Komet Resources Inc. Reports on FCI Exploration Program
17 April 2014 - 3:36AM
Marketwired
Komet Resources Inc. Reports on FCI Exploration Program
MONTREAL, QUEBEC--(Marketwired - Apr 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.
Shares outstanding : 33,704,829
Investors relations and informationAndre GagnePresident and
CEO581-300-1666a.gagne@kometgold.comSkype: andregagne11
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