Compass Identifies a Wide Zone of Gold Mineralization Over 1.1-Km Within the 10-Km Tarabala Trend

Preparations Underway for Immediate Follow-up Drilling

Toronto, Ontario, January 20, 2021 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is pleased to provide an update on the recently completed drilling at the Tarabala and Samagouela prospects, located on the Company’s Sikasso Property in Southern Mali (Figure 1).

Highlights

  • Drilling at Tarabala identifies a pronounced, broad, shallow gold target, associated with a shear zone, extending at least 1.1-kilometres
  • Higher-grade mineralized zones intercepted within wide zones of low-grade mineralization; remains open down dip
  • Best interval: 5 m at 2.86 g/t Au (from 8 m), including 1 m @ 12.50 g/t Au (from 9m)
  • Preparing immediate further drilling at Tarabala and initial drilling on other prospects on the Tarabala Trend
  • Latest drilling along 1.7 km portion of 10 km Samagouela Trend confirms wide zones of quartz veining
  • Compass to host Webinar on January 21 – Will include an Update and Discussion of Next Steps

 

Compass CEO, Larry Phillips, said, “Our technical team continues to define large, new areas of mineralization with very encouraging gold grades along one section of the 10-km long Tarabala Trend.  This includes higher-grade mineralized intervals found within an outcropping, broad, lower-grade zone that remains open at depth. Infill drilling is ready to commence along this part of the trend and to test the mineralization to a depth of 80 m.  Targeting studies have also been completed on this trend to the south at Assama, where more drilling sites are being prepared. Based on the results received to date, we remain confident that we are in the correct geological environment for a major gold-bearing system.”

He added, “Final assays from the December drilling at the first section of the Samagouela Trend confirmed that we intercepted the target structures predicted by the previously noted geophysical survey.  We are planning additional drilling programs on this trend, targeting Old Sam and Ourou Ourou.”

Dr. Sandy Archibald, PGeo, Technical Director, added, “I am pleased to see the positive results that our field teams have achieved since operations recommenced in October.  We have confirmed the continuity of mineralization at Tarabala and identified several new drilling targets.  I look forward to launching the next round of drilling on the Tarabala Trend and to reviewing our latest geochemistry and geophysical results at our other prospects.  A summary of this work will be presented during this week’s Compass webinar update and discussion.”

Click here for full release

Compass Gold Announces Grant of Options

Toronto, Ontario, January 5, 2021 – Compass Gold Corporation (TSX-V: CVB) (Compass or the Company) announced today that the Board of Directors has approved the issuance of 1,126,000 options, which will vest over a period of three years, 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 $0.25 per Common Share and has a term of five years.

The total number of outstanding options under the Company’s plan, including the grant above, is now 4,936,000 options or approximately 6.8% 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.

Clarification Regarding SEDI Filings by Reporting Insiders

The Corporate Finance Branch of the Ontario Securities Commission (“OSC”) recently selected the Company for a review of: (i) the insider reports filed by its reporting insiders on the System for Electronic Disclosure by Insiders (“SEDI”), and (ii) the information filed by the Company on SEDI.  The review was conducted by the OSC in the ordinary course.  Arising from the review, updates have been made to the SEDI disclosure of certain reporting insiders of the Company.  The Company notes that all relevant disclosures of option grants and share issuances by the Company to such reporting insiders have been previously disclosed via press release or applicable corporate filings as required by securities laws and/or TSX Venture Exchange requirements.  To the knowledge of the Company, the SEDI disclosure of its reporting insiders is now up-to-date.

Click here for full release