Compass Gold Corp. (TSX-V: CVB) (Compass or
the Company) is pleased to provide an update on
the latest exploration drilling at the Farabakoura and Kabangoué
prospects, located on the Company’s Sikasso Property in Southern
Mali (
Figure 1).
Highlights
- Drilling at Farabakoura (8
RC holes, 1,174 m) extended continuity of gold mineralization in
east-west trending structures along strike and at
depth
- Best interval was 2 m @
7.13 g/t Au, within 13 m @ 1.67 g/t Au (from 19 m)
- Drilling at Kabangoué North
(5 RC holes, 750 m) intersected several zones of mineralization,
including 8 m @ 0.67 g/t Au (from 21 m)
- Drilling at Kabangoué South
(3 RC holes, 450 m) intersected a narrow interval of gold
mineralization (1 m @ 0.23 g/t Au, from 73 m) in an area of
artisanal workings that contained grab samples assaying up to 25.4
g/t Au
- Commencing 2,000 m air core
drill program on four new
geochemical targets with artisanal mining workings
on the Sankarani and Kourou permits
Compass CEO, Larry Phillips,
said, “We continue to intercept significant gold mineralization at
Farabakoura, where we have drilled less than half of the area
covered by artisanal gold workings. We are also advancing our
understanding of the complex nature of gold mineralization there,
and we are particularly encouraged by the evidence from our
drilling that there have been multiple mineralization events on
this prospect. Based on the technical data, we have identified nine
more targets on the Farabakoura Trend, each and every one of which
needs to be drill-tested.”
He added, “Our initial drilling at Kabangoué
North also encountered promising gold mineralization associated
with an area that has been worked by artisanal miners.
One-kilometre further south, at Kabangoué South, we are working to
identify the bedrock source of gold-bearing quartz veins that
contain up to 25.4 g/t Au recovered from the artisanal workings in
2012.”
Technical Director Dr. Sandy Archibald noted,
“Over the last 14-months we have accumulated a great deal of
geological, geochemical and geophysical information on the numerous
prospects along the 15-km long Farabakoura Trend. While the
drilling takes place on geochemical targets on three of Compass’s
other permit areas, we will be appraising the extensive drilling
data, conducting a comprehensive structural synthesis, and
completing our outstanding geophysical surveys across Farabakoura
in order to further understand how these multiple mineralized zones
fit together. This will help us to continue to effectively
explore the Farabakoura Trend when we begin the next phase of
drilling there in April.”
Next Steps
Compass is preparing drill pads for a 2,000-m
air-core drilling program on three prospects (Tarabala, Yaladjila,
and Sodala) on the Sankarani permit, and one prospect (Samagouela)
on the Kourou permit. Drilling is expected to begin as soon
as the rig can get to the target sites. Each of these
prospects is characterized by bedrock gold mineralization, shallow
soil gold geochemical anomalism, structural targets identified from
geophysics, and the presence of artisanal gold mining.
Additionally, the Tarabala and Yaladjila prospects lie on a
40-km-long north-northeast trend of 30 artisanal gold workings
associated with a crustal scale fault.
Field teams are continuing to perform geological
mapping, and local ground geophysical surveys (magnetic and induced
polarization) and infill shallow soil geochemistry sampling are
taking place on prospective areas identified by the structural
geology study.
Technical Review
Farabakoura
Eight holes (1,174 m) were completed at
Farabakoura by mid-January (Figure 1). Holes
OURC79 and OURC80 were drilled to test mineralization associated
with a 400 m-long east-west trending structure, identified by
ground geophysics and previous drilling. OURC81 tested the
same structure at a depth of 120 m from surface. OURC81 was
also the most southerly of a north-south trending six-hole fence
(OURC81-86) that was designed to test gold mineralization
associated with geological contacts and faults.
FIGURE 1 – SUMMARY OF LATEST DRILLING AT
FARABAKOURA ARTISANAL WORKINGS is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7369cd33-e1a7-4c47-9f4e-2d7f9f928a63
OURC79 contained the highest grade intersected,
with a 2 m @ 7.13 g/t Au (from 23 m) within a
broader 13 m @ 1.67 g/t Au interval (Table
1). OURC80 intersected a 7-m-wide, east-west
trending zone of quartz-carbonate-tourmaline veins that contained
1.07 g/t Au, and correlates with a mineralized interval of 8 m @
1.20 g/t Au (from 24 m) encountered 50 m to the east in OURC40 (see
Compass press release, August 19, 2019).
Holes OURC81-86 were drilled to the south at
dips of 55° and depths varying from 122 to 160 m. The best
mineralization was encountered at the south end of the fence to
test mineralization in a small artisanal open pit zone.
OURC81 contained six discrete zones of shallow mineralization
(Table 1), including the widest interval of 8 m @
2.23 g/t Au (from 15 m) and the highest grade of 2 m @ 7.10 g/t Au
(from 101 m). The continuity of this zone was tested at depth
by OURC82, which encountered 28 m @ 1.03 g/t Au (from 129
m). The width of mineralization is interpreted to be the
result of the intersection of the NW-trending Creek Zone with the
east-west trending contact of a granodiorite. Holes OURC83-86
contained intervals of quartz veining, with only nominal amounts of
gold mineralization.
