tr003 1.0 60.0 60.0 3.92
Ms2014ac001 52.0 69.0 17.0 1.18
Ms2014ac008 5.0 18.0 13.0 1.85
Ms2014ac009 11.0 26.0 15.0 1.47
Ms2014ac011 11.0 22.0 11.0 2.14
Ms2014ac011b 7.0 19.0 12.0 1.14
Ms2014ac008 5.0 18.0 13.0 1.85
Ms2014ac009 11.0 26.0 15.0 1.47
Ms2014ac011 11.0 22.0 11.0 2.14
Ms2014ac011b 7.0 19.0 12.0 1.14
Ms2014ac035 9.0 23.0 14.0 1.27
Ms2014ac035 50.0 62.0 12.0 1.59
Ms2014ac037 14.0 22.0 8.0 1.22
Ms2014ac037 32.0 50.0 18.0 1.01
Ms2014ac058 0.0 36.0 36.0 1.33

Samples were analyzed by merger fusion on a grip of 50g pulp and ppm finish for the gold at the ALS Laboratory, Bamako, Mali.

The Diesse (or M2) anomaly is located 700 m to the South of the Walia zone. It covers 1.68 km2. Ashanti Mali SA noted a granitic intrusion cutting through the metasediments of the area. Quartz fragments from local veins and veinlets are numerous on surface. The geochemical soil survey revealed gold values as high as 378 ppb Au centered along a NE trending structure in the western half of the anomaly. The Walia and Diesse anomalies are yet to be tested by drilling.

André Gagné President and CEO of Komet Resources Inc. commented the acquisition of the Moussala permit with the following: "We believe that this property will develop into a first class asset for the company. The positive results generated from the exploration work completed to date by previous stakeholders are opening-up a promising gold potential for the Moussala permit."

Located in the southern half of the Senegalo-Malian deformation zone with its numerous world class gold deposits, this region has witnessed sustained activities since the production start-up of the Tabakoto mine in 2010 and the Gounkoto mines part of RandGold's Loulo-Gounkoto mining complex (2011-2012) and the Yanfolila mine of Hummingbird with a forecasted production start-up in early 2017.

Take note that less than 10 km south of the Moussala permit, the Merrex Gold Inc.-Iamgold Corp. joint venture is developing the Siribaya and Diakha gold deposits and across the border in Senegal, Iamgold is now completing the necessary technical studies to support the economic evaluation of its Boto deposit along the same mineralized corridors projecting to the north towards Komet's permit. Immediately to the west of the permit, Vancouver based mine developer B2Gold Corp. is now in the construction phase of a large mining facility at its Fekola project with a rated annual production of 350,000 oz Au for a period of at least 12.5 years starting in 2017.

Further to the north, Iamgold Corp. and AngloGold Ashanti Corp. are jointly mining since 1997 the Sadiola Gold Mine along the same mineralized structure. Details on the reserves and resources status of the mines and projects discussed in the above paragraphs are presented in the following table:

Categories
Proven Reserves Probable Reserves Measured Resources Indicated Resources Inferred Resources
Mine/Project (owner/operator) Tonnage (Mt) Grade
(Au g/t)
Content
(Au koz)
Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Tabakoto (Endeavour) 2.3 3.19 235 4.200 3.68 491 6.300 2.86 575 12.300 3.22 1 270 9.000 3.55 1,023
Goungoto (Randgold 4.1 3.00 400 24.700 6.60 1,000 5.100 2.90 400 17.000 3.90 2 100 8.300 3.06 900
Siribaya/Diakha (Merrex Gold / Iamgold) - - - - - - - - - 2.100 1.90 129 19.800 1.70 1,100
Boto (Iamgold) - - - - - - - - - 27.670 1.80 125 2.920 1.30 1,092
Yanfolila (Hummingbird Resources) - - - 7.039 3.14 710 - - - - - - 22.165 2.54 1,540
Fékola (B2Gold) - - - 49.170 2.35 3,720 - - - 61.574 2.16 4 281 9.055 1.68 490
Sadiola (Iamgold / Anglogold Ashanti) - - - - - - 1.462 1.70 79 118.880 1.80 6 908 15.524 1.80 911

Benoit Violette, P Geo., is the Qualified Person who has reviewed this news release and is responsible for the technical information and data verification presented herein. Jacques Marchand, P.Eng., is the qualified person responsible for the data verification disclosed in Robex Resources Inc. press release dated May 28, 2016.

More information about the Company is available at: http://kometgold.com

Forward-Looking Statements

Neither TSX Venture Exchange nor the regulatory service provider (as the term is defined in TSX Venture Exchange's policies) accept any liability of any kind as to the authenticity 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 Inc.'s ("Komet") 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 reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavorable 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.

Contact Information

  • Investor relations and information:
    Andre Gagne
    President and CEO
    Cell +1-581-300-1666
    a.gagne@kometgold.com
    Skype: andregagne11