Komet Resources Inc.
TSX VENTURE : KMT

Komet Resources Inc.

April 16, 2014 13:36 ET

Komet Resources Inc. Reports on FCI Exploration Program

MONTRÉAL, QUÉBEC--(Marketwired - April 16, 2014) - Komet Resources Inc. ("Komet" or the "Company") (TSX VENTURE:KMT) hereby announces results from the 2013 exploration program on the FCI property, located in the James Bay region of Quebec. Komet. has the option to earn an undivided 50 % interest in the property from Virginia Mines Inc. by funding 4.0 M $ exploration work over 6 years. Komet is the operator of the project and engaged Services Techniques Géonordic Inc. (STG) of Rouyn-Noranda, Quebec to manage and execute the 2013 program.

The FCI property is located within the Archean Lac Guyer greenstone belt. The immediate region of the property is characterized by the occurrence of mafic and ultramafic rocks interlayered with horizons of metasedimentary and felsic volcanic rocks. The most significant gold occurrence on the property is the Golden Gap showing, which is a kilometre-scale deformation zone within the volcano-sedimentary sequence. Rocks are highly deformed, altered, mineralized in sulphides and injected by quartz veins. The best result from previous drilling completed by Virginia Mines is 10.48 g/t Au over 7 metres. The most significant polymetallic metal occurrence is the Sericite showing. It comprises sericite schists with sulphides which returned up to 296 ppb Au, 150 g/t Ag, 1.89% Cu, 11.15% Pb and 1.45% Zn in surface grab samples.

Exploration work completed in 2013 consisted in drilling of six diamond drill holes for a total of 1,125.6 metres. Four of these holes (824 m) targeted the eastern extension or the Golden Gap gold zone and associated induced polarization (IP) anomalies. All drill holes cut 5 to 12 metre-wide zones of sheared and altered biotite-garnet-silica schists associated with the Golden Gap extension, containing 2-10 % pyrrhotite-pyrite and, locally, 1-3 % arsenopyrite. Assays from these schists did not return economic gold values but are anomalous with values of up to 790 ppb Au over 1 metre. These anomalous intersections extend the Golden Gap gold trend a further 400 metres to the east. The zone is also still open at depth and to the west.

Two additional diamond drill holes (301.6 m) targeted an electromagnetic (EM) conductor associated with the Sericite polymetallic showing. One of these hole intersected a 14 metre-thick unit of sheared felsic rock with strong sericite-silica alteration and containing 1-15 % pyrite and 5-25 % pyrrhotite overall. A 0.8 metre-wide semi-massive sulfide intersection also contains trace of chalcopyrite (Cu) and sphalerite (Zn). Assays from these mineralized intersections did not return economic values in either base or precious metals.

STG has recommended further work on the FCI property for the 2014 field season, including till sampling, prospecting and trenching of unexplained IP anomalies in several areas of the property. Komet will evaluate the merits of this proposed program in the coming weeks.

All NQ core assays reported above were obtained by standard 30 g fire assaying-AA finish or gravimetric finish at Laboratoires Expert located in Rouyn-Noranda, Quebec. All base metal assays were made by Activation Laboratories in Ancaster, Ontario. Komet follows strict QA-QC protocol measures in keeping with industry standards and regulatory reporting requirements. Mr. Jean-François Ouellette, P. Geo., president of Services Techniques Géonordic Inc., is the Qualified Person who has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.

About Komet Resources Inc.

Komet Resources Inc. is a gold exploration and development company with a gold property located in the James Bay Region, Quebec. Komet is also actively seeking opportunities in Burkina Faso, Africa. Properties and general information may be viewed on the Company's website at www.kometgold.com.

Forward looking Statement

This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Corporation's control which may cause actual results, performance or achievements of the Corporation to be materially different from the results, performance or expectation implied by these forward looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Neither TSX Venture Exchange nor the regulatory service provider (as the term is defined in TSX Venture Exchange's policies) accepts 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.

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Contact Information

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