COMPASS INTERCEPTS 21 m AT 0.50 g/t GOLD ON NEW MORIBALA PERMIT Target Structure Runs at Least 6 km Along Strike
COMPASS INTERCEPTS 21 m AT 0.50 g/t GOLD ON NEW
MORIBALA PERMIT
Target Structure Runs at Least 6 km Along Strike
Toronto, Ontario, March 31, 202 1 – Compass Gold Corp. (TSX -V: CVB) (Compass or the
Company) is pleased to provide an update on the recently completed first -pass drilling on four
areas on the new Moribala permit, located on the Company’s Sikasso Property in Southern Mali
(Figure 1).
Highlights:
● Initial shallow drilling (43-holes/2,110 m) on four prospects on Moribala permit identified
a wide zone of shallow gold mineralization associated with the Moribala fault at Dafaraba
o Best intercept: 21 m @ 0.50 g/t Au (from surface ), incl. 7 m @ 1.01 g/t Au (from
surface).
• Dafaraba mineralization remains open along strike and down dip on a 1-km structure with
a geophysical signature matching other prospects where gold mineralization was also found
● Additional drilling is required to determine control s of mineralization and the degree of
continuity
● Drilling on two other prospects on the permit identified gold mineralization within 40 m of
the surface
Compass CEO, Larry Phillips, said, “I’m pleased to report our initial drilling on the Moribala permit
has been highly successful, where our discovery team has identified a large, promising new target
consisting of a wide zone of shallow mineralization with strong gold grades . This new prospect,
called Dafaraba, was a blind target identified using ground geophysics and shallow soil anomalism.
The structure remains open for at least one kilometre along strike and at depth . It displays the
same geophysical characteristics as the gold mineralization we intersected previously at Tarabala
and Massala West.”
He added, “We also conducted limited d rilling at three other locations on the Moribala permit ,
where we found two more areas on clearly defined faults with encouraging mineralization. Our
next priority is to look for strike extensions of the mineralization and identify areas with higher
gold grades at depth to determine the full potential of this discovery.”
Dr. Sandy Archibald, PGeo, Technical Director , added, “I am delighted with our success at
Dafaraba, and we are anxious to initiate additional ground geophysics to the north and south of
the mineralization to determine the true strike potential prior to follow -up drilling. Transferring
our knowledge from the exploration we performed at Tarabala and Massala West over the last
18 months has paid dividends on this new, exciting, and highly prospective permit. Mineralization
was encountered in an area devoid of outcrop and artisanal working s but exactly where our
previous fieldwork had predicted. The width of the mineralized zone is similar to that encountered
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11 km to the north at Tarabala, including higher-grade intercepts such as 7 m at 1.01 g/t Au, which
is highly encouraging.
Interestingly, th e newly identified mineralized structure at Dafaraba is also present over a
distance of 3 km on our Sankarani permit to the north. The fault is associated with soil samples
up to 433 ppb Au, and we look forward to further investigating this promising area as well.”
Figure 1: Property map showing the location of Moribala Permit and the two target trends..
Next Steps
AC and RC drilling will be carried out at Dafaraba and Dankoun to determine the strike and down-
dip extension of mineralization . More drilling will also be performed at Nglokouna to target
additional structures coincident with the workings. The Company has identified three other areas
at Moribala where Gradient IP surveys will be performed to refine future AC drilling targets. The
knowledge gained during the current work will be applied to areas on Compass permits to the
north to identify new exploration opportunities on untested structures.
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Compilation work continues at the Morila permit block located close to the world-class Morila
mine. This work is focused on compiling and interpreting historic information in conjunction with
a satellite alteration and structural study.
Moribala Air Core Drilling Results
Forty-three shallow air core (AC) holes (2,110 m) were drilled in six fences on the Moribala permit
(Figure 2) in mid-February to early March . Most of the holes were drilled to test strong to
moderate gold anomalism found in shallow soil samples, as well as clearly defined targets
interpreted from ground Gradient Induced Polarization (IP) geophysics. Two holes were drilled on
an area of workings with slight soil geochemical anomalism, but not associated with the two large
faults bisecting the permit.
