Toronto, Ontario, May 16, 2018 – Compass Gold Corp. (TSX-V:CVB) (Compass or the Company) is pleased to announce that its Warrant Holders have exercised approximately 2.3 million warrants from the November 2017 private placement (see News Release dated November 29, 2017), for gross proceeds to the Company of $830,000. These funds will be used to supplement the Company’s existing treasury for the ongoing exploration of its Sikasso gold properties located in the prolific greenstone belts of southern Mali.
Commenting on the exercise of the warrants, Company President and CEO, Larry Phillips, said, “The exercise of these warrants shows the confidence of our Warrant Holders in the Company and their interest in the exciting results achieved over the first four months of this year. The $830,000, when added to the existing $4 million exploration budget for 2018, gives the Company the financial strength to fund aggressive exploration at Sikasso through to the end of the year and beyond.”
All of the 2,000,000 warrants that expired on May 4, 2018 were exercised at a price of $0.35, along with the 84,000 broker warrants, for total proceeds of $750,000. A further 228,571 warrants expiring on May 15, 2018 were exercised at $0.35 for total proceeds of $80,000. The exercise of these warrants brought Compass’s total number of shares outstanding to 29,738,522.
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Toronto, Ontario, May 7, 2018 – Compass Gold Corp. (TSX-V:CVB) (Compass or the Company) is pleased to provide an update on the previously announced (see Compass news release dated April 3, 2018) ongoing deep soil auger geochemical survey program at the Ouassada exploration permit on its Sikasso Property in Southern Mali.
● Deep soil auger sampling has identified a broad 1.5 km wide long and 12 km long zone of anomalous gold at an average depth of 13 m beneath and coincident with the previously reported shallow soil sampling areas. This anomaly, which closely correlates with the bedrock geology, remains open to the north.
● Gold concentrations up to 2,600 parts per billion (ppb) gold (Au) (2.6 grams per tonne (g/t) Au) occur at the artisanal workings at Farabakoura, and up to 722 ppb Au located 500 m southeast of the workings at Kabangoué North. Highest gold concentrations are not restricted to areas of known workings.
● Close correlation of anomalous zones with shallow soil geochemistry and a mapped fault bounded Birimian volcanoclastic unit.
● A total of 1,786 3-m composite deep soil auger samples from 11,556 m of drilling were analyzed over target area 1.
Compass CEO, Larry Phillips, commented, “The initial results from the soil auger sampling program at Ouassada are highly encouraging, particularly as they demonstrate strong gold anomalism closer to the bedrock. They closely follow the known geological structures and lithologies for at least 12 km and correlate well with the previously reported shallow soil results. We continue to be very pleased with both the rate at which our field team has advanced our exploration program and especially the results we’re seeing in an area where several gold companies are now in production or are developing significant gold deposits.”
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