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CST: 19/06/2019 05:44:16   

Compass Gold Launches Latest Drill Program on Farabakoura Artisanal Workings

6 Days ago

TORONTO, June 12, 2019 (GLOBE NEWSWIRE) -- Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) announces that it has started its follow-up drill program at the Farabakoura artisanal workings on the Ouassada exploration permit on its Sikasso Property in Southern Mali.

Highlights

  • Initiated first of at least 20 reverse-circulation (RC) drill holes, totalling 3,000 m at Farabakoura
  • Testing several structures based on known gold mineralization, favourable geology and geophysical interpretation of ground magnetic data
  • Testing of Farabakoura Pit Structure onto the Kabangoué prospect to extend mineralized zone to 700 m
  • Completed high-resolution ground magnetic survey on the Sodala prospect in the Sankarani permit and surface sampling at Yanfolila South artisanal pits

Compass CEO, Larry Phillips, commented, “This next 3,000 m RC program at Farabakoura will be building on our previously successful drilling results as well as our geophysical surveys over this area of intense artisanal gold mining.  Our near term objective is to increase the strike length of known drilled mineralization, and to delineate the extent of bedrock gold mineralization identified in the near-surface from numerous artisanal gold-bearing veins. At the same time, our technical team has completed a high-resolution ground magnetic survey on two prospects on our Sankarani permit area and we’re awaiting assay results from the surface samples they’ve collected from the Yanfolila South artisanal pits. We are looking to complete as much of this work as possible before the rainy season begins at the end of the month.”

Farabakoura Drilling
Bedrock drilling conducted by Compass in December 2018, and January and April 2019 identified a broad northwest-trending zone of gold mineralization over intervals up to 160 m (OURC011; 60 m @ 1.42 grams per tonne (g/t) gold (Au). This drilling also found several discrete, shorter, but higher-grade intervals, (13 m @ 3.40 g/t Au (OURC011), and the bonanza intercept of 18 m @ 20.69 g/t Au (OUDD001).  This mineralized zone was traced over a distance of 430 m between OURC002 and OURC011, and remains open to the southeast.  The current drilling program at Farabakoura (see Figure 1) is to include at least 20 drill holes (3,000 m) and is designed to test several target structures and lithologies.  These targets include the southeast strike extension of the Farabakoura Pit Structure by an additional 300 m, and numerous bedrock gold veins that are located around the extensive artisanal workings.  Drilling locations were selected based primarily on the presence of gold-bearing quartz-tourmaline veins; anomalous magnetic lows (due to alteration), high chargeability (due to pyrite), high resistivity (due to silicification); and, the intrusive contact between granodiorite and volcaniclastic sedimentary rocks.

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1 True thicknesses are interpreted as 60-90% of stated intervals.

Figure 1 - Location of prospecting area mentioned in the text.  The Kourou, Tieloulena, Badgo and Lontola licences are collectively known as the Yanfolila South Block. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f3929e1f-d611-4f54-ac60-31354ab4b813

Next Steps:

Compass’ field teams have recently completed a high-resolution ground magnetic survey on the Sankarani permit  at Sodala and Tarabala prospects, and are now performing a survey at Selindian (Figure 1).  The Sodala data is being interpreted to determine which structures control mineralization, and determine whether a complementary geophysical survey method should be performed.

Pit reject sampling is now complete over artisanal workings on the Yanfolila South Block and the Company is waiting for gold assay data.  Drilling is unlikely to occur at either Sankarani or the Yanfolila South Block prior to the annual rains at the end of June.

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 sq. km.  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.”

Qualified Person
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.

Forward‐Looking Information
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
lphillips@compassgoldcorp.com gtaylor@compassgoldcorp.com
T: +1 416-596-0996 X 302 T: +1 416-596-0996 X 301
   

Website: www.compassgoldcorp.com

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