Komet Reports 185 and 149.6 g/t Au from Grab Samples within the Guiro Mine

QUEBEC CITY, Jan. 30, 2018 (GLOBE NEWSWIRE) — Komet Resources Inc. (“Komet” or the “Company”) is pleased to announce a gold discovery 4km from the Guiro mine and the development of a new unmined shoot at the mine.

New Gold Zone

Komet geologists’ verification of three 40m deep gold diggers’ shafts, located about 4km northeast of the Guiro mine, revealed a quartz vein with a true width of 1.5m, oriented east-west, with a northward dip of 60 degrees. The vein has the same mineralogical composition and the same host rock limonitic alteration from weathering as the Guiro mine vein.

Sampling was carried out by Komet geologists in sealed bags directly from grab samples brought to surface by the gold diggers. The samples are random samples (3 grabs takes per composite sample). These grab samples are indicative but not representative of the grade of the gold structure.

Table of results of the grab samples:

SamplesDescriptionAu g/t
201 806 870White quartz vein with black minerals bands, bearing limonite, hematite and pyrite47.0
201 806 871White quartz vein with black minerals bands, bearing limonite, hematite and pyrite7.08
201 806 872White quartz vein with black minerals bands, bearing limonite, hematite and pyrite with rare banded hematite13.9
201 806 873White quartz vein with hematitic alteration and disseminated hematite and pyrite12.4
201 806 874White quartz vein with hematite stringers with disseminated limonite and pyrite9.89

New underground zone at the Guiro mine.

During the development in the western sector of the mine (see the October 23, 2017 press release), the Level 3 west gallery intercepted the junction where the 210/80 oriented shear cuts the Guiro vein (270/60).

In this sector the Guiro vein is hardly perceptible due to the shear that displaced the main structure. However, the operators noted the presence of thin centimetric quartz veins with gold mineralization, grading up to 120 g/t over 1.2m obtained from jackleg drill holes.

Table of the best results over 1.2m (true width) from jackleg drill holes:

SamplesAu g/t
201 706 564120.0
201 706 57410.1
201 706 57531.8
201 706 581110.0

In order to better characterize this zone, several grab samples were taken from the roof, the wall and the sludge surrounding these thin chloritized white-pink quartz veins.

Summary of the best results of the grab samples:

SamplesAu g/t
201 706 61172.5
201 706 61247.0
201 706 61417.0
201 706 61522.7
201 706 61611.7
201 706 61714.7
201 706 618149.6
201 706 62117.6
201 706 64613.4
201 706 64782.7
201 706 65063.1
201 706 65160.3
201 706 63512.6
201 706 64127.7
201 706 64226.8
SamplesAu g/t
201 706 65526.9
201 706 658185.0
201 706 66113.5
201 706 66710.5
201 706 66811.6
201 706 66952.3
201 706 67012.5
201 706 67267.4
201 706 67712.6
201 706 68050.6
201 706 68416.5
201 706 68713.9
201 706 69216.5
201 706 69314.5

The chimney to which the current development of level 3 is oriented, theoretically lies 25m farther west and has already been intercepted by the Gu2015dd04, 06, 32 and 35 diamond drill holes who show metric grades reaching 31.1g/t Au (see the September 10, 2015, press release for more details).

Table of the survey intercepting the chimney:

SurveyFrom (m)To (m)g/t AuSpan (m)True width (m)
Gu2015dd04125.33127.285.811.951.69
Gu2015dd0680.6083.402.052.802.42
Gu2015dd32149.00149.668.730.660.57
Gu2015dd35105.45106.8031.11.351.17

This chimney is at least 50m wide at level 3 and continues to level 2 and 4 and should have, between these levels, a 60x50x2m size.

Guiro Mine Exploration

The sinistral offset of the Guiro structure, along the 210-degree shear in the west section of the mine, implies that this type of displacement might be present in the eastern sector, involving the displacement of the Guiro vein to the north and thus opening up new exploration targets northeast of the Guiro mine.

Mr André Gagné, president and CEO declare: “After a discovery south to the Guiro vein (see the may 25, 2017 press release), we now have a new vein to the north which is also similar to the Guiro vein. The exploration activities will hence be intensified in the next few weeks; it appears that the historical exploration data is getting confirmed.”

The grab samples 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.

The diamond drill holes samples from 2015 were analyzed by the SGS Lab in Ouagadougou using fire assay followed by atomic absorption spectrometry.

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

Investors relations and information: André Gagné, President and CEO 581-300-1666 / a.gagne@kometgold.com  / Skype: andregagne11

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

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/ccdd8280-c01e-4a86-a03b-ce1c316c11b1

   

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