COMPASS CONFIRMS CONTINUITY OF SHALLOW GOLD MINERALIZATION OVER 1-KM WITHIN THE 10-KM TARABALA TREND Results from Deeper Drilling Pending

COMPASS CONFIRMS CONTINUITY OF SHALLOW GOLD

MINERALIZATION OVER 1-KM WITHIN THE 10-KM TARABALA

TREND

Results from Deeper Drilling Pending

Toronto, Ontario, March 1 , 202 1 – Compass Gold Corp. (TSX -V: CVB) (Compass or the

Company) is pleased to provide an update on the recently completed drilling at the

Tarabala prospect, located on the Company’s Sikasso Property in Southern Mali (Figure 1).

Highlights

● I

nfill drilling at Tarabala confirmed a broad, shallow gold target, associated with a shear

zone, extending at least 1-kilometre; remains open down dip

● Higher-grade mineralized zones were intercepted within w ide zones of low -grade

mineralization

● Widest and highest -grade discrete interval: 5 m @ 2.02 g/t Au (from 23 m), incl. 1 m @

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77 g/t Au (from 24 m).

● Widest interval: 17 m at 0.73 g/t Au (from 18 m), including 1 m @ 2.32 g/t Au (from 28m)

and 2 m @ 1.91 g/t Au (from 31 m)

● Results expected in early March from three deeper reverse circulation (RC) holes

C

ompass CEO, Larry Phillips, said, “We continue to receive encouraging assay results from the

latest air core drill program at our Tarabala prospect , which confirm ed the presence of wide ,

shallow zones of gold mineralization and continuity over at least one kilometre. We’re awaiting

the results from three RC drill holes we’ve just finished , which were testing for deeper

mineralization along this promising target zone . At the same time , we’re aggressively executing

our drill program to the north and south of Tarabala, and preparing an initial drill program on our

Sodala and Dialéké prospects, both of which are associated with strong soil anomalism and the

presence of artisanal workings.”

Dr. Sandy Archibald, PGeo, Technical Director, added, “Drilling at Tarabala has again underlined

the strength of our exploration approach, including the importance of ground geophysics, as these

new mineralized intervals were encountered where expected. Horizontal and vertical variation is

normal in this style of gold mineralization (shear-zone -hosted), so I look forward to seeing the

assay results from the three pending RC drill holes at Tarabala to help us decide our next steps

there. Meanwhile, we have also finished drilling 3 km to the north at our Massala prospect and

are currently drilling the Assama prospect, 5 km to the south of Tarabala. I am also eager to review

the first drill results from those prospects, the first of which we hope to get in early March.”

Tarabala Drilling Results

Twenty-five (25) shallow air core (AC) holes (1,328 m) and three deeper reverse circulation (RC)

holes (344 m) were drilled at Tarabala (Figure 1) in late January and early February. This work

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tested the lateral extent, grade continuity, and orientation of a wide zone of previously identified

near-surface mineralization over a distance of 1-km at the prospect (See Compass press releases,

June 15, 2020 and January 20, 2020). Ten of the holes were drilled to test the continuation of the

mineralized structure 350 m to the north that had only be partially tested . The three RC holes

were drilled to test the down -dip (open) extension to a vertical depth of up to 95 m at three

locations. Assay results from these holes are expected in early March.

Fifteen (15) AC holes, SAAC106-120, were drilled as five three-hole infill fences on the previously

drilled 200 m fence spacing on a 1,000 m panel of the 2,300 m target structure at Tarabala

(Figure 2). G old mineralization was encountered where predicted by previous drilling and

Gradient Induced Polarization (IP) geophysics. The widest interval identified was present in

SAAC109 with 17 m @ 0.73 g/t Au (from a depth of 18 m), which included two higher grade zones

(1 m @ 2.32 g/t Au [from 28 m] and 2 m @ 1.91 g/t Au [from 31 m]; Table 1). This zone is within

a 750 m sub -panel where previous shallow low -grade mineralized zones were identified, e.g.,

18 m @ 0.43 g/t Au (SAAC02), 14 m @ 1.24 g/t Au (SAAC36) , and 26 m @ 0.47 g/t Au (SAAC36).

Each of these zones has discrete higher-grade intervals.

The highest grade of mineralization encountered during the current drilling program was on the

southernmost fence ( Figure 2). SAAC117 contained an interval with 5 m @ 2 .02 g/t Au (from

23 m), which included 1 m @ 6.77 g/t Au (from 24 m).

From the ten holes drilled to test the northern extension of the mineralized structure, three

contained mineralized intervals of 3 m (SAAC100, 102 and 104). The best interval was in SAAC100,

which contained 3 m @ 2.12 g/t Au (from 57 m), including 5.89 g/t Au. Mineralization was present

in most of the holes as isolated 1 m zones and was generally located on the interpreted target

structure.

Figure 1: Property map showing the location of Tarabala and Samagouela.

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Figure 2: Drilling locations and significant results at Tarabala for the latest drilling.

Three RC holes were drilled to test mineralization encountered during the January drilling

program. The purpose of the drilling was to determine if mineralization is present adjacent to the

contact with the Tarabala fault, and also test the down -dip extension of the open near-surface

mineralization. Results from these holes are pending, but are expected to be received within two

weeks.

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Table 1. Mineralized intervals greater than 3 m identified during recent drilling at Tarabala

Hole ID From (m) To (m)

1, 2 Interval

(m) Au (g/t)

SAAC100 57 60 3 2.12

inc. 58 59 1 5.89

SAAC102 21 24 3 0.48

SAAC104 30 31 3 0.40

SAAC109 18 35 17 0.73

inc. 28 29 1 2.32

inc. 31 32 2 1.91

SAAC110 48 51 3 0.45

SAAC114 22 26 4 0.46

SAAC114 32 39 7 0.48

SAAC115 23 28 5 2.02

inc. 24 25 1 6.77

SAAC117 30 35 5 1.84

inc. 31 32 1 7.69

SAAC118 59 62 3 0.63

1True 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 AC holes from Tarabala reported here were drilled on an azimuth of 270° (towards the west),

at dips of 55°, with lengths varying from 42 to 72 m. These fences of holes were to test structures

interpreted from the Gradient IP survey, and potential mineralized trends identified b y earlier

drilling by Compass. Drilling was performed by E tasi 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.

Next Steps

A 24-hole (1,200 m) drilling program has been completed at Massala, located 3 km north of the

Tarabala area, and assays are pending. A 23- hole (1,270 m) drilling program is underway at the

Assama prospect, 5 km to the south of Tarabala. Both target areas are associated with the

Tarabala fault, moderate soil anomalism, and active and historic artisanal activity.

Drilling pads are currently being prepared at Sodala and Dialéké (on the Farabakoura Trend ;

Figure 1).

Ongoing in-fill shallow soil sampling and ground geophysics are continuing on other parts of the

Sikasso property, and new targets are continually being appraised and identified.

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 867 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

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the field by Dr. Madani Diallo and under the superv ision 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. D r. 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.

For further information please contact:

Compass Gold Corporation Compass Gold Corporation

Larry Phillips – Pres. & CEO Greg Taylor – Dir. Investor Relations &

Corporate Communications

[email protected] [email protected]

T: +1 416-596-0996 X 302 T: +1 416-596-0996 X 301

Website: www.compassgoldcorp.com

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