QUÉBEC CITY, April 11, 2018 (GLOBE NEWSWIRE) — Komet Resources Inc. is delighted to have generated record gold sales of CA$1,354,000 in the first quarter of 2018, with a production cash cost of CA$1,038,000 for 27.5 kilos of gold from the Guiro mine located in Burkina Faso. This occurs after only two quarters of operation since the active start of the optimized process. The modernization of the Guiro plant was completed at the end of the second quarter 2017, with, among other things, the installation of an Acacia intensive leaching reactor, the establishment of an in-series triple gravity concentrator system, the refurbishment of a larger capacity ball mill with a larger capacity and the installation of a hydrocyclone to operate in closed circuit mode.
Recent Development at the Guiro Mine
The company has recently obtained the results of eight diamond drill holes conducted as part of the ongoing resource development of the Guiro mine in Burkina Faso (see table below). These include the following intersections: 0.68 m grading 180.50 g/t Au in borehole Gu2017dd05, 1.24 m grading 10.36 g/t Au in borehole Gu2017dd03 and 1.68 m grading 17.11 g/t Au in borehole Gu2017dd06. Gu2017dd04 borehole also intercepted mineralization below the 4-east level in the mine, 12.5 meters west to the previously known Gu2015dd16 hole of 4.3 m grading 9.2 g/t. The results of this survey confirm the continuity of the vein as defined in the published NI43-101 resource calculation. Mining planning will be in this way better defined. The experience in the Guiro mine allows us to give an influence of 12.5 meters on both sides of a hole. Future development in this area then allows us to plan more than 7,100 t at 7.79 g/t Au undiluted. The vein is still open at least toward the west and at depth.
Furthermore, the Gu2017dd06 borehole located between two previously mined stopes on level 2, confirms a hitherto unknown continuity due to inaccessibility. This will allow us to mine more than 1000 t at 17.11 g/t Au undiluted. This excellent result will be followed by verification of the upper vertical continuity of level 2 in this new mineralized horizon.
These results follow those on the west development of the mine, announced in the January 29, 2018, press release.
Komet’s team is pursuing development westward at level 3 to reach the western gold ore shoot and aims in particular to join, within 30 m, the strike of the previously announced Gu2015dd35 drill intersection (1.4 m at 31 g/t Au). The development to the east at level 4 is also underway to complete the 25 meters required to reach the mineralization mentioned above. At the junction of level 3, a total of 35 m out of the planned 70m north development is underway and will allow reaching a mineralized zone parallel to the Guiro vein, mentioned in historical works, and allow positioning of the new pneumatic drill (Bazooka) for exploration at depth of the Guiro vein.
Finally, at the main shaft intersection at level 4, the development of a gallery is in progress in order to reach the parallel vein named “Guiro Sud” which gave results by core drilling such as 57 cm at 10.62 g/t Au and 52 cm at 8.64 g/t Au. See the May 25, 2017, press release for more information.
Mr André Gagné, president and CEO stated: “The development of the Guiro mine, as well as the nearby discoveries, confirm the excellent gold potential within our reach. In addition, the good gold sales results of the first quarter confirm the company’s vision: ‘Discovering by producing!’”
Summary table of drilling results:
|Hole number||From (m)||To (m)||Interval (m)||True width (m)||Au (g/t)|
The samples assays reported were obtained by standard 30 grams fire-assaying-AA finish or gravimetric finish at the Company’s mine site laboratory and by plating on 50 g aliquots with atomic absorption (ppm for gold) at BIGGS Global in Burkina Faso. Sampling and supervision of the works were carried out on the site by qualified technicians. Quality assurance and quality control program and interpretation of results are done by qualified geologists according to a 43-101 compliant QA / QC program and industry best practices, including the introduction of samples reference, sterile samples and duplicates for each batch of 20 samples analyzed.
More information about the corporation is available at: http://kometgold.com.
Investors relations and information:
André Gagné, President and CEO / +1-581-300-1666 / [email protected] / Skype: andregagne11
Relations Publiques Paradox Inc. / Carl Desjardins / +1-514-341-0408 / [email protected]
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.
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://resource.globenewswire.