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Compass Gold: Ground Geophysics Identifies Potential Structures Under Ouassada Artisanal Workings

Compass Gold: Ground Geophysics Identifies Potential Structures Under Ouassada Artisanal Workings


TORONTO, March 26, 2019 (GLOBE NEWSWIRE) -- Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is pleased to provide an update on the results of detailed ground geophysics performed on the Ouassada exploration permit on its Sikasso Property in Southern Mali.

Highlights

  • 1,600 m long target structure has been identified by ground geophysics underlying three artisanal working areas at Farabakoura
  • Structure corresponds to gold mineralization identified in five bedrock drill holes
  • Additional structures also identified in Farabakoura area
  • Planning is underway for additional 1,000 m drill program around Farabakoura, and ground geophysical survey has started over coincident geophysical and geochemical targets on Ouassada and Faraba-Coura permits.

Compass CEO, Larry Phillips, said,

Our recently completed ground geophysical surveys identified structures in the bedrock that correlated well with known zones of gold mineralization revealed from recent drilling, providing the latest support for our exploration efforts in this area. Next, we plan to initiate bedrock drilling as soon as possible to determine whether the structure is mineralized for the entire 1,600 m length that our ground geophysics has indicated the zone could extend

Farabakoura Ground Geophysics

Based on the results of recent drilling centred on the main artisanal gold workings at Farabakoura (Compass news releases dated January 10, and March 5, 2019), it was decided that two detailed ground geophysical orientation surveys would be performed in the area (Figure 1). These were Pole-Dipole frequency domain Induced Polarization (IP) and ground magnetic surveys. Both ground geophysical surveys were conducted by field personnel from EurekaGeo, a mineral exploration consultancy based in Bamako, Mali, and helped identify bedrock structures that are associated with the gold mineralization present at Farabakoura. The ground magnetic survey covered the whole area of known gold workings at Farabakoura, covering 120 line-km on a north-south orientation with 25 m line spacing. The IP survey consisted of six northeast oriented lines that varied from 400 m to 1,000 m in length, used a dipole spacing of 50 m, and had a ground penetration of up to 150 m. The data from both surveys were processed and interpreted by Jeremy S. Brett, M.Sc., P.Geo. (MPH Consulting Limited, Toronto), in consultation with Company staff.

Figure 1 accompanying this announcement is available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/a6cfd66f-bb5f-404d-abb1-7c10d9ccf0a6

The ground magnetic survey data identified four main NW-trending features and one east-west trending feature, the longest of which is 1,600 m (Figure 1). The longest structure has been drilled at two locations 380 m apart, where a NW-trending zone of mineralization up to 60 m wide (averaging 1.42 grams per ton gold (g/t Au)) was identified.

Interpretation of the six IP lines perpendicular to the NW-trending mineralized trend identified resistivity and chargeability features in the resulting IP sections that are in good agreement with the known geology from drilling and the detailed ground magnetic survey. Features on the IP sections were interpreted as igneous intrusions, faults and areas of potential mineralization.

Based on the detailed geophysics and coincident artisanal gold workings, 1,000 m of RC drilling is planned shortly over the Farabakoura area. Field teams will soon begin preparing the drilling pads, with drilling anticipated to begin in April. Meanwhile, the geophysical field teams have started the main IP survey over the remaining 14 targets on the Ouassada and Faraba-Coura targets.

Next Steps:

The Company is awaiting repeat assay result from the single diamond hole (see Compass news release dated February 14, 2019) at Farabakoura, which will be released as soon as they have been received. However, the preliminary assays and geological information from this hole were integrated with the RC drilling data and results from the detailed ground geophysical survey reported in this release. Based on this synthesis, Compass has identified several areas where addition infill drilling is planned to determine the extent of mineralization at Farabakoura.

Additional bedrock drilling will take place on the remaining targets on the Ouassada and Faraba-Coura permits once the permit wide IP survey is completed and interpreted.

Field teams are continuing to perform sampling at nine artisanal gold sites on the Yanfolila South block, and assay results will be released once this program is complete. It is anticipated that limited bedrock drilling can take place on some of these workings prior to the beginning of the rainy season in late June.

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 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.”

Qualified Person

This 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 Information

This 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.

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