QUEBEC CITY, QUEBEC--(Marketwired - March 29, 2016) - Komet Resources Inc. ("Komet" or the "Company") (TSX VENTURE:KMT) is pleased to announce a newly completed resources estimate on the Guiro gold vein. The Guiro vein, currently in production by Komet, is located in the southern half of the Guiro-Diouga mining license covering 65 km2 in northern Burkina Faso, West Africa and 100 % owned by the Company.
The resource estimate has been conducted on the analytical database generated from an underground channel sampling program and a 35 core drill hole campaign totalling 4,434 metres and completed in the Guiro mining zone by Komet in 2015. Furthermore, historical data available from Stremco Sarl mining activities at Guiro, between 2011 and 2013, were included in the database. The study was carried-out according to NI 43-101 and the CIM standards by Mr. Jacques Marchand, professional engineer and qualified person.
The resource inventory outlined in the Guiro vein now comprises an estimated 440,000 tonnes at an average grade of 6.2 g/t Au in the measured and indicated categories, or 2,746 kg (88,300 oz) of contained gold, and 502,000 tonnes at an average grade of 3.3 g/t, or 1,662 kg (53,400 oz) of contained gold in the inferred category.
Not withstanding minor differences in the parameters, the tonnage of resources outlined in the measured and indicated categories is compatible with the historical valuation completed by Stremco Sarl in 2007 for resources in the same categories. Underground mining by this company, between 2011 and 2013, extracted 427 kg (13,700 oz) of gold from 50,000 t of ore carrying an average grade of 8.6 g/t Au. The present estimate for the same mined-out section returned 475 kg (15,300 oz) of gold extracted from 55,000 t of ore with an average grade of 8.67 g/t Au that validates the actual model, even when considering a strong nugget effect noted in the vein.
Summary of the estimate of the gold resources outlined in the Guiro vein:
André Gagné, President and CEO of Komet commented: "We are very satisfied with this new resource estimate covering the Guiro vein. Once included in the mining plan, the measured and indicated resources will be wholly or in part converted into mining reserves which should provide ore feed to the mining operation for at least the next 18 months in the current levels of the mine. The mineralized zone remains open to the west and at depth under the actual mining levels. A core drilling program should upgrade the quality of the inferred resources contained in these peripheral areas into indicated and measured categories."
The following parameters and statistics were included in the estimate:
The resources estimate was completed according to the longitudinal projection method based on the following parameters:
The density of the ore is set at 2.6 g/cm3. The block classification is done according to the number of points present in a 50 m radius around the center of the block created. The cut-off is arbitrary and based on the visual continuity for each of the blocks:
Measured: > 20 measurements equivalent to an average length of 11 m between interpolation points;
Indicated: > 5 measurements equivalent to an average length of 22 m;
Inferred: < 5 measurements.
For more details regarding the content of this press release, please consult the report titled: "Note technique concernant le calcul de ressource de Février 2016" by Jacques Marchand P.Eng Geo., available on SEDAR and on the company's website.
More information about the corporation is available at: http://kometgold.com
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. Jacques Marchand, P.Eng. Geo., is the Qualified Person who has reviewed this news release and is responsible for the technical information presented there, including verification of the data disclosed.