DRILLING AT FARABAKOURA AND KABANGOUE SUPPORTS CONTINUITY OF GOLD-BEARING STRUCTURES Preparing to Drill Four New Targets
DRILLING AT FARABAKOURA AND KABANGOUE SUPPORTS
CONTINUITY OF GOLD-BEARING STRUCTURES
Preparing to Drill Four New Targets
Toronto, Ontario, February 17, 2020 – Compass Gold Corp. (TSX- V: CVB) (Compass or the
Company) is pleased to provide an update on the latest exploration drilling at the Farabakoura
and Kabangoué prospects, located on the Company’s Sikasso Property in Southern Mali (Figure
1).
Highlights
● Drilling at Farabakoura (8 RC holes, 1,174 m) extended continuity of gold mineralization in
east-west trending structures along strike and at depth
● Best interval was 2 m @ 7.13 g/t Au, within 13 m @ 1.67 g/t Au (from 19 m)
● Drilling at Kabangoué North (5 RC holes, 750 m) intersected several zones of mineralization,
including 8 m @ 0.67 g/t Au (from 21 m)
● Drilling at Kabangoué South (3 RC holes, 450 m) intersected a narrow interval of gold
mineralization (1 m @ 0.23 g/t Au, from 73 m) in an area of artisanal workings that
contained grab samples assaying up to 25.4 g/t Au
● Commencing 2,000 m air core drill program on four new geochemical targets with artisanal
mining workings on the Sankarani and Kourou permits
Compass CEO, Larry Phillips, said, “We continue to intercept significant gold mineralization at
Farabakoura, where we have drilled less than half of the area covered by artisanal gold workings.
We are also advancing our understanding of the complex nature of gold mineralization there, and
we are particularly encouraged by the e vidence from our drilling that there have been multiple
mineralization events on this prospect. Based on the technical data, we have identified nine more
targets on the Farabakoura Trend, each and every one of which needs to be drill-tested.”
He added, “Our initial drilling at Kabangoué North also encountered promising gold mineralization
associated with an area that has been worked by artisanal miners. One-kilometre further south,
at Kabangoué South, we are working to identify the bedrock source of gold-bearing quartz veins
that contain up to 25.4 g/t Au recovered from the artisanal workings in 2012.”
Technical Director, Dr. Sandy Archibald noted, “Over the last 1 4-months we have accumulated a
great deal of geological, geochemical and geophysical information on the numerous prospects
along the 15-km long Farabakoura Trend. While the drilling takes place on geochemical targets
on three of Compass’s other permit areas, we will be appraising the extensive drilling data,
conducting a comprehensive structural synthesis, and complet ing our outstanding geophysical
surveys across Farabakoura in order to further understand how these multiple mineralized zones
fit together. This will help us to continue to effectively explore the Farabakoura Trend when we
begin the next phase of drilling there in April.”
2
Next Steps
Compass is preparing drill pads for a 2,000 -m air- core drilling program on three prospects
(Tarabala, Yaladjila, and Sodala) on the Sankarani permit, and one prospect (Samagouela) on the
Kourou permit. Drilling is expected to begin as soon as the rig can get to the target sites. Each of
these prospects is characterized by bedrock gold mineralization, shallow soil gold geochemical
anomalism, structural targets identified from geophysics, and the prese nce of artisanal gold
mining. Additionally, the Tarabala and Yaladjila prospects lie on a 40 -km-long north-northeast
trend of 30 artisanal gold workings associated with a crustal scale fault.
Field teams are continuing to perform geological mapping, and local ground geophysical surveys
(magnetic and induced polarization) and infill shallow soil geochemistry sampling are taking place
on prospective areas identified by the structural geology study.
Technical Review
Farabakoura
Eight holes (1,174 m) were completed at Farabakoura by mid-January (Figure 1). Holes OURC79
and OURC80 were drilled to test mineralization associated with a 400 m-long east-west trending
structure, identified by ground geophysics and previous drilling. OURC81 tested the s ame
structure at a depth of 120 m from surface. OURC81 was also the most southerly of a north-south
trending six-hole fence (OURC81-86) that was designed to test gold mineralization associated with
geological contacts and faults.
FIGURE 1 – SUMMARY OF LATEST DRILLING AT FARABAKOURA ARTISANAL WORKINGS
3
OURC79 contained the highest grade intersected, with a 2 m @ 7.13 g/t Au (from 23 m) within a
broader 13 m @ 1.67 g/t Au interval ( Table 1). OURC80 intersected a 7 -m-wide, east -west
trending zone of quartz- carbonate-tourmaline veins that contained 1.07 g/t Au, and correlates
with a mineralized interval of 8 m @ 1.20 g/t Au (from 24 m) encountered 50 m to the east in
OURC40 (see Compass press release, August 19, 2019).
Holes OURC81-86 were drilled to the south at dips of 55° and depths varying from 122 to 160 m.
The best mineralization was encountered at the south end of the fence to test mineralization in a
small artisanal open pit zone. OURC81 contained six discrete zones of shallow mineralization
(Table 1), including the widest interval of 8 m @ 2.23 g/t Au (from 15 m) and the highest grade of
2 m @ 7.10 g/t Au (from 101 m). The continuity of this zone was tested at depth by OURC82,
which encountered 28 m @ 1.03 g/t Au (from 129 m). The width of mineralization is interpreted
to be the result of the intersection of the NW -trending Creek Zone with the east -west trending
contact of a granodiorite. Holes OURC83 -86 contained intervals of quartz veining, with only
nominal amounts of gold mineralization.
