QUEBEC CITY--(BUSINESS WIRE)--Jul 24, 2023--

Kobo Resources Inc. (" Kobo” or the " Company ") ( TSX.V: KRI ) is pleased to announce drill results from the first 11 drill holes as part of its ongoing 8,000 metre (“ m ”) reverse circulation (“ RC ”) drilling program at the Company’s 100% owned Kossou Gold Project (“ Kossou ”) located in Cote d’Ivoire, West Africa. To date, the Company has identified nearly 9.0 km of geochem anomalies and is drilling some of the key targets that it has prioritized to determine potential size and grade for future resource development.

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Figure 1: First-Phase Drill Hole Program - Collar Location Map (Graphic: Business Wire)

The drill results highlighted in this release are from drill holes: KRC001 through KRC011 and cover barely 200 meters in length on surface of the 1.8 km geochem anomaly identified at Jagger zone. Additional high-grade gold mineralisation was identified in trench KTR030 at surface associated with the major north-south trending shear zone within the Jagger Zone anomaly (See Map Link). The Company anticipates announcing additional drill results as assays are made available over the coming weeks.

Drilling Adjacent to Major Gold Producer

The Company’s current drill program is being conducted directly adjacent to the Yaouré Gold Mine operated by Perseus Mining Inc. and its key targets are situated within five to seven kilometers of the Yaouré Mine gold processing facility. More importantly, geological and structural controls and alteration styles present at the Yaouré Gold Mine are interpreted to occur within the Company’s key drill targets indicating mineralisation and alteration styles that are relatively similar. The Yaouré Gold Mine Measured and Indicated Resources total 2.4 million ounces at 1.39 g/t Au 1.

Highlights:

• Jagger Zone intersected multiple zones of significant gold mineralisation down to 100 meters below surface, all zones are open at depth
• Highlighted drill holes include:
  • KRC002: 8m at 2.94 g/t Au from 8 m (including 2 m at 8.81 g/t Au from 9 m) and 20 m at 1.87 g/t Au from 45 m including ( 3 m at 6.28 g/t Au from 61 m)
  • KRC011: 19 m at 2.03 g/t Au from 5 m (including 6 m at 4.00 g/t Au from 18 m)
  • KRC009: 48 m at 1.03 g/t Au* from 69 m including (including 13 m at 1.70 g/t Au from 69 m and 15 m at 1.37 g/t Au from 87 m)
  • KRC007: 45 m at 1.01 g/t Au* from 85 m (including 6 m at 1.54 g/t Au from 99 and 3 m at 5.58 g/t Au from 127 m)
• Delineated multiple shear zones that in total exceed 100 meters in width
• The Company received assay results from a new trench (KTR030) uncovered at the Jagger Zone during drill pad road work for hole KRC008
  • KTR030 returned results of 16 m at 3.32 g/t, including 5 m at 9.23 g/t Au and was undercut by holes KRC008 and KRC009

This initial drilling has confirmed significant gold mineralisation (previously reported in trench KTR028, 29 m @ 6.42 g/t Au, see press release dated June 7, 2023 ), which represents one of a series of sub-parallel zones occurring in a documented 100 m wide shear zone. Mineralisation is represented by quartz-carbonate veining and zones of silicification with disseminated pyrite hosted within mafic basalts. Broad zones of gold mineralisation above 1 g/t Au have been delineated in holes KRC008 (45 m) and KRC009 (48 m). The Jagger shear zone can be traced on surface over a distance of more than 1.8 kilometers and remains open to the north and south of the current drilled area, as well as at depth.

Edward Gosselin, CEO and Director of Kobo commented: “We are extremely encouraged that every hole drilled as part our initial drill program has returned significant gold intercepts at the Jagger Zone as a first step towards our objective of defining the strike and down-dip extensions of gold zones on the Project.” He continued: “These drilling results continue to support the Company’s initial geological interpretation that gold mineralization occurs within a major north-south shear structure at the Jagger Zone and appears to extend north toward the contact between volcanic units and the metasediments, a potential key target. We remain excited about and committed to drilling at Kossou in the coming weeks as drilling on the Jagger Zone continues and we proceed to the Contact Zone and Road Cut Zone, all highly prospective drilling targets for the remainder of our 2023 drilling campaign.”

