Exploration Update: Initial Drilling Completed at Tarabala; Ongoing at Samagouela Artisanal Workings
TORONTO, April 16, 2020 (GLOBE NEWSWIRE) — Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is pleased to provide an update on the latest exploration work at the Tarabala and Samagouela prospecting areas on the Company’s Sikasso Property in Southern Mali (Figure 1).
HighlightsExploration program expands into new target areasDrilling complete on three fences over at the Tarabala artisanal workings (26 AC holes, 1,465 m) on the Sankarani permitDrilling ongoing on three fences at the Samagouela artisanal workings (26 AC holes planned) on the Kourou permitInfill shallow soil sampling extends Samagouela target to over 1.7 kmCOVID-19 protocols are being implemented in Mali following government adviceCompass CEO, Larry Phillips, said, “Our latest exploration program, which we initiated following the end of the rainy season in December, is focusing on gathering geological and structural data to help us to understand the multiple large targets on several parts of our permits. This includes our ongoing assessment of the Farabakoura Trend, which was our first zone of targets identified last year. The large size and relative complexity of our property require that we take a multi-faceted approach involving a range of geological and geochemical techniques in order to generate and to refine each of the many targets our team uncovers.”He added, “The exploration work we have conducted thus far on several areas confirms our belief that our Sikasso property consists of several large targets that warrant ongoing drilling. Most recently, fieldwork has encouraged us to significantly increase the original 2,000 m drill program at Tarabala, Samagouela and Sodala to a planned 3,500 m. Drilling is being completed at Samagouela, and the rig will then be mobilized to the Sodala prospect on the Sankarani East permit.”“Once we have the latest results from our current program, we are planning to conduct an online webinar open to investors during which our management team will discuss our progress and lay out our potential next steps. Details of this webinar, which will also be recorded for later playback, will be announced later this month.”Permit overview map: http://compassgoldcorp.com/sikasso-properties/Tarabala, Samagouela, and Sodala Air Core DrillingAir core (AC) drilling on the Tarabala prospect in the Sankarani permit (Figure 1) consisted of a total of 26 holes in three fences totalling 1,435 m. The northern 8-hole line was planned to intersect near surface mineralization associated with the southern part of the Tarabala artisanal workings. The middle line consisted of 13 holes drilled to test quartz veins identified during geological mapping of the area by an independent structural geologist. The southern fence of 5 holes was drilled to test a small area of artisanal workings known as Yaladjila (or “Yala” for short). All fences were chosen based on interpretation of the gradient IP ground geophysics study that identified favourable structures based on resistivity and chargeability features, and surface prospecting. Drilling was completed at Tarabala on April 7, and all samples are now at the assay laboratory in Bamako.FIGURE 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f1e4b8a9-7f4f-414e-97b8-97b87ca6109dOn April 9, air core drilling started at the Samagouela target on the Kourou permit. Originally, 800 m of drilling was planned. However, based on the encouraging results of a recently completed 1,213 shallow soil samples (with the highest sample containing 4.03 g/t Au) the program was increased to 1,350 m. The drilling comprises three lines over a distance of 1.6 km. The northern line is composed of 14 holes centred on the main artisanal workings (Figure 2), with two 6-hole lines planned to the south at the contact of a speculated mineralized fault where it cuts a granitic intrusion. Drilling is progressing well, with 6 holes remaining on the prospect.FIGURE 2 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9e7dec4b-0414-4730-a79f-01a503127c88On completion of the drilling at Samagouela, the drill rig will move 30 km to the north to the Sodala prospect on the Sankarani East permit (Figure 1, insert map). This drilling will comprise 7 holes (for a total length of 500 m) to target shallow soil geochemical anomalies and structures interpreted from ground geophysics and measured in the field during geological mapping.COVID-19 Operational Update
Due to concerns about coronavirus (“COVID-19”), the Company continues to implement its previously announced (see Compass news release dated March 19) detailed program of health and safety field and office protocols to protect personnel during exploration activity in Mali. Members of the office team are working from home and the field team continues to work in isolation.Malian authorities moved quickly to shut down the country’s borders and implement regulations and procedures that have helped to mitigate the spread of the virus. Based on current testing, 148 cases have been reported to date in Mali. Compass is monitoring the situation in Mali daily and will adhere to all directives issued by the Ministry of Health.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 867 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 numerous anomalies noted for further investigation in Dr. Archibald’s August 2017 “National Instrument 43-101 Technical Report on the Sikasso Property, Southern Mali.”QAQCAll AC samples were collected following industry best practices, and an appropriate number and type of certified reference materials (standards), blanks and duplicates were inserted to ensure an effective QAQC program was carried out. The 1 m interval samples were prepared and analyzed at SGS SARL (Bamako, Mali) by fire assay technique FAE505. All standard and blank results were reviewed to ensure no failures were detected.Qualified PersonThis 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.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.