Company Announcements

Fully funded drill program will build on the success of previous exploration efforts, targeting strike and depth extensions, as well as new gold mineralized zones

QUEBEC CITY--(BUSINESS WIRE)--Sep. 17, 2024-- Kobo Resources Inc. ("Kobo” or the "Company") (TSX.V: KRI) is excited to announce the resumption of diamond drilling at its 100%-owned Kossou Gold Project (“Kossou”) in Côte d'Ivoire. This 10,000 metre (“m”) drill program will target key gold zones identified in previous exploration efforts, including the Jagger Zone, Road Cut Zone, Kadie Zone, and Contact Zone.

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Figure 1: Drill Program Gold Targets and Overview (Graphic: Business Wire)

Highlights:

• Fully funded 10,000 m drill program: With approximately $6.0 million in cash, Kobo is well-capitalized to execute this drill program and continue exploration into the new year
• Multiple high-potential gold targets: The team is focused on significant gold mineralization potential across four key zones—the Jagger Zone, Road Cut Zone, Kadie Zone, and the Contact Zone, with the first ever diamond drill holes planned for this target
• Leveraging the strengths of Mota-Engil: As a strategic shareholder and partner, Mota’s global expertise and local presence is expected to assist in accelerating Kobo’s growth in Africa
• Onsite base camp being established: A new base camp is being set up on site to increase efficiency and reduce costs
• New water well installation: The water well will not only serve Kobo’s base camp, but will also provide fresh water to the local community of Bocabo as part of Kobo’s commitment to responsible exploration practices

Edward Gosselin, CEO and Director of Kobo commented: “This is an exciting time for Kobo as we reinitiate our diamond drilling campaign on highly prospective gold targets at Kossou. We are fully funded for this program and into next year, providing us with the resources to aggressively pursue our exploration objectives. The key zones we're targeting hold significant potential, and this new program will build on previous success by testing depth extensions and uncharted mineralized areas.” He continued: “We are also proud of our commitment to responsible exploration, highlighted by the fresh water well initiative that will benefit and support the local Bocabo community. Looking beyond Kossou, we are dedicated to advancing our regional exploration strategy, bolstered by the support of our strategic partner, Luso Global Mining. We remain focused on delivering results for our shareholders and are excited about the opportunities that lie ahead.”

Gold Target Zones for the Drill Program:

Jagger Zone

The Jagger Zone is defined by a 2 kilometre (“km”) long gold in soil geochemical anomaly that has been trenched and drilled over a 1 km strike extent and remains open to the north and south. Drilling from this program will focus on the core of the zone, testing extensions of mineralised structures to depth and north of KRC011 (19 m at 2.03 g/t Au). The Jagger Zone remains open at depth with the deepest intercepts approximately 125 below surface. This drill program will also test for mineralisation 175 to 200 m below surface and based on positive results, could explore up to 250 m below surface.

Drilling will also test mineralisation south of section JZ 700 (KDD0001 – 38.2 m at 1.55 g/t Au and KDD0021 – 14 m at 2.91 g/t Au) with the goal of extending gold mineralisation south to connect with previous drilling from the Company’s 2023 Reverse Circulation (“RC”) drill program, with results up to 6 m at 4.31 g/t Au (KRC015). This untested gap is approximately 350 in length. Several holes are also planned to undercut previous RC drilling in this area. Hole RC0021 intersected several zones of gold mineralisation including 18 m at 0.60 g/t Au, 6 m at 0.70 g/t Au and 3 m at 1.23 g/t Au, indicating the shear system remains well mineralised.

The Company will drill approximately 3,700 m of diamond drilling in 17 holes at the Jagger Zone as part of this program.

Road Cut Zone

The Road Cut Zone is defined by a 1.6+ km long gold in soil anomaly and has been trenched and drilled over approximately 900 m strike length. Multiple mineralised shear zones have been identified during the Company’s 2023 RC drilling program (KRC044 – 13 m at 2.10 g/t Au) and from the most recent diamond drilling (KDD0012 – 11 m at 1.71 g/t Au) efforts. Mineralisation is open to the south, with the most southernly hole on the target returning 11 m at 1.13 g/t Au (KDD0018). This program will continue to test mineralisation to the south where the target may ultimately join mineralisation at both the Jagger and Kadie zones. Drilling to date has been confined to about 100 m below surface and the current program will test mineralisation to approximately 150 m below surface and fill in gaps in drilling defined in our most recent diamond drilling program.

The Company will drill approximately 3,700 m of diamond drilling in 18 holes at the Road Cut Zone as part of this program.

Kadie Zone

Mineralisation at the Kadie Zone is based on strong gold in soil geochemical anomalies and trenching over 1 km strike length. To date, only five diamond drill holes have been completed on three northwest trending structures, highlighted by KDD005 – 9 m at 23.89 g/t Au and KDD0024 – 7 m at 1.91 g/t Au. Drilling has only tested to approximately 50 m below surface and mineralised shears remain open in all directions.

The Company will drill approximately 1,000 m of diamond drilling in 7 holes at the Kadie Zone as part of this program.

Contact Zone

The Contact Zone Fault has been identified as a significant first order structure and is viewed as a deep-seated discontinuity that may be responsible for channelling gold bearing fluids during progressive structural deformation of the area. A strong gold in soil geochemical anomaly (+50 ppb Au) can be traced over a 2.5 km distance along this potential target. During a structural study completed in October 2023 by the Company’s structural geologist, Dr. Ghislain Tourigny, a strong deformation corridor was mapped west of the Contact Zone Fault. Dr. Tourigny noted the strongest gold mineralisation in the volcanic hosted shear systems were within 300 to 500 m of this structure. The proximity of strong gold mineralisation at the Road Cut, Jagger and Kadie zones and the presence of significant artisanal mining along the geophysical trace of this fault near Lake Kossou presents a very intriguing target that will be explored during this drill campaign.

The Company will drill approximately 700 m of diamond drilling in 7 holes at the Contact Zone as part of this program.

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 Côte 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, as well as drill results. Significant gold mineralisation has been identified at three main targets within a 300 m wide, 2+ km long, pervasively altered structural corridor defining a potentially large orogenic gold system. In 2023, the Company completed approximately 5,900 meters of reverse circulation (RC) drilling and 5,400 meters of trenching, alongside 4,368 meters of diamond drilling in 2024. Moving forward, the Company plans to conduct an additional 10,000 meters of core diamond drilling during the remainder of 2024 at key targets at the Kossou Gold Project. The Company also plans on additional exploration on its Kotobi Permit and pending approval for over 600 km² of prospective ground as part of its strategic efforts to expand its footprint in Côte d'Ivoire.

Kobo remains committed to identifying and developing new opportunities to enhance its land position and growth in the region. 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.

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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. 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, including statements related to the expected timing of commencement and completion of our diamond drill program and the results of the drill program. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable as at the date of this news release, 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; the inherent risks involved win the exploration and development of mineral properties; unanticipated costs and expenses; the delay or failure to receive board, shareholder or regulatory approvals; and other risk factors listed from time to time in our documents filed with Canadian securities regulators on SEDAR+ at www.sedarplus.ca. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240917069581/en/

For further information:

Edward Gosselin
Chief Executive Officer and Director
1-418-609-3587
ir@kobores.com

Source: Kobo Resources Inc.