Exploration Update: Initial Drilling Completed at Tarabala; Ongoing at Samagouela Artisanal Workings
April 16 2020 - 7:40AM
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).
Highlights
- Exploration program expands into new target
areas
- Drilling complete on three fences over at the Tarabala
artisanal workings (26 AC holes, 1,465 m) on the Sankarani
permit
- Drilling ongoing on three fences at the Samagouela
artisanal workings (26 AC holes planned) on the Kourou
permit
- Infill shallow soil sampling extends Samagouela target
to over 1.7 km
- COVID-19 protocols are being implemented in Mali
following government advice
Compass 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 Drilling
Air 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-97b8-97b87ca6109d
On 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-01a503127c88
On 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 UpdateDue
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.”
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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