Table 1. Significant assays (>0.5 g/t Au) identified during recent drilling at Farabakoura
Hole ID From (m) To (m)
1, 2 Interval
(m) Au (g/t)
OURC79 19 32 13 1.67
inc. 23 25 2 7.13
OURC80 41 48 7 1.07
OURC81 15 25 8 2.23
OURC81 26 27 1 0.55
OURC81 28 30 2 0.61
OURC81 31 32 1 1.86
OURC81 36 38 2 2.05
OURC81 50 51 1 5.11
OURC81 101 102 2 7.10
OURC81 127 133 6 0.58
OURC82 129 160 28 1.03
inc. 129 131 2 2.11
inc. 133 134 1 1.08
inc. 135 139 4 1.08
inc. 146 151 5 1.98
OURC83 No intercept > 0.2 g/t Au
OURC84 81 83 2 1.91
OURC85 No intercept > 0.2 g/t Au
OURC86 No intercept > 0.2 g/t Au
1True thicknesses are interpreted as 60-90% of stated intervals
2 Intervals use a 0.2-gram-per-tonne gold cut-off value
4
Kabangoué Reverse Circulation Drilling Results
In late-December, the Company completed 750 m of reverse circulation (RC) drilling over selected
geophysical and geochemical targets on the Kabangoué North prospect (Figure 2), which is a
600 m long and 36 0-m-wide zone of artisanal workings within the greater Farabakoura Trend.
This trend has an overall strike length of 15 km and an up to 2 -km-wide zone of anomalous gold
in shallow soil samples, abundant artisanal gold workings adjacent to the Siekorole Sh ear Zone,
and typically associated with intrusive rocks (granodiorite).
FIGURE 2 - KABANGOUE DRILLING LOCATIONS
The Kabangoué North prospect was drilled by a north-south fence of five RC holes (OURC71-75),
and the Kabangoué South prospect by three RC holes (OURC76-78). All holes were all drilled on
an azimuth of 180° (to the south), at dips of 55°, and lengths of 150 m. Drilling was performed by
Capital Drilling, and collected samples were assayed at SGS (Bamako, Mali) by fire assay.
5
The drilling determined the subsurface geology was composed almost exclusively of granodiorite
which has been cut by east -west and northeast-trending faults, and inferred by the presence of
quartz veining. Gold mineralization identified narrow, discrete, gold mineralization in four of the
five holes (Table 2), with the best interval being 8 m @ 0.67 g/t Au (from 21 m) in OURC74. It is
likely that the mineralization located in OURC75, 2 m @ 0.22 g/t Au (from 137 m), represents a
100 m down-dip extension of the mineralization present in OURC74, and appears to be related to
a NW-trending fault parallel to the main mineralized trend at the Farabakoura workings . The
Kabangoué mineralized trend is also correlatable by gold mineralization noted in December 2018
air core drill holes.
Table 2. Significant assays (>0.2 g/t Au) from Kabangué North
Hole ID From (m) To (m)
1, 2 Interval
(m) Au (ppm)
OURC71 32 33 1 0.28
OURC73 117 118 1 0.48
OURC74 21 29 8 0.67
OURC75 106 107 1 0.20
137 139 2 0.22
1True thicknesses are interpreted as 60-90% of stated intervals
2 Intervals use a 0.2-gram-per-tonne gold cut-off value
The Kabangoué South prospect is characterized by a small area of artisanal workings , 350 m by
200 m, located 1 km south of Farabakoura North, an underlain by granodiorite. Samples collected
from the underground workings in 2012 recovered east-west trending quartz veins containing up
to 25.4 g/t Au. An isolated soil sample from an ongoing shallow soil sampling program at
Kabangoué, collected at a depth of 40 cm, and located 500 m to the southeast of the workings
contained 7.19 g/t Au. The three 150 m drill holes on the prospect were designed to test the east-
west trending veins noted in the workings. Despite the prospective geology, structure and
geochemistry, only on e mineralized interval was recorded, a quartz vein in OURC78 that
contained 1 m @ 0.23 g/t Au (from 73 m).
In order to determine the controls on the known mineralization, Compass has recently completed
a gradient IP survey on the Kabangoué prospects. The data is currently being interpreted and will
be used if additional drilling is warranted.
Pending Results
In late-January the Company completed 2,251 m of drilling on the three Boumban prospects:
Boumban South (781 m), Boumban Central (1,200 m), and Boumban North (270 m). A total of
2,369 samples (with QAQC standards and blanks) have been dispatched to the assay lab, and
results will be reported when available.
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 km2. The Sikasso
Property is located in the same region as several multi- million-ounce gold projects, including
6
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 a nomalies noted for further
investigation in Dr. Archibald’s August 2017 “National Instrument 43 -101 Technical Report on
the Sikasso Property, Southern Mali.”
QAQC
All RC 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. A ll 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 Archibald, P.Geo,
Compass’s Technical Director, who is the Qualified Person for the tec hnical 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 informatio n. 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
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS
DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.