Komet Resources Inc.

Komet Resources Inc.

March 29, 2017 08:05 ET

Komet - Gold Discovery South to the Guiro Mine

QUEBEC CITY, QUEBEC--(Marketwired - March 29, 2017) - Komet Resources Inc. ("Komet" or the "Company") (TSX VENTURE:KMT) is pleased to announce the first sampling results from a new mineralized zone discovered 488 meters south to the Guiro mine.

A first sampling was done by Komet's geologists in gold panner's bags from fresh pit material. Those are selected samples and are not necessary representative of the mineralization of this structure. A second sampling, by right angle channels over the full width of the mineralized vein structure, was done by Komet geologists directly in the pits, at depths between 15 and 18 meters.

Five active gold panner's pits are identified along an estimated vein network covering 30 meters in width and a minimum of 130 meters in length, parallel to the Guiro vein. Komet is planning an exploration program on this zone at the beginning of April with a diamond drill rig that was mobilized for Guiro last week.

For André Gagné, president and chief executive officer, "This new discovery is a clear indication of the high gold potential of the Guiro permit while we are just beginning its systematic exploration by modern methods."

Summary of results from selected samples from gold panner's bags:
Samples Au g/t
201709011 10.87
201709012 9.74
201709119 23.61
201709120 24.35
201709121 36.42
201709122 22.88
Summary of results from perpendicular channel sampling:
Samples Geological unit Au g/t Channel length (cm)
201709155 Quartz vein 11.11 31
201709156 Wall 0.74 10
201709157 Quartz vein 11.13 29
201709158 Quartz vein 4.88 30
201709159 Quartz vein 8.13 30
201709160 Wall and Quartz vein 3.37 30
201709151 Quartz vein 23.8 68
201709152 Quartz vein 11.1 73
201709153 Quartz vein 17.2 69
201709154 Quartz vein 11.4 70
201709148 Quartz vein 2.21 45
201709149 Quartz vein 10.58 45
201709150 Wall 0.99 45

All assays reported were obtained by standard 30 grams fire-assaying-AA finish or gravimetric finish at the Company's mine site laboratory. Quality Assurance/Quality Control and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices, including the introduction of standards or blanks with every batch of 3 samples analyzed.

Stock Options

600,000 stock options were granted at a price of $0.40. Of those, 200,000 went to directors of the company.

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

Jacques Marchand, P.Eng. P.Geo., is the Qualified Person who has reviewed this news release and is responsible for the technical information presented herein.

Forward-Looking Statements

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. 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's 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 resources, 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