The best mineralization was reported from the Dafaraba area where a ten-hole fence and a two-
hole fence were drill ed 270 m apart along a 9 30-m target corresponding to the Moribala Fault
(Figure 2). The predicted mineralized structure was encountered in drill hole MOAC012, with a
7 m @ 1.01 g/t Au (from surface) interval intercepted within 21 m @ 0.50 g/t Au (from surface.)
The mineralization is interpreted to be steeply dipping to the west. Two mineralized intervals
were noted in hole MOAC011 to the east, including 1 m @ 1.09 g/t Au. Hole MOAC020 drilled
270 m to the northeast intersected minor mineralization (1 m @ 0.48 g /t Au from 28 m depth)
indicating the structure is present along strike. This same hole contained a 4 m void at shallow
depths (15-19 m) suggesting vein material had likely been removed by artisanal miners. A longer
drill fence line is needed to ensure that the structure is adequately tested.
Figure 2: Location of air core drilling and significant drill intercepts on the Moribala permit .
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Two short fences (9 holes, totalling 436 m) were drilled at Nglokouna in the northeast of the
Moribala permit over the interpreted Tarabala Fault zone (Figure 2). Ground geophysics indicated
the presence of at least four northeast-trending structures cutting the artisanal workings present
over a distance of 1.8 km. Narrow intervals (1 m) of g old mineralization were noted in two drill
holes, with grades less than 0.6 g/t Au. Addition al drilling is required to fully test this prospect,
which includes a newly -identified structure that appears to be related to a shallow soil sample
that contained 43.6 g/t Au.
The longest fence (20 holes, totalling 981 m) was drilled at Dakoun in the southwest of the permit
on the Moribala fault. This area was selected for drilling based on the p resence of sporadic
artisanal workings found over 2 km and a width of 3 50 m. The workings correlated with several
north-east trending faults, and a disrupted chargeability zone, both determined by ground
geophysics. Seven of the thirteen holes drilled across the main 350 m anomaly were mineralized,
with the best intercept being 2 m @ 1.12 g/t Au (from 21 m).
Finally, two holes (totalling 93 m) were drilled over the workings at Million -ki. This area was
associated with weak to moderate soil anomalism and up to 600 m of scattered historic artisanal
workings. Drilling identified abundant quartz veining, but it was not mineralized.
Table 1. Mineralized intervals greater than 0.5g/t Au identified during recent drilling at Moribala
Hole ID From (m) To (m)
1, 2 Interval
(m) Au (g/t)
MOAC005 5 6 1 0.57
MOAC011 25 26 1 1.09
MOAC012 1 22 21 0.5
inc 1 8 7 1.01
MOAC025 21 23 2 1.12
MOAC026 49 50 1 0.87
MOAC027 22 23 1 1.31
MOAC027 24 25 1 0.81
MOAC032 37 39 2 0.55
1True thicknesses are interpreted as 60-90% of stated intervals.
2 Intervals use a 0.2-gram-per-tonne gold cut-off value
Mali
As noted previously, working in Mali has not been without its challenges. T he global Covid -19
pandemic, combined with economic stress and extremist security threats in the northern regions
have resulted in a military transitional government that is struggling to restore a stable
democracy. Notably, several international mining companies operating in the area have reported
that these issues have not impacted their operations. Also, a number of companies have recently
announced increased resources, while others have successfully raised investment funds for their
exploration work there. Compass continues to actively monitor the situation and so far, has been
able to conduct its work without interruption or unusual safety risks for its team.
Technical Details
AC holes reported from Nglokouna, Dafaraba and Million -ki were drilled on an azimuth of 270°
(towards the west), at dips of 55°, with lengths varying from 42 to 50 m for AC. Drill holes at
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Dakouna were drilled on an azimuth of 315° (towards the northwest) at dips of 55° and lengths
varying from 42 to 50 m. The h oles were to test structures interpreted from the Gradient IP
survey. Drilling was performed by Etasi 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.
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.”
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 w ere 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. Dr. Sandy A rchibald, 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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