Komet Resources Inc.
TSX VENTURE : KMT

Komet Resources Inc.

May 19, 2016 10:00 ET

Komet Releases Regional Sampling Results on the Guiro Permit

QUEBEC CITY, QUEBEC--(Marketwired - May 19, 2016) - Komet Resources Inc. (TSX VENTURE:KMT) ("Komet" or the "Company") is pleased to announce the recently received results of the 2015 reconnaissance prospecting and surface rock sampling program carried out on the Guiro-Diouga property in 2015. The sampling campaign was carried out as part of a preliminary evaluation of the gold potential of known historical showings as well as of the area immediately north of the Guiro Mine.

The 100% owned Guiro-Diouga mining license covers 65 square kilometres and is located in northern Burkina Faso, adjacent to national highway N3. Geologically speaking, the permit is strategically located along the Markoye fault zone, a major NNE structural corridor that transects the entire country and is host to significant other mines and gold deposits, including Essakane, Taparko, Bomboré and Kiaka. The permit has been subject to intermittent, limited exploration since the 1980's, which led to the discovery and production of the Guiro gold vein, on which the Company currently operates the Guiro mine, located at the southern end of the Guiro-Diouga property. The primary purpose of this small mining operation is to provide cash flow for future systematic exploration of the Guiro permit.

Sampling of historical prospects was focussed on grab sampling of outcrops, where available, and of rejects from extensive areas of artisanal mining (orpailleurs workings) operated by locals who manually mine near-surface veins and extract visible gold through basic crushing and sluicing, as is very common in West Africa.

Results of the surface sampling program are summarized in the table below, and includes results from limited field sampling completed in 2014.

Site Surface Area Sample type Total no.
samples
Assay range
Au g/t
Average
Au g/t
BAYILDIAGA 1 260 m x 70 m Rejects from artisanal mining 10 0.01-7.89 1.97
BAYILDIAGA 1 120 m x 20 m Vein outcrop 6 0.20-0.52 0.31
BAYILDIAGA 2 MAIN 440 m x 180 m Rejects from artisanal mining 51 0.01-83.1 4.48
BAYILDIAGA 2 SE 180 m x 30 m Rejects from artisanal mining 10 1.09-6.14 2.13
BAYILDIAGA 2 East 90 m x 90 m Rejects from artisanal mining 5 0.01-5.89 1.76
BAYILDIAGA 2 NE 90 m x 50 m Rejects from artisanal mining 4 0.03-0.29 0.14
BAYILDIAGA 2 North 100 m x 50 m Rejects from artisanal mining 5 0.09-15.2 4.37
BAYILDIAGA 2 West 420 m x 160 m Rejects from artisanal mining 14 0.01-6.13 2.41
BAYILDIAGA 2 Avg. 980 m x 760 m Rejects from artisanal mining 89 0.01-83.1 3.54
GANGAOL 540 m x 290 m Vein outcrop and fragments 129 0.01-16.5 1.15
DIOUGA 280 m x 20 m Vein outcrop and fragments 14 0.01-3.60 1.02
MALORIE 680 m x 160 m Vein outcrop and fragments 13 0.01-5.13 0.56
GUIRO GENERAL Recon samples Vein outcrop and fragments 75 0.01-1.77 0.11

All the surface prospects have returned significant gold values and indicate potential for low-grade, near-surface gold deposits. The two most significant prospects are:

Gangaol, located at the northern extremity of the permit, 24 kilometers NNE of the mine site. This prospect comprises a near-surface, canoe-shaped, shallowly folded vein system that covers a visible area covering 540 metres by 290 metres. The average value of surface sampling is at 1.15 g/t Au.

Bayildiaga 2, located in the middle of the permit approximately 8.5 kilometers NNE of the mine site, is the site of the most significant artisanal workings on the property. A collection of six working areas are scattered over a surface measuring a total of 980 metres by 760 metres averaging 3.54 g/t Au. The main Bayildiaga 2 workings cover a continuous area measuring 440 metres by 180 metres and include over one hundred individual pits. Average gold value of rejects collected from the main area is 4.48 g/t Au, with individuals scattered quartz fragments assaying as high as 83.1 g/t Au. Vein geometry of this widespread prospect is currently unknown.

Bayildiaga 1, Diouga and Malorie all produced anomalous gold values in grab samples but appear to be single, steeply-dipping individual veins with limited near-surface potential. Furthermore, general prospecting and sampling of the property, mostly focussed on vein outcrops and scattered fragments located within 3 kilometers north to NNE of the mine, produced few anomalous values. Over 90% of the current permit remains unexplored and unsampled.

Mr. André Gagné, President and CEO of Komet, stated: "We are very pleased with the results of the 2015 reconnaissance program as it demonstrates the strong potential for easily accessible, near-surface gold deposits on the Guiro-Diouga property. Komet has filed an application with the Burkino Faso Ministry of Mines to double the surface area of the current exploration permit, and we look forward to further developing and exploring this strategic property."

Jacques Marchand. P.Eng. Geo. is the Qualified Person who has reviewed this news release and is responsible for the technical information presented therein, including verification of the data disclosed. All assays reported were obtained by standard 30 grams fire-assaying-AA finish or gravimetric finish at the Company's mine site laboratory. Sampling, 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 20 samples analyzed. Approximately 5% of sample pulps are sent to ALS Laboratories in Burkina Faso for check assaying.

More information about the corporation 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