Compass Gold: Field Work Starts on Farabakoura Trend in Preparation for Newest Drilling Program
07 November 2019 - 12:30AM
Compass Gold Corp. (TSX-V: CVB) (Compass or
the Company) announces that it has launched its
follow-up field program on the Farabakoura Trend, which includes
the Farabakoura and Kabangoué artisanal workings and the
high-priority Boumban prospect, on its Sikasso Property in Southern
Mali.
Highlights
- The annual rains have
ended, and field teams have mobilized to start preparing access for
renewed drilling at Farabakoura and Kabangoue artisanal
workings
- 10,500 m drilling is
planned on six prospects on the Sikasso property
- Drilling is expected to
begin in late November
Compass CEO, Larry Phillips,
commented, “With the end of the wet season, we are now deploying
our field teams to prepare our drilling sites for our next exciting
drilling program. In addition to the main Farabakoura zone, we will
be drilling on five additional prospect areas, where we hope to
confirm the presence of bedrock gold indicated so far by near
surface geochemistry and the presence of artisanal workings. The
proposed 10,500 m RC drilling program will go a long way to
confirming the prospectivity of these areas, with the aim of
determining the best location for resource definition drilling. We
expect that it will take three weeks to prepare the drilling pads,
and for the ground conditions to allow the safe movement of our
drilling equipment.”
Previous Bedrock DrillingAs
previously announced, 6,610 m of reverse circulation (RC) and 1,196
m diamond core drilling were performed at Farabakoura and Kabangoue
between December 2018 and July 2019, when the wet season began. The
results indicate the presence of high-grade and bonanza gold
intercepts (e.g., 118 m @ 20.69 grams per tonne (g/t) gold (Au)
(OUDD001), 6.1 m @ 65.58 g/t Au (OUDD004), and 13.5 m @ 9.25
g/t Au (OUDD006). Broad mineralized intervals such as 60 m @ 1.42
g/t Au (OURC011), 32 m @ 0.93 g/t Au (OURC017), 32 m @ 3.02 g/t Au)
are also present, although typical widths of individual zones are
typically 5 to 8 m wide and vary in grade from 1 to 4 g/t Au.
Several of these zones can be present in individual holes.
Proposed Bedrock DrillingBased
on the results of this highly successful drilling, the Company has
planned 10,500 m of RC drilling on six prospects within the Sikasso
permit. The areas are Farabakoura, Kabangoué, Boumban, Tarabala,
Sodala, and Samagouela (Figure 1).
- On the Ouassada permit, 2,000 m of
drilling will be conducted at Farabakoura and Kabangoué to test the
strike extension of several NE-trending vein swarms that appear to
control high-grade mineralization. Most of this drilling will take
place at Farabakoura.
- 6,600 m of drilling is planned at
the highly encouraging Boumban prospect on the Faraba-Coura permit.
Strong gold anomalism was identified during shallow soil and deep
overburden sampling in six areas over 4 km at Boumban. The degree
of gold anomalism is comparable to those at Farabakoura, and ground
geophysical interpretation suggests similar rock types and faults
are also present.
- The Tarabala and Sodala prospects
on the Sankarani permit were selected for 1,100 m of RC bedrock
drilling. The drilling targets at Tarabala were based on the
presence of active artisanal workings over 600 m, coincident
shallow soil sampling, grab samples containing up to 4.10 g/t
Au, and the likely presence of potential mineralized structures
based on ground geophysics. Bedrock drilling at Sodala is planned
to investigate the current artisanal workings, where grab samples
of mineralized quartz veins have returned up to 2.87 g/t Au, and
shallow soil sampling proximal to the gold workings contained up to
31.1 g/t Au.
- The final area where drilling is
planned is at the Samagouela artisanal workings on the Kourou
permit (part of the Yanfolila South block). Artisanal activity in
late 2018 is anecdotally reported to have recovered 645 oz of gold
in a three-month period. Shallow soil geochemistry and a ground
magnetic survey performed by Compass has identified likely
mineralized structures that will be tested by drilling. This 800 m
drilling is expected to take place in late January 2020.
Weather conditions in the field area are
improving due to the end of the rainy season. Compass field teams
are currently checking the site access and the water levels in the
various water courses that cut the project area. It is anticipated
that a bulldozer can move onto the Ouassada permit within the next
week to start the preparation of the drilling pads at Farabakoura
and Kabangoue, with drilling currently scheduled to begin in late
November.
Funding for the work
program is from a recently announced ongoing $5M Private Placement
(see Compass press release dated November 4th, 2019), which
includes a $2M lead investment by SEMAFO.
About Compass Gold
Corp.Compass, a public company having been incorporated
into Ontario, is a Tier 2 issuer on the TSX Venture Exchange
(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 Yanfolila. 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 executing 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.”
Qualified PersonThis news
release has been reviewed and approved by 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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A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1a40209c-88af-445b-bbf6-02257bbd9bca
1 True thicknesses are interpreted as 60-90% of stated
intervals.
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