Maiden Drilling Progress at the Jagger Zone

Further work is planned to investigate the expected plunge of the high-grade zones. The Company intends to continue with structural mapping and interpretation to guide future drilling campaigns.,

Drill results reported to date cover approximately 200 m of strike length extended along a structure that is interpreted to continue over 1,800 m. Drilling has intercepted significant gold mineralisation at depths of approximately 100 m below surface and remains open to the north, south and at depth. The 500+ m zone to the north of the reported drill area is highly prospective based on soil geochemistry, rock sampling and trench results completed by the Company.

Eleven drill holes were completed at the Jagger Zone for an aggregate of 1,682 m drilled. Significant gold mineralisation has been intersected in each hole drilled to date. As of Sunday, July 23, 2023, the Company has completed 32 holes for a total of 3,274 m.

Table 1: Summary of Drill Results

Notes:
Cut-off using 0.30 g/t Au
Intervals are reported with no more than 3 m of continuous internal dilution except where indicated *

An accurate dip and strike and controls of mineralisation are unconfirmed at this time and the true width of mineralisation are unconfirmed at this time. Drill holes are planned to intersect mineralised zones perpendicular to interpreted targets. All intercepts reported are downhole distances.

Table 2: Trench Intercept (KTR030)

Sampling, QAQC, and Analytical Procedures

One meter composite samples of RC chips were sent to the MSA Labs facility in Yamoussoukro where the entire sample was dried and split into 500 g subsample for analysis (prep code CRU-CPA). Sample splits were then analysed for gold using PhotonAssay TM (CPA-Au1). QAQC procedures for the drill program include insertion of a certificated standards every 20 samples, a blank every 20 samples and a duplicate sample (split of the 1 m original sample) every 20 samples. All QAQC control samples returned values within acceptable limits.

Review of Technical Information

The scientific and technical information in this press release has been reviewed and approved by Paul Sarjeant, P.Geo., who is a Qualified Persons as defined in National Instrument 43-101. Mr. Sarjeant is the President and Chief Operating Officer and Director of Kobo.

About Kobo Resources Inc.

Kobo Resources is a growth-focused gold exploration company with a compelling new gold discovery in Cote d’Ivoire, one of West Africa’s most prolific and developing gold districts, hosting several multi-million-ounce gold mines. The Company’s 100%-owned Kossou Gold Project is located approximately 20 km northwest of the capital city of Yamoussoukro and is directly adjacent to one of the region’s largest gold mines with established processing facilities.

The Company is drilling to unlock the potential size and scale of Kossou within 9+ km strike length of highly prospective gold in soil geochemical anomalies with excellent rock and trench sampling results. The Company’s 2023 exploration plan calls for over 8,000 meters of reverse circulation drilling with an immediate goal of defining significant near surface zones of gold mineralisation. Kobo offers investors the exciting combination of high-quality gold prospects led by an experienced leadership team with in-country experience.

Kobo’s common shares trade on the TSX Venture Exchange under the symbol "KRI”. For more information, please visit www.koboresources.com.

Twitter: @KoboResources | LinkedIn: Kobo Resources Inc.

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Cautionary Statement on Forward-looking Information:

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Kobo assumes no obligation and/or liability to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

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1https://perseusmining.com/resources-reserves/

View source version on businesswire.com:https://www.businesswire.com/news/home/20230724509042/en/

CONTACT: For further information, please contact:

Edward Gosselin

Chief Executive Officer and Director

1-418-609-3587

ir@kobores.com

KEYWORD: AFRICA COTE D'IVOIRE UNITED KINGDOM CANADA NORTH AMERICA EUROPE

INDUSTRY KEYWORD: MINING/MINERALS NATURAL RESOURCES

SOURCE: Kobo Resources Inc.

Copyright Business Wire 2023.

PUB: 07/24/2023 10:43 AM/DISC: 07/24/2023 10:41 AM

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