Compass Gold Announces Grant Of Options

Toronto, Ontario, May 22, 2019 – Compass Gold Corporation (TSX-V: CVB) (Compass or the Company) announced today that the Board of Directors has approved the issuance of 775,000 options to officers, employees and consultants of the Company. Each option is exercisable into one common share of the Company (each, a “Common Share”) at an exercise price of $0.30 per Common Share and having a term of five years.

The total number of outstanding options under the Company’s plan, including the grant above, is now 2,800,000 options or approximately 7.2% of the outstanding Common Shares. The Stock Option Plan allows for up to 10% of the outstanding Common Shares to be reserved for stock options.

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President’s Letter to Shareholders

Dear Shareholders,

Since my last letter went out in early February, we have made significant progress on several fronts. Exciting drill results have generated a big increase in market interest in our Sikasso properties, particularly at the large and impressive Farabakoura target zone. These results helped support our successful Private Placement in late April, when we raised more than $2.7 million, primarily from our existing shareholder group, but also from a handful of new “strategic” partners.

With ample funding to explore aggressively for the rest of this year and into 2020, Dr. Madani Diallo and his team set out to prioritize our fieldwork. They reviewed more than 40 high-quality targets identified by the extensive work conducted in 2018 and completed at the end of February of this year. The result was a ‘three-pronged’ campaign focusing on artisanal workings at Farabakoura-Kabangoué, Sodala, and on the nine workings on the Yanfolila South block. These are all large zones with excellent indications of gold mineralization.

We have recently completed the first stage of reverse circulation drilling at Farabakoura, roughly 2,000 metres, and we are launching an additional 3,000-metre program, which is due to be completed before the rainy season begins.

All of this activity and the related technical data have been thoroughly reported in a dozen press releases, as well as in our first shareholder conference call in early April. I have also met and spoken directly with dozens of Compass shareholders about our work, results, and objectives for the remainder of the year. While we have attracted the interest of many new and prospective shareholders through the financing and reporting process, we remain a relatively small, closely held company. Compared to most of our peers in the gold exploration space, we still have a small number of shares outstanding, (about 39 million post- financing) and we estimate roughly 80% of those shares are held by fewer than 100 shareholders.

In this note, rather than repeating the content of all of those conversations or our press releases, I will offer you some insight into our strategic thinking about the opportunities and challenges we are tackling in the coming months.

President’s Letter to Shareholders


Mineralized System Extended to 500 m; Remains Open Along Strike

Toronto, Ontario, May 15, 2019 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is pleased to provide an update on the recently completed exploration drilling at the Farabakoura artisanal workings on the Ouassada permit, Sikasso Property in Southern Mali.


  • Completed 13 reverse circulation (RC) drill holes at Farabakoura artisanal workings, totalling 1,928 m
  • Intercepted gold mineralization in three holes, increasing the known strike length of the mineralized system to 500 m, which remains open along strike
  • Visible gold noted in RC chips (OURC017)
  • Best interval: 32 m @ 3.02 grams per tonne (g/t) gold (Au) from 24 m, including 6 m @ 10.21 g/t Au
  • 3,000 m drilling program is planned at Farabakoura to test additional targets

Compass CEO, Larry Phillips, said, “This latest drilling has extended our primary target zone, the Farabakoura Pit Zone, to a length of over 500 m, and the structure remains open to the southeast. We now have a clearer understanding of the rock types and structures that are the main controls on mineralization. We will use this information to drill additional targets underlying the extensive Farabakoura artisanal workings. A 3,000 metre drill program with our strategic partner, Capital Drilling, will commence immediately.”

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DRILLING COMPLETED AT FARABAKOURA – Additional Work Underway in Preparation for More Drilling

Toronto, Ontario, May 8, 2019 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is pleased to provide an update on the results of their ongoing exploration activity on their Yanfolila North and Yanfolila South blocks, comprising parts of the Sikasso Property in Southern Mali.


  • Completed 13 reverse circulation (RC) drill holes at Farabakoura artisanal workings, totalling 1,928 m
  • Completed a detailed 3-sq.-km ground magnetic survey over the Kabangoué workings
  • Ongoing 60 km of ground induced polarization (IP) examination at Ouassada and Faraba-Koura
  • Identifying new drilling targets based on latest drilling and geophysical results 

Compass CEO, Larry Phillips, said, “We have completed our latest round of drilling at Farabakoura, which has advanced our knowledge of this target area.  Assays are pending for the last four of the thirteen holes drilled, and we expect to be able to release them within the next ten days.  In the meantime, our technical team has been busy performing a number of geophysical and geochemical surveys.  The results of all of this work will be used to finalize our next drilling program on the Ouassada and Faraba-Coura permits, which we expect to begin before the end of this month.”

Reverse Circulation Drilling (Farabakoura)

As previously announced (see Compass news release dated March 28, 2019), the Company planned to conduct approximately 1,000 m of additional drilling at the extensive Farabakoura artisanal site.  The focus of this additional drilling was to test two parallel NW-trending structures, termed the Farabakoura Pit Structure, and the Kabangoué Structure, and the general east-west trending structure termed the Farabakoura East Structure.  Drilling targets were based on the interpretation of geophysical survey data and previous drilling results.  The Company was able to extend this program to include a total of 13 new RC holes for a total length of 1,928 m.  The final drill hole, OURC025, was completed on May 3.  Results will be announced once the final assays are received from the laboratory and they pass appropriate industry QAQC protocols.

Ground Magnetic Study (Kabangoué)

A detailed ground magnetic survey, covering an area of 3 sq. km and centred on the Kabangoué artisanal workings, was completed on May 6, 2019.  The north-south orientated grid is at a line-spacing of 50 m and will provide resolution to help plan the next phase of drilling at the artisanal workings.  The field work was performed by technicians from EurekaGeo, a mineral exploration consultancy based in Bamako, Mali.  This magnetic survey data will be interpreted by Jeremy S. Brett, M.Sc., P.Geo. (MPH Consulting Limited, Toronto), in consultation with Compass staff.

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