Compass Gold Corp. (TSX-V: CVB) (Compass or
the Company) is pleased to provide an update on
the recently completed first-pass drilling on four areas on the new
Moribala permit, located on the Company’s Sikasso Property in
Southern Mali (Figure 1).
Highlights:
- Initial
shallow drilling (43-holes/2,110 m) on four prospects on Moribala
permit identified a wide zone of shallow gold mineralization
associated with the Moribala fault at Dafaraba
- Best
intercept: 21 m @ 0.50 g/t Au (from surface), incl. 7 m @ 1.01 g/t
Au (from surface).
- Dafaraba
mineralization remains open along strike and down dip on a 1-km
structure with a geophysical signature matching other prospects
where gold mineralization was also found
-
Additional drilling is required to determine controls of
mineralization and the degree of continuity
- Drilling
on two other prospects on the permit identified gold mineralization
within 40 m of the surface
Compass CEO, Larry Phillips,
said, “I’m pleased to report our initial drilling on the Moribala
permit has been highly successful, where our discovery team has
identified a large, promising new target consisting of a wide zone
of shallow mineralization with strong gold grades. This new
prospect, called Dafaraba, was a blind target identified using
ground geophysics and shallow soil anomalism. The structure remains
open for at least one kilometre along strike and at depth. It
displays the same geophysical characteristics as the gold
mineralization we intersected previously at Tarabala and Massala
West.”
He added, “We also conducted limited drilling at
three other locations on the Moribala permit, where we found two
more areas on clearly defined faults with encouraging
mineralization. Our next priority is to look for strike extensions
of the mineralization and identify areas with higher gold grades at
depth to determine the full potential of this discovery.”
Dr. Sandy Archibald, PGeo, Technical
Director, added, “I am delighted with our success at
Dafaraba, and we are anxious to initiate additional ground
geophysics to the north and south of the mineralization to
determine the true strike potential prior to follow-up drilling.
Transferring our knowledge from the exploration we performed at
Tarabala and Massala West over the last 18 months has paid
dividends on this new, exciting, and highly prospective permit.
Mineralization was encountered in an area devoid of outcrop and
artisanal workings but exactly where our previous fieldwork had
predicted. The width of the mineralized zone is similar to that
encountered 11 km to the north at Tarabala, including higher-grade
intercepts such as 7 m at 1.01 g/t Au, which is highly
encouraging.
Interestingly, the newly identified mineralized
structure at Dafaraba is also present over a distance of 3 km on
our Sankarani permit to the north. The fault is associated with
soil samples up to 433 ppb Au, and we look forward to further
investigating this promising area as well.”
Figure 1: Property map showing the
location of Moribala Permit and the two target
trends..https://www.globenewswire.com/NewsRoom/AttachmentNg/242aa78a-2948-49d6-acac-5147f2ca8903
Next Steps
AC and RC drilling will be carried out at
Dafaraba and Dankoun to determine the strike and down-dip extension
of mineralization. More drilling will also be performed at
Nglokouna to target additional structures coincident with the
workings. The Company has identified three other areas at Moribala
where Gradient IP surveys will be performed to refine future AC
drilling targets. The knowledge gained during the current work will
be applied to areas on Compass permits to the north to identify new
exploration opportunities on untested structures.
Compilation work continues at the Morila permit
block located close to the world-class Morila mine. This work is
focused on compiling and interpreting historic information in
conjunction with a satellite alteration and structural study.
Moribala Air Core Drilling
Results
Forty-three shallow air core (AC) holes (2,110
m) were drilled in six fences on the Moribala permit (Figure 2) in
mid-February to early March. Most of the holes were drilled to test
strong to moderate gold anomalism found in shallow soil samples, as
well as clearly defined targets interpreted from ground Gradient
Induced Polarization (IP) geophysics. Two holes were drilled on an
area of workings with slight soil geochemical anomalism, but not
associated with the two large faults bisecting the permit.
The best mineralization was reported from the
Dafaraba area where a ten-hole fence and a two-hole fence were
drilled 270 m apart along a 930-m target corresponding to the
Moribala Fault (Figure 2). The predicted mineralized structure was
encountered in drill hole MOAC012, with a 7 m @ 1.01
g/t Au (from surface) interval intercepted within
21 m @ 0.50 g/t Au (from surface.) The
mineralization is interpreted to be steeply dipping to the west.
