Compass Gold Corp. (TSX-V: CVB) (Compass or
the Company) is pleased to provide an update on
the remaining RC exploration drilling at the Farabakoura artisanal
workings on the Ouassada permit, Sikasso Property in Southern Mali.
Highlights
- Assay results from the final
11 reverse circulation (RC) drill holes (totalling 1,522 m) from
the Farabakoura artisanal workings
- Drilling primarily conducted
to test east-west trending vein structures and provide geological
information
- Best interval: 8 m @ 1.20
grams per tonne (g/t) gold (Au) from 24 m (OURC040)
- All fieldwork has now ceased
on the property due to the start of the rainy season
Compass CEO, Larry Phillips,
said, “These final RC drilling results at Farabakoura have
confirmed that gold is present in east-west trending veins
associated with late faulting, and previous drilling indicates the
best mineralization is located at the contact between intrusive
rocks and the surrounding country rock along a northwest-southeast
trend. Meanwhile, we eagerly await the assay results of our
recent diamond drilling on the Creek Zone to add to our
understanding of this already extensive mineralized zone. We look
forward to fully utilizing all of the data we’ve gathered over the
last nine months during our next phase of drilling, scheduled to
begin in November.”
Farabakoura Reverse Circulation Drilling
Results The RC results reported here follow from the
12-hole, 1,658 m RC drilling reported in July (see press release
dated July 29, 2019), which defined a 400-m long and up to 40-m
wide zone of gold mineralization associated with the contact
between a granodiorite intrusion and volcaniclastic rocks located
on the banks of the Karako creek (“Creek Zone”). This Creek
Zone is part of a semi-continuous zone of gold mineralization that
is present over a distance of 760 m, and displays widths up to 60 m
(grading 1.42 g/t Au, OURC011), and sporadic high-grade samples,
including 4 m @ 83.9 g/t Au (OUDD001), which contained visible
gold.
In the current study, a total of 11 holes
(OURC026, and OURC039-048) were drilled for a total of 1,522 m
within 500 m of the Farabakoura artisanal pit workings (see Figure
1). Drill samples were sent for fire assaying at SGS (Bamako,
Mali).
The majority of the holes (OURC026, OURC039-042,
and OURC046-048) were drilled to test the presence of gold
associated with east-west trending quartz-carbonate-tourmaline
veins that are extensively mined by the artisanal miners at the
site. Typically, these mined veins are up to 1-m wide and
often contain coarse gold. The three remaining holes
(OURC043-045) were drilled to test the northwest strike extension
of the Creek Zone, and their location was determined using gradient
IP geophysics, which identified a strong chargeability feature
thought to be associated with sulphides at the
granodiorite-volcaniclastic contact.
Figure
1. Location of the drill holes (labeled) at
Farabakoura mentioned in this release plotted on compiled geology,
is available to view at the following
link: https://www.globenewswire.com/NewsRoom/AttachmentNg/7358ba46-a705-4baa-96cc-1a4a4583a9f2
Drill holes OURC040-042 and 046 were located to
test east-west trending quartz-carbonate-tourmaline veins.
OURC040 contained a mineralized zone of 8 m @ 1.20 g/t Au (from 24
m) and a second zone with 2 m @ 1.42 g/t Au (from 109 m). The
8 m zone is coincident with a magnetic high present over a distance
of 400 m. OURC041 intersected 2 m @ 5.53 g/t Au (from 108 m).
During previous drilling, hole OURC004 40 m away contained 10 m @
2.25 g/t (from 29 m).
Table 1. Significant assays
(>0.5 g/t Au) during recent drilling at Farabakoura
Hole ID |
From (m) |
To (m) |
1, 2Interval (m) |
Gold (g/t) |
OURC026 |
No significant assays |
OURC039 |
89 |
90 |
1 |
0.57 |
OURC040 |
1 |
2 |
1 |
1.61 |
|
19 |
21 |
2 |
0.72 |
|
24 |
32 |
8 |
1.20 |
including |
24 |
29 |
5 |
1.49 |
|
109 |
111 |
2 |
1.42 |
including |
110 |
111 |
1 |
2.59 |
OURC041 |
108 |
110 |
2 |
5.53 |
OURC042 |
48 |
49 |
1 |
0.60 |
|
55 |
57 |
2 |
1.00 |
|
71 |
72 |
1 |
0.53 |
OURC043 |
53 |
55 |
2 |
2.01 |
including |
53 |
54 |
1 |
3.81 |
|
97 |
99 |
2 |
0.94 |
including |
97 |
88 |
1 |
1.58 |
|
110 |
111 |
1 |
1.23 |
|
120 |
124 |
4 |
0.52 |
OURC044 |
13 |
14 |
2 |
1.05 |
OURC045 |
2 |
3 |
1 |
0.66 |
|
37 |
39 |
2 |
0.56 |
OURC046 |
5 |
10 |
5 |
1.29 |
OURC047 |
97 |
98 |
1 |
0.96 |
OURC048 |
No significant assays |
1True thicknesses are interpreted as 60-90% of
stated intervals2 Intervals use a 0.2-gram-per-tonne gold cut-off
value
Holes to the north of the Farabakoura artisanal
pit also tested east-west trending quartz tourmaline veins. OURC042
intercepted several short 1-m mineralized intervals, with the best
intercept containing 2 m @ 1.00 g/t Au. OURC046 targeted the
same structure and identified five mineralized zones, with the best
interval being 5 m @ 1.29 g/t Au (from 5 m).
A third east-west trending target was tested 360
m to the northeast of OURC046 by drill holes OURC047 and
OURC048. Drilling of these holes failed to detect extensive
gold mineralization previously recorded from a nearby drill hole,
OURC017 (32 m @ 0.93 g/t Au, including intervals of 3 m @ 3.57 g/t
Au, 11 m @ 1.24 g/t Au; and, 1 m @ 3.46 g/t Au).
Drill holes OURC043, 044, and 045 were drilled
to test a strong linear chargeability feature associated with
mineralization at the Creek Zone. OURC043 intercepted four
narrow (up to 4 m) mineralized zones, which were were
encountered in the granodiorite (see Table 1), with grades varying
from 0.52 to 2.01 g/t Au. OURC044 and OURC045 were drilled to
the northwest of OURC043. Both holes intersected sparse
mineralization including 2 m @ 1.05 g/t (from 13 m, OURC044), and 2
m @ 0.56 g/t Au (from 37 m, OURC045). The chargeability high
is likely caused by the presence of graphite and pyrite within
metasediments in the volcaniclastic unit.
Diamond drilling at
Farabakoura
Seven diamond drill holes (OUDD002-008)
completed at the Creek Zone in July have now been logged and
sampled. The results will be released when all assaying has
been completed and the samples have passed industry QAQC
protocols.
Next Steps
Interpretation of assay results and logged rock
chips and drill core is helping to determine where additional
drilling will take place beginning in November after the rainy
season. These will be supplemented with the help of the two
detailed ground magnetic surveys performed over six previously
identified exploration targets north of the main Farabakoura
workings, as well as the previously completed complementary shallow
soil sampling (563 samples) conducted over parts of these survey
areas and the area between the two surveys. These assay
results are also pending and will be reported when they are
available. Ground magnetic surveys over three areas on the
Sankarani permit and one area on the Kourou permit have also been
appraised and will be tested by drilling in Q4 2019 or Q1
2020.
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 854 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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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.
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