TORONTO, May 08, 2019 (GLOBE NEWSWIRE) -- Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is pleased to provide an update on the results of their ongoing exploration activity on their Yanfolila North and Yanfolila South blocks, comprising parts of the Sikasso Property in Southern Mali.
- Completed 13 reverse circulation (RC) drill holes at Farabakoura artisanal workings, totalling 1,928 m
- Completed a detailed 3-sq.-km ground magnetic survey over the Kabangoué workings
- Ongoing 60 km of ground induced polarization (IP) examination at Ouassada and Faraba-Koura
- Identifying new drilling targets based on latest drilling and geophysical results
Compass CEO, Larry Phillips, said, “We have completed our latest round of drilling at Farabakoura, which has advanced our knowledge of this target area. Assays are pending for the last four of the thirteen holes drilled, and we expect to be able to release them within the next ten days. In the meantime, our technical team has been busy performing a number of geophysical and geochemical surveys. The results of all of this work will be used to finalize our next drilling program on the Ouassada and Faraba-Coura permits, which we expect to begin before the end of this month.”
Reverse Circulation Drilling (Farabakoura)
As previously announced (see Compass news release dated March 28, 2019), the Company planned to conduct approximately 1,000 m of additional drilling at the extensive Farabakoura artisanal site. The focus of this additional drilling was to test two parallel NW-trending structures, termed the Farabakoura Pit Structure, and the Kabangoué Structure, and the general east-west trending structure termed the Farabakoura East Structure. Drilling targets were based on the interpretation of geophysical survey data and previous drilling results. The Company was able to extend this program to include a total of 13 new RC holes for a total length of 1,928 m. The final drill hole, OURC025, was completed on May 3. Results will be announced once the final assays are received from the laboratory and they pass appropriate industry QAQC protocols.
Ground Magnetic Study (Kabangoué)
A detailed ground magnetic survey, covering an area of 3 sq. km and centered on the Kabangoué artisanal workings, was completed on May 6, 2019. The north-south orientated grid is at a line-spacing of 50 m and will provide resolution to help plan the next phase of drilling at the artisanal workings. The field work was performed by technicians from EurekaGeo, a mineral exploration consultancy based in Bamako, Mali. This magnetic survey data will be interpreted by Jeremy S. Brett, M.Sc., P.Geo. (MPH Consulting Limited, Toronto), in consultation with Compass staff.
Induced Polarization Survey (Ouassada and Faraba-Coura)
A 60-line-km IP survey on the Ouassada and Faraba-Coura permits is nearing completion. The survey covers the 15 undrilled targets identified by airborne geophysics and corresponding deep auger geochemistry (see Compass news release dated May 28, 2018) over a distance of 14 km. The remaining 12-line km of the survey is expected to be completed within the next two weeks. All data collected to date is being interpreted by Jeremy S. Brett, M.Sc., P.Geo. (MPH Consulting Limited, Toronto), and drilling targets are being identified by the Compass technical team.
Artisanal Pit Reject Sampling (Yanfolila South)
Field teams are continuing to perform sampling of artisanal pit reject samples at the nine artisanal gold sites on the Yanfolila South block, and assay results will be released once this program is complete. To date, approximately 1,500 samples have been collected and analyzed, with additional assay results arriving bi-weekly. It is anticipated that limited bedrock drilling can take place on some of these workings prior to the beginning of the rainy season in late June.
Once the final assay results have been received for the recently completed RC drilling at Farabakoura, a decision will be taken to determine the location and amount of additional drilling at the site. Interpretation of the new ground magnetic and IP survey data at Kabangoué, combined with geological mapping and geochemical sampling, will also be used to plan a 2,000-m drilling program over this exciting target. This next phase of drilling, and on-going drill programs will be performed by Compass’s new drilling contractor, Capital Drilling.
The ground magnetic field team has currently been redeployed to the Sodala prospect on the Sankarani permit to perform a high-resolution magnetic survey. This area has favourable geology, and shallow soil gold sampling last year by Compass identified several samples containing more than 0.5 gram per tonne gold.
About Compass Gold Corp.
Compass, a public company having been incorporated into Ontario, is a Tier 2 issuer on the TSX- V. Through the 2017 acquisition of MGE and Malian subsidiaries, Compass holds gold exploration permits located in Mali that comprise the Sikasso Property. The exploration permits are located in three sites in southern Mali with a combined land holding of 854 km2. The Sikasso Property is located in the same region as several multi-million ounce gold projects, including Morila, Syama, Kalana and Kodiéran. The Company’s Mali-based technical team, led in the field by Dr. Madani 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 EurGeol. 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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