Shares of thinly-traded microcap Komet Resources Inc. (TSX-V:KMT) are rising on limited volume in Wednesday trading after the Quebec City-based company released the latest results from drilling on its Kabaya project in Mali, Africa. Kabaya, previously known as Moussala, is one of two projects in the western part of Africa for Komet, the other being Guiro in Burkina Faso.
The latest results from Kabaya are from drilling in a new zone southwest of the main gold structure known to trend north/south with a strike length of 500 metres and width of 230 metres. The main zone remains open in all directions.
Intersects from reverse circulation drilling better defining the parameters of the mineralization were highlighted by drill hole 51 cutting an average of 2.63 grams per tonne gold over 35 metres, including 11 metres grading 4.83 g/t gold. Gold across the 35-metre intersect was near-surface, starting at only 2 metres.
Drill hole 52 was highlighted by a six-metre intersect grading 3.62 g/t gold, including a one-metre intersect of 11.7 g/t gold. Hole 52 also struck 10 metres at 1.41 g/t gold and 12 metres at 1.42 g/t gold.
Today's data was the latest from the project since early May, when drill intercepts abound from the central and eastern portion of the structure, including 2.02 g/t gold over 62 metres and 1.16 g/t gold over 67 metres.
Although there are over 66 million shares of KMT outstanding, according to QuoteMedia data, shares of KMT trade by appointment. Yahoo Finance has the average daily trading volume across the past three months at 10,230 shares. As of about 1:30 p.m. EDT on Wednesday, 7,500 shares have changed hands, pushing the stock up 19.35% to C$0.37.