Table 1. Significant
assays (>0.5 g/t Au) identified during recent drilling at
Farabakoura
Hole ID |
From (m) |
To (m) |
1, 2 Interval(m) |
Au (g/t) |
OURC79 |
19 |
32 |
13 |
1.67 |
inc. |
23 |
25 |
2 |
7.13 |
OURC80 |
41 |
48 |
7 |
1.07 |
OURC81 |
15 |
25 |
8 |
2.23 |
OURC81 |
26 |
27 |
1 |
0.55 |
OURC81 |
28 |
30 |
2 |
0.61 |
OURC81 |
31 |
32 |
1 |
1.86 |
OURC81 |
36 |
38 |
2 |
2.05 |
OURC81 |
50 |
51 |
1 |
5.11 |
OURC81 |
101 |
102 |
2 |
7.10 |
OURC81 |
127 |
133 |
6 |
0.58 |
OURC82 |
129 |
160 |
28 |
1.03 |
inc. |
129 |
131 |
2 |
2.11 |
inc. |
133 |
134 |
1 |
1.08 |
inc. |
135 |
139 |
4 |
1.08 |
inc. |
146 |
151 |
5 |
1.98 |
OURC83 |
No intercept > 0.2 g/t Au |
OURC84 |
81 |
83 |
2 |
1.91 |
OURC85 |
No intercept > 0.2 g/t Au |
OURC86 |
No intercept > 0.2 g/t Au |
1True thicknesses are interpreted as 60-90% of
stated intervals2 Intervals use a 0.2-gram-per-tonne gold cut-off
value
Kabangoué Reverse Circulation Drilling
Results
In late-December, the Company completed 750 m of
reverse circulation (RC) drilling over selected geophysical and
geochemical targets on the Kabangoué North
prospect (Figure 2), which is a 600 m long
and 360-m-wide zone of artisanal workings within the greater
Farabakoura Trend. This trend has an overall strike length of
15 km and an up to 2-km-wide zone of anomalous gold in shallow soil
samples, abundant artisanal gold workings adjacent to the Siekorole
Shear Zone, and typically associated with intrusive rocks
(granodiorite).
FIGURE 2 - KABANGOUE DRILLING
LOCATIONS is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/43fcb53c-f465-4d44-83f0-d6245b4f996d
The Kabangoué North prospect
was drilled by a north-south fence of five RC holes (OURC71-75),
and the Kabangoué South prospect by three RC holes
(OURC76-78). All holes were all drilled on an azimuth of 180°
(to the south), at dips of 55°, and lengths of 150 m.
Drilling was performed by Capital Drilling, and collected samples
were assayed at SGS (Bamako, Mali) by fire assay.
The drilling determined the subsurface geology
was composed almost exclusively of granodiorite which has been cut
by east-west and northeast-trending faults, and inferred by the
presence of quartz veining. Gold mineralization identified narrow,
discrete, gold mineralization in four of the five holes
(Table 2), with the best interval being 8 m @
0.67 g/t Au (from 21 m) in OURC74. It is likely that the
mineralization located in OURC75, 2 m @ 0.22 g/t Au (from 137 m),
represents a 100 m down-dip extension of the mineralization present
in OURC74, and appears to be related to a NW-trending fault
parallel to the main mineralized trend at the Farabakoura
workings. The Kabangoué mineralized trend is also
correlatable by gold mineralization noted in December 2018 air core
drill holes.
Table 2. Significant
assays (>0.2 g/t Au) from Kabangué North
Hole ID |
From (m) |
To (m) |
1, 2 Interval(m) |
Au (ppm) |
OURC71 |
32 |
33 |
1 |
0.28 |
OURC73 |
117 |
118 |
1 |
0.48 |
OURC74 |
21 |
29 |
8 |
0.67 |
OURC75 |
106 |
107 |
1 |
0.20 |
|
137 |
139 |
2 |
0.22 |
1True thicknesses are interpreted as 60-90% of
stated intervals2 Intervals use a 0.2-gram-per-tonne gold cut-off
value
The Kabangoué South prospect is
characterized by a small area of artisanal workings, 350 m by 200
m, located 1 km south of Farabakoura North, an underlain by
granodiorite. Samples collected from the underground workings
in 2012 recovered east-west trending quartz veins containing up to
25.4 g/t Au. An isolated soil sample from an ongoing shallow
soil sampling program at Kabangoué, collected at a depth of 40 cm,
and located 500 m to the southeast of the workings contained 7.19
g/t Au. The three 150 m drill holes on the prospect were
designed to test the east-west trending veins noted in the
workings. Despite the prospective geology, structure and
geochemistry, only one mineralized interval was recorded, a quartz
vein in OURC78 that contained 1 m @ 0.23 g/t Au (from 73 m).
In order to determine the controls on the known
mineralization, Compass has recently completed a gradient IP survey
on the Kabangoué prospects. The data is currently being
interpreted and will be used if additional drilling is
warranted.
Pending Results
In late-January the Company completed 2,251 m of
drilling on the three Boumban prospects: Boumban South (781 m),
Boumban Central (1,200 m), and Boumban North (270 m). A total
of 2,369 samples (with QAQC standards and blanks) have been
dispatched to the assay lab, and results will be reported when
available.
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 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.”
QAQC
All RC 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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