Two mineralized intervals were noted in hole MOAC011 to the east,
including 1 m @ 1.09 g/t Au. Hole MOAC020 drilled 270 m to the
northeast intersected minor mineralization (1 m @ 0.48 g/t Au from
28 m depth) indicating the structure is present along strike. This
same hole contained a 4 m void at shallow depths (15-19 m)
suggesting vein material had likely been removed by artisanal
miners. A longer drill fence line is needed to ensure that the
structure is adequately tested.
Figure 2: Location of
air core drilling and significant drill intercepts on the Moribala
permit.https://www.globenewswire.com/NewsRoom/AttachmentNg/b8393bfc-65ef-4dd2-9c23-c7634ee6d27f
Two short fences (9 holes, totalling 436 m) were
drilled at Nglokouna in the northeast of the Moribala permit over
the interpreted Tarabala Fault zone (Figure 2). Ground geophysics
indicated the presence of at least four northeast-trending
structures cutting the artisanal workings present over a distance
of 1.8 km. Narrow intervals (1 m) of gold mineralization were noted
in two drill holes, with grades less than 0.6 g/t Au. Additional
drilling is required to fully test this prospect, which includes a
newly-identified structure that appears to be related to a shallow
soil sample that contained 43.6 g/t Au.
The longest fence (20 holes, totalling 981 m)
was drilled at Dakoun in the southwest of the permit on the
Moribala fault. This area was selected for drilling based on the
presence of sporadic artisanal workings found over 2 km and a width
of 350 m. The workings correlated with several north-east trending
faults, and a disrupted chargeability zone, both determined by
ground geophysics. Seven of the thirteen holes drilled across the
main 350 m anomaly were mineralized, with the best intercept being
2 m @ 1.12 g/t Au (from 21 m).
Finally, two holes (totalling 93 m) were drilled
over the workings at Million-ki. This area was associated with weak
to moderate soil anomalism and up to 600 m of scattered historic
artisanal workings. Drilling identified abundant quartz veining,
but it was not mineralized.
Table 1. Mineralized intervals
greater than 0.5g/t Au identified during recent drilling at
Moribala
Hole ID |
From (m) |
To (m) |
1, 2 Interval (m) |
Au (g/t) |
MOAC005 |
5 |
6 |
1 |
0.57 |
MOAC011 |
25 |
26 |
1 |
1.09 |
MOAC012 |
1 |
22 |
21 |
0.5 |
inc |
1 |
8 |
7 |
1.01 |
MOAC025 |
21 |
23 |
2 |
1.12 |
MOAC026 |
49 |
50 |
1 |
0.87 |
MOAC027 |
22 |
23 |
1 |
1.31 |
MOAC027 |
24 |
25 |
1 |
0.81 |
MOAC032 |
37 |
39 |
2 |
0.55 |
1True thicknesses are interpreted as 60-90% of
stated intervals.2 Intervals use a 0.2-gram-per-tonne gold cut-off
value
Mali
As noted previously, working in Mali has not
been without its challenges. The global Covid-19 pandemic, combined
with economic stress and extremist security threats in the northern
regions have resulted in a military transitional government that is
struggling to restore a stable democracy. Notably, several
international mining companies operating in the area have reported
that these issues have not impacted their operations. Also, a
number of companies have recently announced increased resources,
while others have successfully raised investment funds for their
exploration work there. Compass continues to actively monitor the
situation and so far, has been able to conduct its work without
interruption or unusual safety risks for its team.
Technical Details
AC holes reported from Nglokouna, Dafaraba and
Million-ki were drilled on an azimuth of 270° (towards the west),
at dips of 55°, with lengths varying from 42 to 50 m for AC. Drill
holes at Dakouna were drilled on an azimuth of 315° (towards the
northwest) at dips of 55° and lengths varying from 42 to 50 m. The
holes were to test structures interpreted from the Gradient IP
survey. Drilling was performed by Etasi and Co. Drilling (Mali).
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.
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 four sites in southern Mali with a combined land holding of
1,143 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
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Compass Gold (TSXV:CVB)
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