Compass Gold Corp. (TSX-V: CVB) (Compass or
the Company) is pleased to provide an update on
the recently completed drilling at the Tarabala and Samagouela
prospects, located on the Company’s Sikasso Property in Southern
Mali (
Figure 1).
Highlights
- Drilling
at Tarabala identifies a pronounced, broad, shallow gold target,
associated with a shear zone, extending at least
1.1-kilometres
-
Higher-grade mineralized zones intercepted within wide
zones of low-grade mineralization; remains open down
dip
- Best
interval: 5 m at 2.86 g/t Au (from 8 m), including 1 m @ 12.50 g/t
Au (from 9m)
-
Preparing immediate further drilling at Tarabala and
initial drilling on other prospects on the Tarabala
Trend
- Latest
drilling along 1.7 km portion of 10 km Samagouela Trend confirms
wide zones of quartz veining
- Compass
to host Webinar on January 21 – Will include an Update and
Discussion of Next Steps
Compass CEO, Larry Phillips,
said, “Our technical team continues to define large, new areas of
mineralization with very encouraging gold grades along one section
of the 10-km long Tarabala Trend. This includes higher-grade
mineralized intervals found within an outcropping, broad,
lower-grade zone that remains open at depth. Infill drilling is
ready to commence along this part of the trend and to test the
mineralization to a depth of 80 m. Targeting studies have also been
completed on this trend to the south at Assama, where more drilling
sites are being prepared. Based on the results received to date, we
remain confident that we are in the correct geological environment
for a major gold-bearing system.”
He added, “Final assays from the December
drilling at the first section of the Samagouela Trend confirmed
that we intercepted the target structures predicted by the
previously noted geophysical survey. We are planning
additional drilling programs on this trend, targeting Old Sam and
Ourou Ourou.”
Dr. Sandy Archibald, PGeo, Technical
Director, added, “I am pleased to see the positive results
that our field teams have achieved since operations recommenced in
October. We have confirmed the continuity of mineralization at
Tarabala and identified several new drilling targets. I look
forward to launching the next round of drilling on the Tarabala
Trend and to reviewing our latest geochemistry and geophysical
results at our other prospects. A summary of this work will be
presented during this week’s Compass webinar update and
discussion.”
Tarabala Drilling Results
Thirty-six (36) air core (AC) holes (1,500 m)
and two reverse circulation (RC) holes (186 m) were drilled in
December at Tarabala to test the lateral extent and orientation of
a wide zone of previously identified near-surface mineralization at
the prospect (See Compass press release, June 15, 2020).
Over the 1,800 m strike length tested, a 1,100-m
panel of wider and higher-grade mineralization was identified
(Figure 2). Generally, gold mineralization was present within a
wide (15 to 34 m) zone of quartz veining parallel to the Tarabala
fault that contained low-grade concentrations
(< 0.5 g/t Au). Individual intervals within this
mineralized zone are narrower with higher gold grades (Table 1).
For example, SAAC75 had a mineralized interval of 11 m @
0.57 g/t Au (from 23 m), SAAC83 had 5 m @ 2.86 g/t
Au (from 8 m), and SAAC95 6 m @ 0.64 g/t
Au (from 28 m). A deep RC hole, SARC001, identified a
17-m-wide mineralized zone containing several higher-grade
intervals including
5 m @ 0.94 g/t Au (from
59 m) and 4 m @ 0.84 g/t Au from 67 m
(Figures 2 and 3 and Table 1). Numerous higher-grade intervals
were recorded, including 1 m @ 12.5 g/t Au (from
9 m) in SAAC83, 3 m @ 5.13 g/t Au (47 m to
the end of the hole) in SAAC080, and 1 m @ 7.30 g/t
Au (from 46 m) in SAAC076. These higher values correspond
well to grab samples collected of quartz vein material from the
artisanal workings.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/20f81cfb-5340-4d34-ad14-b4e8c274fc48
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4645749f-3c01-4cc9-a052-bdc110749bf4
Based on the highly encouraging AC drilling, two
RC holes were drilled to test the mineralization at depth. SARC01
confirmed the width of the mineralized structure, the fact it
remains open at depth, and the orientation of the mineralization
matches surface measurements for the Tarabala fault and veins
present in the artisanal workings (Figure 3).
