Compass Gold: Field Work Starts on Farabakoura Trend in Preparation for Newest Drilling Program
TORONTO, Nov. 06, 2019 (GLOBE NEWSWIRE) — Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) announces that it has launched its follow-up field program on the Farabakoura Trend, which includes the Farabakoura and Kabangoué artisanal workings and the high-priority Boumban prospect, on its Sikasso Property in Southern Mali.
HighlightsThe annual rains have ended, and field teams have mobilized to start preparing access for renewed drilling at Farabakoura and Kabangoue artisanal workings10,500 m drilling is planned on six prospects on the Sikasso propertyDrilling is expected to begin in late NovemberCompass CEO, Larry Phillips, commented, “With the end of the wet season, we are now deploying our field teams to prepare our drilling sites for our next exciting drilling program. In addition to the main Farabakoura zone, we will be drilling on five additional prospect areas, where we hope to confirm the presence of bedrock gold indicated so far by near surface geochemistry and the presence of artisanal workings. The proposed 10,500 m RC drilling program will go a long way to confirming the prospectivity of these areas, with the aim of determining the best location for resource definition drilling. We expect that it will take three weeks to prepare the drilling pads, and for the ground conditions to allow the safe movement of our drilling equipment.”Previous Bedrock Drilling
As previously announced, 6,610 m of reverse circulation (RC) and 1,196 m diamond core drilling were performed at Farabakoura and Kabangoue between December 2018 and July 2019, when the wet season began. The results indicate the presence of high-grade and bonanza gold intercepts (e.g., 118 m @ 20.69 grams per tonne (g/t) gold (Au) (OUDD001), 6.1 m @ 65.58 g/t Au (OUDD004), and 13.5 m @ 9.25 g/t Au (OUDD006). Broad mineralized intervals such as 60 m @ 1.42 g/t Au (OURC011), 32 m @ 0.93 g/t Au (OURC017), 32 m @ 3.02 g/t Au) are also present, although typical widths of individual zones are typically 5 to 8 m wide and vary in grade from 1 to 4 g/t Au. Several of these zones can be present in individual holes.Proposed Bedrock Drilling
Based on the results of this highly successful drilling, the Company has planned 10,500 m of RC drilling on six prospects within the Sikasso permit. The areas are Farabakoura, Kabangoué, Boumban, Tarabala, Sodala, and Samagouela (Figure 1).On the Ouassada permit, 2,000 m of drilling will be conducted at Farabakoura and Kabangoué to test the strike extension of several NE-trending vein swarms that appear to control high-grade mineralization. Most of this drilling will take place at Farabakoura.6,600 m of drilling is planned at the highly encouraging Boumban prospect on the Faraba-Coura permit. Strong gold anomalism was identified during shallow soil and deep overburden sampling in six areas over 4 km at Boumban. The degree of gold anomalism is comparable to those at Farabakoura, and ground geophysical interpretation suggests similar rock types and faults are also present.The Tarabala and Sodala prospects on the Sankarani permit were selected for 1,100 m of RC bedrock drilling. The drilling targets at Tarabala were based on the presence of active artisanal workings over 600 m, coincident shallow soil sampling, grab samples containing up to 4.10 g/t Au, and the likely presence of potential mineralized structures based on ground geophysics. Bedrock drilling at Sodala is planned to investigate the current artisanal workings, where grab samples of mineralized quartz veins have returned up to 2.87 g/t Au, and shallow soil sampling proximal to the gold workings contained up to 31.1 g/t Au.The final area where drilling is planned is at the Samagouela artisanal workings on the Kourou permit (part of the Yanfolila South block). Artisanal activity in late 2018 is anecdotally reported to have recovered 645 oz of gold in a three-month period. Shallow soil geochemistry and a ground magnetic survey performed by Compass has identified likely mineralized structures that will be tested by drilling. This 800 m drilling is expected to take place in late January 2020.Weather conditions in the field area are improving due to the end of the rainy season. Compass field teams are currently checking the site access and the water levels in the various water courses that cut the project area. It is anticipated that a bulldozer can move onto the Ouassada permit within the next week to start the preparation of the drilling pads at Farabakoura and Kabangoue, with drilling currently scheduled to begin in late November.
Funding for the work program is from a recently announced ongoing $5M Private Placement (see Compass press release dated November 4th, 2019), which includes a $2M lead investment by SEMAFO.About Compass Gold Corp.
Compass, a public company having been incorporated into Ontario, is a Tier 2 issuer on the TSX Venture Exchange (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 867 km2. The Sikasso Property is located in the same region as several multi-million ounce gold projects, including Morila, Syama, Kalana and Yanfolila. 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 executing 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:Website: www.compassgoldcorp.comNEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1a40209c-88af-445b-bbf6-02257bbd9bca1 True thicknesses are interpreted as 60-90% of stated intervals.