Compass: Additional Trench Sampling at Massala Identifies Continuity of Gold Mineralized Zones Proceeding with a Small Mine Application
Compass: Additional Trench Sampling at
Massala Identifies Continuity of Gold
Mineralized Zones
Proceeding with a Small Mine Application
Toronto, Ontario--(Newsfile Corp. - August 19, 2024) -
Compass Gold Corp. (TSXV: CVB) (Compass
or
the Company)
provides an update on the recent follow-up trench sampling program at the Massala
prospect, located on the Company's Sikasso Property in southern Mali (
Figure 1
).
Highlights
Assay results are reported from five trenches, each 5-m deep and totalling 305 m in length
at Massala
Best intervals:
Widest intercept: 21 m @ 3.51 g/t Au (2 m depth; MATR004)
Highest-grade interval: 1 m @ 40.29.60 g/t Au (2 m depth; MATR004)
All results to date indicate a near surface strike length of 150 metres, with the structure
open to the south
New Malian Mining Code provides for a streamlined process for obtaining a Small Mine
Permit, with a four-year term allowing total production of 160,000 ounces of gold based
on annual mining of up to 200,000 tonnes of ore per year
Compass has commenced the process required for permit renewals and applications to
allow for mining at Massala
Compass CEO, Larry Phillips,
said, "These highly encouraging results from the trenches excavated
along the Massala zone provide us with the technical data we need to apply for a Small Mine Permit
under the new Mining Code in Mali. We believe that the grades and tonnage we are seeing at Massala,
combined with the production parameters and fiscal terms defined under the new mining code, will allow
for an economic plan to reach near term production at this time of a historically high gold price. Over the
next three months, our team in Mali will proceed with the required permit renewals, and submit the
application for a Small Mining Permit at Massala, which would allow for the production of up to 160,000
ounces of gold over a four-year period.
Our preliminary models indicate that a 50ton-per-hour processing plant would be sufficient to process
the allowable 200,000 tonnes of ore allowed under the provisions of the new Mining Code, which was
confirmed by a decree issued in July of this year."
Dr. Madani Diallo, Director and Country Manager
, added, "We now have 792 assay results along
this 150-metre strike length of the Massala target zone, all within 5 metres of the surface. The results
show strong grades, which clearly exceed the 1-gram-per-tonne level that we consider to be profitable
for a small mine. As we proceed with the Small Mining Permit process, additional sampling and
assaying may be used to add to our estimation of total tonnage. We also expect that the nuggety nature
of the contained gold could result in higher grades occurring when entire sections of ore are processed."
Next Steps
The Company has commenced the process of applying for permit renewals for the complete Sikasso
Project area (1,173 sq. km), which includes an application for a Small Mining Permit over the Massala
and Tarabala prospects (5 sq. km).
The new Malian Mining Code provides a streamlined process for
such a permit.
This permit has a four-year term, which allows a total production of 160,000 ounces of
gold with a limit of 200,000 tonnes of ore per year.
Additional trenching results from four sites up to 100 m to the south of the trenches reported here are
pending.
More sampling is required at Massala to determine the full extent of the near-surface potential
of the mineralization, and metallurgical testing will also be needed to determine gold recoveries.
Figure 1:
Location of Massala prospect where trenching was completed. Additional artisanal workings
along the Tarabala and Massala faults are also illustrated.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1861/220361_6233d188940eba53_001full.jpg
Massala Trench Sampling Results
Mineralization at Massala was identified previously by shallow air core drilling with the interception of a
wide mineralized zone that included
24 m @ 2.35 g/t Au
(SAAC123;
see Compass Press release April
18, 2023
).
Subsequent drilling identified additional gold mineralization along strike and downdip along
the 3.5-kilometre Tarabala trend.
With higher grades reported near surface, Compass excavated two
trenches at Massala to determine if a near surface resource was possible.
Samples were collected from
trench
MATR001
at 1, 2 and 5 m depths.
The 1 m depth sample identified gold mineralization over
24 m
@ 1.24 g/t Au
, the 2 m depth sample
18 m
@ 1.44 g/t Au
, and the 5 m depth sample
20 m @ 4.13 g/t
Au
(including 1 m @ 71.6 g/t Au), Figure 2.
The sampling is in excellent agreement with the previous
drilling.
