Compass Gold: First Results from Metallic Screen Fire Assay Testing Reveals High-Grade Intercepts Along Tarabala Trend New Results Include 7 m at 14.13 g/t Gold

Compass Gold: First Results from Metallic Screen Fire Assay

Testing Reveals High-Grade Intercepts Along Tarabala Trend

New Results Include 7 m at 14.13 g/t Gold

Toronto, Ontario – December 21, 2022 – Compass Gold Corp. (TSX -V: CVB) (“ Compass” or the

“Company”) is pleased to report that the retesting of drilling intervals from eight drill holes has

returned significantly higher gold grades compared to previous fire assay testing from the

Tarabala and Massala prospect s, located on the Company’s Sikasso Property in southern Mali

(Figure 1).

Highlights

● Metallic screen assay testing of historic samples confirmed the presence of coarse-grained

(nuggety) gold mineralization

● Significantly higher grades were seen in samples from Tarabala, including:

o 7 m at 14.13 g/t Au (inc. 1 m @ 97.34 g/t Au) , compared to a n earlier result of

0.42 g/t Au

● Previous barren interval returned the presence of gold

o 1 m @ 0.92 g/t Au, compared to 0.01 g/t Au

● Preparing to start new drilling program to confirm grade and thickness of mineralized zones

at Tarabala and Massala using metallic screen assaying

Compass Gold CEO, Larry Phillips , said, “These new results show that the metallic screen assay

technique will be an important tool for our team early next year as they work to better define

nuggety gold mineralization within our permit areas along the major Tarabala trend. The next

round of drilling there will focus on gathering larger samples from near and below the previously

drilled areas where the “nugget effect” led to the under -reporting of gold mineralization. This

program, which we will launch in January, will be funded through our current Private Placement

offering.”

Technical Director, Dr. Sandy Archibald, P.Geo. , added, “Based on the positive results of the

metallic screen assay study, our next 2,600-metre RC and diamond drill program at Tarabala will

target the continuation of deeper, down-dip mineralization found du ring the previous drilling

within the fresh rock. To ensure the most accurate results, we will combine reverse circulation

and diamond drilling followed by metallic screen fire assaying to fully test these areas. We

anticipate we will identify gold mineralization that could be used towards a potential m aiden

resource.”

Background

As previously announced, ( see news releases dated August 29 and September 29, 2022) , the

Company’s technical team believes that the variable gold concentrations intercepted on the

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Tarabala and Moribala trends m ay be due to the presence of coarse-grained gold resulting in a

“nugget effect”. In order to accurately confirm this effect, an analytical assaying method known

as metallic screen was performed by SGS Bamako. This test involves the crushing and grinding of

1 kg of drill core or RC sample chips, then passing it through a 106-micron sieve to recover coarse

gold, which is then weighed. The smaller material that passes through the sieve is then tested

using fire assaying (FA), and the total gold content is then calculated from the recombined sample.

The results of the metallic screening can then be compared with the traditional fire assay

technique that was originally performed shortly after the holes were drilled.

Five 1-m interval samples and one 5 -m interval sample were selected from Reverse Circulation

(RC) drilling performed at the Tarabala (see news December 30, 2020) and Massala prospect s

(September 7, 2021). Additionally, five diamond drill samples with intervals varying from 3 to 7 m

that were drilled in late October and early November 2021 were tested. The location of the drill

holes is illustrated in Figure 1. The results of the metallic screen fire assay (SFA) and the regular

fire assay (FA) are presented in Table 1.

Figure 1. Location of the drill hole collars used in the re-analysis program.

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Table 1. Comparison of gold grades between Screen Fire Assay (SFA) and Fire Assays (FA)

Hole From

(m)

To

(m)

1Interval

(m)

Screen Fire Assay

(g/t)

Fire Assay Au

(g/t)

% change

SARC001 54 55 1 1.05 1.68 -38%

SARC001 61 62 1 1.40 2.96 -53%

SARC001 85 86 1 0.92 0.01 6977%

SARC006 79 80 1 0.11 0.64 -83%

SARC006 100 101 1 0.01 0.20 -95%

SARC010 43 48 5 1.26 0.94 34%

SADD001 97 102 5 0.25 0.32 -23%

SADD001 109 116 7 14.13 0.42 3233%

SADD002 72 77 5 0.41 0.49 -16%

SADD002 91 96 5 2.63 2.53 4%

SADD003 64 69 5 0.40 0.35 14%

SADD003 84 90 6 0.77 0.67 15%

SADD004 107 112 5 0.43 2.04 -79%

SADD004 115 119 4 1.22 0.92 32%

SADD005 30 33 3 0.10 6.60 -98%

Note. 1True thicknesses are interpreted as 70-90% of stated intervals. Increase assay grades in bold.

Table 1 shows the variable nature of gold grade s in the retested intervals. Typically , the

reproducibility of gold reassays is within 20 percent of the original assays. In this recent program,

the reproducibility varies from a 98% decrease to a 6,977% increase, which clearly indicates the

nugget effect is present. Of note are the exceptionally high gold grades recorded in diamond drill

hole SADD001 from 109 to 116 m : 7 m @ 14.13 g/t Au (metallic screen fire assays) versus

7m @ 0.424 g/t Au (original fire assay), which is highly influenced by one sample that contained

97.34 g/t Au. Similarly, a 1-m interval from RC hole SARC001 at a depth of 85 m, returned a grade

of 0.92 g/t Au (SFA) versus 0.013 g/t Au from the original fire assay. Nuggety gold is usually more

common at shallow depths (less than 30 m), but this study shows that the largest grade variation

is within the fresh rock in samples collected at depths of greater than 80 m.

The significance of the recent metallic screen fire assay analyses is that it is likely that coarse

(nuggety) gold has not been satisfactorily an alyzed at the prospects along the Tarabala and

Moribala faults. This is independently verified by the fact that, while artisanal miners have been

recovering coarse gold, Compass’s drilling has detected little or no mineralization ( see Compass

press releases from August 29 and September 29, 2022).

Next Steps

As noted, this next drill program at Tarabala will focus on mineralization at depth within the fresh

rock. Ten reverse circulation holes totaling 2,000 m will help ensure as large a sample as possible,

while four diamond drill holes for 600 m will reveal the characteristics of the mineralized veins .

At least one drill hole will target shallow gold mineralization so metallic screen assaying can be

used to quantify the nugget effect at shallow, open-pittable depths. Based on financing, t his

program is expected to conclude by early February, with results likely available in March.

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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 four sites in southern Mali with a combined land holding of 1,143 km2. 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, 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 proposed Offering and the use of proceeds of the proposed

Offering. 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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