Compass Gold: Geophysical Survey and Infilled Auger Drilling Initiated on Malian Permits
TSX VENTURE: CVB
TORONTO, June 25, 2018 (GLOBE NEWSWIRE) -- Compass Gold Corp. (TSX-V:CVB) (Compass or the Company) is pleased to provide an update on exploration programs on the Ouassada and Sankarani exploration permits in Southern Mali.
- Fieldwork on five induced polarization (IP) survey lines, totaling 18 kilometers, has started to cover the deep auger soil sampling anomalies previously identified on the Ouassada permit
- A deep auger soil sampling program has been initiated over the Sodala shallow soil anomaly (2 km x 5 km) on the Sankarani permit
- 7,521 shallow soil samples from priority areas at Kalé, Kourou, Tiélouléna, and infill areas at Sankarani are at the assay laboratory
- Deep drilling targeting studies are ongoing, which will be finalized when the IP and auger drilling programs are completed in July
Compass CEO, Larry Phillips, commented, “We are pushing to complete our exploration work on our Sikasso property area prior to the rainy season. The deep soil auger drilling program at Sodala will aid our understanding of this exciting new gold target and provide valuable information about the extent of the near surface mineralization. We will use the information gathered from this near surface work as well as the current IP survey on Ouassada to help refine our initial bedrock targets, which we plan to begin drilling in October. The drilling will help determine the nature, grade and extent of the gold mineralization in the bedrock.
We are also eagerly anticipating the results from our shallow soil sample programs from Kalé, Kourou and Tiélouléna, as these relatively underexplored permits contain numerous geophysical and structural targets identified from recent studies.”
Induced Polarization (IP) Survey
Based on the highly encouraging shallow soil and deep auger soil geochemical sampling programs over target area 1 on the Ouassada permit (see Compass press releases dated April 3 and May 7, 2018), the Company is pleased to announce that an Induced Polarization (IP) survey was started on June 11th by Mali-based geoscience consultants EurekaGeo. This survey consists of five (5) east-west trending lines that vary in length from 2 to 4.5 km and is centred on the 12.5 km long zone of anomalous gold geochemistry (containing gold concentrations up to 2.6 ppm) and is underlain by 3.4 km of sporadic artisanal gold workings at the southern extension of the anomaly. The purpose of the IP survey is to identify areas of enhanced conductivity, which typically indicate the presence of disseminated sulphides or faults, both features that are important for the formation of gold mineralization. The IP survey provides a useful indication of the depth of any target, and this information will be utilized to determine the precise location and depth of the bedrock drilling program planned to begin in October 2018. The location of the IP lines in relation to the geology and deep soil auger anomalism is illustrated in Figure 1 below.
Sodala Anomaly Deep Soil Auger Drilling
A 97-hole deep soil auger drilling program was initiated at the Sodala anomaly on June 11th (Figure 2). This program is being undertaken by a private Mali-based drilling company, and consists of three lines, 1 km apart and at a sample spacing of 50 m, to determine the depth continuity of an area of extreme gold in soil anomalism, where four samples contained 31.30, 10.10, 2.49 and 0.50 g/t gold over a distance of 1 km (see Compass press releases dated June 1, 2018). Weather permitting, an additional east-west orientated deep soil auger line (Traverse 4, Figure 2) will be drilled in the centre of the Sodala shallow soil infill-grid.
The purpose of this deep sampling program is to confirm the presence of gold to a depth of approximately 10 m at Sodala, and remove the possibility that all of the shallow soil results are due to the presence of gold derived from the previously undocumented gold workings in the area. Additional auger drilling will be performed in Q4 in the area, but if encouraging gold grades are encountered during the present auger program at Sodala, then the bedrock drilling program could be accelerated.
Shallow Soil Geochemistry
The Company is currently waiting on 5,343 shallow soil gold geochemistry sample results (including blanks and standard reference materials) from priority areas in the Kalé, Kourou, and Tiélouléna permits, and an additional 2,178 samples from the infill soil grids on Sankarani. The Sankarani target areas (Sodala, Selindian, Dalaba, and Tarabala) were identified from a combination of wide spaced shallow soil geochemistry, and structural targets identified in the recently completed structural and alteration remote sensing study (see Compass press release dated May 29, 2018). The location of the Sodala in-fill samples are illustrated on Figure 2.
The final shallow soil sampling program at Kourou, consisting of 1,200 samples over a grid with a 500-m line spacing and samples collected every 100 m, started on June 19th. It is anticipated that this work will be completed by the first week of July, but this is contingent on the severity of the rains in the wet season.
Exploration work continues on the Ouassada, Sankarani, and Kourou permits, with the main focus being to accurately define bedrock drilling targets on the two former permits in Q4. These targets will be investigated using a combination of Rotary Air Blast (RAB) and Reverse Circulation (RC) drilling techniques. Shallow soil geochemical sample results at Kalé, Kourou, and Tiélouléna are pending, and will be used to focus follow-up deep soil auger geochemistry once the rains have subsided.
About Compass Gold Corp.
Compass, a public company having been incorporated into Ontario, is a Tier 2 issuer on the TSX-V. Through the recent acquisition of MGE and Malian subsidiaries, Compass holds gold exploration permits located in Mali that comprise the Sikasso Property. The exploration permits are located at three sites in southern Mali with a combined land holding of 1,179 km2. The Sikasso Property is located in the same region as several other multi-million ounce gold projects, including Morila, Syama, Kalana and Kodieran. The Company’s Mali-based technical team, led in the field by Dr. Diallo and under the supervision of Dr. Sandy Archibald, P.Geo, is initiating a new exploration program. They are examining the first of numerous anomalies noted for further investigation in Dr. Archibald’s August 2017 “National Instrument 43-101 Technical Report on the Sikasso Property, Southern Mali."
This news release has been reviewed and approved by Dr. Sandy Archibald, P.Geo, Compass’s Technical Director, who is the Qualified Person for the technical information in this news release under National Instrument 43-101 standards.
This news release contains "forward‐looking information" within the meaning of applicable securities laws, including statements regarding the Company’s planned exploration work and management appointments. Readers are cautioned not to place undue reliance on forward‐looking information. Actual results and developments may differ materially from those contemplated by such information. The statements in this news release are made as of the date hereof. The Company undertakes no obligation to update forward‐looking information except as required by applicable law.
For further information please contact:
|Compass Gold Corporation||Compass Gold Corporation|
|Larry Phillips – Pres. & CEO||Greg Taylor – Dir. Investor Relations
& Corporate Communications
|T: +1 416-596-0996 X 302||T: +1 416-596-0996 X 301|
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