A second trench,
MATR002
was excavated 350 m to the south of MATR001 and was designed
to test a narrow mineralized zone intercepted in SAAC235 containing 3 m @ 1.11 g/t Au.
Sampling at a
depth of 1 and 4 m over the 29 m length of this trench did not detect gold grades greater than 0.13 g/t
Au.
It is likely that the trench did not continue far enough eastward to intercept the mineralization.
The location of trenches
MATR003
to
MATR007
are illustrated on
Figure 2
and represent a distance of
150 m along the mineralized trend.
The trenches were sited 25 m apart and 5 m deep, and samples
were collected a depths of 2m and 4 m.
The assay results of the program are presented in
Table 1
.
Figure 2:
Map showing the location of the completed trenches at Massala.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1861/220361_6233d188940eba53_002full.jpg
The widest intercept was recorded from trench
MATR005
, which contained
21 m @ 3.51 g/t Au
(from 2
m depth) and
4 m @ 1.13 g/t Au
(at 4 m depth).
The 2 m depth interval compares well with MATR001
immediately to the south, which contained
24 m @ 1.24 g/t Au
.
MATR004 was located 50 m to the north
of MATR005 and contained 4 m @ 13.14 g/t Au (at 2 m), which included the highest grade interval of
1
m @ 40.29 g/t Au
.
Trenches MATR006 and MATR007 were excavated 25 m and 50 m, respectively, to the south of
MATR001.
Mineralized widths encountered in these trenches did not exceed 4 m or grades greater than
1.1 g/t Au at depths of 2 and 4 m.
The widest interval was
3 m @ 0.69 g/t Au
(at 2 m) from
MATR006
,
which included the highest-grade sample of
1 m @ 1.03 g/t Au
.
Table 1
.
Results of channel sampling from trenches at Massala.
Trench
Depth
From (m)
To (m)
1, 2
Interval (m)
Au (g/t)
MATR003
2 m
4
5
1
0.73
2 m
39
43
4
5.91
2 m
46
50
4
0.26
4 m
22
25
3
0.41
4 m
57
58
1
1.65
MATR004
2 m
9
10
1
0.62
2 m
12
16
4
13.14
inc.
2 m
14
15
1
40.29
2 m
40
41
1
0.91
2 m
45
46
1
0.40
4 m
12
15
3
0.56
MATR005
2 m
9
10
1
0.51
2 m
14
35
21
3.51
inc.
2 m
16
19
3
20.43
2 m
46
47
1
0.63
4 m
16
20
4
1.13
MATR006
2 m
10
13
3
0.69
2 m
15
16
1
0.30
2 m
36
37
1
0.35
2 m
39
43
4
0.29
2 m
45
47
2
0.24
4 m
11
14
3
0.33
4 m
34
35
1
0.42
MATR007
2 m
19
20
1
0.64
2 m
43
44
1
0.45
2 m
47
48
1
0.95
4 m
20
21
1
0.57
4 m
29
31
2
0.63
1
True thicknesses are interpreted as 70-90% of stated intervals.
2
Intervals use a 0.2-gram-per-tonne gold cut-off value.
Technical Details
All trenches at Massala were excavated to a depth of 5 m. Trench lengths varied from 50 to 70 m to
account for the width of the mineralization projected to surface from drilling previously performed at the
prospect. The total length of the trenches was 305 m. All trenches were mapped and structural
measurements recorded.
Continuous horizontal channel samples were collected using a diamond saw
and carefully chiselled out every metre over the length of the trench.
The excavation was performed by a local contractor under the supervision of Compass geologists. All
samples were prepared by Compass staff, and an appropriate number of standards, duplicates and
blanks were submitted and analyzed for gold using cyanide-leach (LeachWELL) analysis at SGS
(Ouagadougou, Burkina Faso).
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 1,173 sq. km. 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."
Qualified Person
This news release has been reviewed and approved by EurGeol. Dr. Sandy Archibald, P.Geo,
Compass's Technical Director, 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.
For further information please contact:
Compass Gold Corporation
Larry Phillips – Pres. & CEO
T: +1 416-596-0996 X 302
Compass Gold Corporation
Greg Taylor – Dir. Investor Relations & Corporate Communications
T: +1 416-596-0996 X 301
Website:
www.compassgoldcorp.com
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