Table 1. Mineralized intervals
greater than 3 m identified during recent drilling at Tarabala
Hole ID |
From (m) |
To (m) |
1, 2 Interval (m) |
Au (g/t) |
SAAC72 |
0 |
14 |
14 |
0.33 |
SAAC73 |
15 |
17 |
2 |
1.90 |
SAAC73 |
34 |
36 |
2 |
1.19 |
SAAC73 |
47 |
50 |
3 |
0.32 |
SAAC74 |
18 |
20 |
2 |
0.25 |
SAAC75 |
23 |
34 |
11 |
0.57 |
SAAC76 |
37 |
40 |
3 |
0.40 |
SAAC76 |
43 |
47 |
4 |
2.11 |
inc |
46 |
47 |
1 |
7.30 |
SAAC79 |
42 |
49 |
7 |
0.50 |
inc |
42 |
45 |
3 |
0.73 |
inc |
47 |
49 |
2 |
0.53 |
SAAC80 |
29 |
33 |
4 |
0.38 |
SAAC80 |
37 |
44 |
7 |
0.43 |
SAAC80 |
47 |
50 |
3 |
5.13 |
SAAC82 |
26 |
31 |
5 |
1.23 |
SAAC83 |
0 |
3 |
3 |
1.78 |
SAAC83 |
8 |
13 |
5 |
2.86 |
inc |
9 |
10 |
1 |
12.5 |
SAAC85 |
12 |
15 |
3 |
0.43 |
SAAC94 |
11 |
15 |
4 |
0.90 |
inc |
13 |
14 |
1 |
1.87 |
SAAC95 |
28 |
34 |
6 |
0.64 |
inc |
28 |
29 |
1 |
2.08 |
SARC001 |
45 |
48 |
3 |
0.35 |
SARC001 |
59 |
64 |
5 |
0.94 |
inc |
61 |
52 |
1 |
2.96 |
SARC001 |
67 |
71 |
4 |
0.84 |
SARC002 |
1 |
6 |
5 |
0.44 |
SARC002 |
10 |
14 |
4 |
3.11 |
SARC002 |
21 |
25 |
4 |
1.04 |
SARC002 |
34 |
37 |
3 |
1.10 |
SARC002 |
42 |
43 |
3 |
0.58 |
SARC002 |
65 |
73 |
8 |
0.55 |
inc |
71 |
72 |
1 |
1.81 |
1True thicknesses are interpreted as 70-90% of
stated intervals, except for SARC002 which is 20-40% of the stated
interval.2 Intervals use a 0.2-gram-per-tonne gold cut-off
value
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/cc281151-04c9-4b03-a86c-9eaf5e38a8e8
Samagouela Drilling Results
Further to the drilling results previously
reported from Samagouela (see Compass press release,
December 30, 2020), the Company received the remaining assay
results in early January. Although quartz veining was encountered
where predicted, assays from the twenty remaining holes in the
drilling program returned only traces of gold (maximum of
83 ppb). A single RC hole planned to test a high-grade
structure (9 m @ 5.79 g/t Au from 45 m) identified by earlier
drilling was abandoned due to excessive groundwater. Drilling is
planned to test other targets when groundwater conditions improve.
In the meantime, an infill shallow soil geochemical survey and a
Gradient IP geophysics survey will be completed on a target
structure approximately 500 m the west of the Samagouela artisanal
workings.
Technical Details
All AC holes from Tarabala and Samagouela
reported here were drilled on an azimuth of 270° (towards the
west), at dips of 55°, with lengths varying from 50 to 56 m at
Tarabala and 31 m to 59 m at Samagouela. These fences
of holes were to test structures interpreted from the Gradient IP
survey, and potential mineralized trends identified by earlier
drilling by Compass. Two RC holes (90 and 96 m) were drilled at
Tarabala and one RC hole (52 m) at Samagouela to test the presence
and orientation of deeper mineralization. The hole at Samagouela
was abandoned due to excess ground water. Drilling was performed by
two companies: Target Drilling undertook work at Tarabala, and IDC
Drilling (Mali) at Samagouela. All samples were prepared by Compass
staff and an appropriate number of standards, duplicates and blanks
were submitted and analysed for gold at SGS (Bamako, Mali) by fire
assay.
Next Steps
Preparations are underway at Tarabala to perform
a 30-hole (1,725 m) in-fill drilling program centred on a 1,100-m
panel of the Tarabala fault zone. This drilling will include ten
holes drilled to test ground along strike that was not targeted in
the December 2020 drilling program. Preparations for a 1,150-m AC
drilling program at Assama (see Figure 1) will start when the
Tarabala drill pads are completed. Assama is located 5 km to the
south of Tarabala on the Tarabala fault, as defined by Gradient IP
geophysics. Assama is the site of current artisanal mining activity
over a width of 120 m, which follows the trace of the Tarabala
fault for at least 400 m.
Planning for exploration drilling at Ourou Ourou
and Old Sam on the Samagouela Trend are being finalized, with
drilling expected to take place in Q1.
Ongoing in-fill shallow soil sampling and ground
geophysics are continuing on other areas of the Sikasso property,
and new targets are continually being appraised and identified.
Compass Webinar
Compass will be hosting a webinar at 2:00 p.m.
E.T. /11:00 a.m. PT on Thursday, January 21st, to provide a review
of the Company’s recent activities, as well as its plans for
continuing exploration on its Sikasso Property in southern
Mali.
To register for the webinar, please follow this link:
https://www.redcloudfs.com/rcwebinar-cvb/
Before the webinar, investors are invited to
review the Company’s latest news releases
(http://compassgoldcorp.com/category/news/) and investor
presentation
(http://compassgoldcorp.com/investor-presentation/).
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 Komana. 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 conducting the current exploration program.
They are examining numerous anomalies first noted in Dr.
Archibald’s August 2017 “National Instrument 43-101 Technical
Report on the Sikasso Property, Southern Mali.”
QAQC
All 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 Person
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.
Forward‐Looking InformationThis
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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REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
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THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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