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.”

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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.

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Compass Gold Completes Expanded Q4 2020 Drill Program at Samagouela and Tarabala

More than 75% of Assay Results Pending; Target Generation Work Continues

Toronto, Ontario, December 30, 2020 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is pleased to provide an update on the recently completed drilling at the Samagouela and Tarabala prospects, located on the Company’s Kourou permit within the Sikasso Property in Southern Mali.

Highlights

  • Samagouela – Air core drilling (41 AC holes, 1,901 m) and reverse circulation (1 hole, 52 m) drilled on two gold mineralized structures (Includes 8 AC holes and 1 RC hole added to the original program.)
    • 2,054 samples dispatched to assay laboratory (795 results received)
  • Tarabala – 1,505 m from 30 AC holes and 186 m from 2 RC holes completed
    • 1,780 samples dispatched to assay laboratory with all results pending
  • Ground geophysics completed on eight of twelve target areas
  • 482 in-fill shallow soil samples pending from Kourou permit

Compass CEO, Larry Phillips, said, “As promised, we have now completed the latest drill program at Samagouela and Tarabala, part of the ongoing 17,000 metre program that will continue into the first half of the coming year. While originally planned for 3,000 m of air core drilling, our technical team expanded the program to test a total of 3,644 m. The small sampling of initial results we’ve received so far has confirmed the presence of the mineralization and quartz vein structures that we have been looking for. We look forward to receiving all of the assay results, which are expected by mid-January, and which will help determine the next stage of drilling.”

Compass Director and Exploration Manager, Dr. Madani Diallo, added, “Initial results from this latest work at Samagouela have confirmed the presence of gold mineralization associated with our target structures, demonstrating the benefits of using ground geophysics and surface geochemistry in this part of Mali. Meanwhile, we are moving ahead with more drilling, as well as more Gradient Induced Polarization ground geophysics and geological mapping.  Our goal with all of this work is to identify additional drilling targets to be tested in the first half of 2021.”

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Compass Gold Closes $3,637,062 Private Placement

17,000-Metre Drill Program has Commenced Along the Tarabala and Samagouela Trends

 Toronto, Ontario – December 16, 2020 – Compass Gold Corporation (TSX-V: CVB) (“Compass” or the “Company”) announced today that it has issued, on a non-brokered private placement basis, a total of 18,185,310 common shares of the Company, at a price of $0.20 per share, for aggregate gross proceeds of $3,637,062 pursuant to the closing of its previously announced private placement (the “Offering”) (see Compass news releases dated November 29, and December 6 and 8, 2020).

Larry Phillips, Compass Gold’s President and CEO, said, “Once again our core group of existing shareholders has taken up the majority of this important Private Placement. We are grateful for their strong and continuing support. As with prior offerings, we have used this opportunity to add several institutional shareholders who have recognized the quality of our properties and the experienced team conducting the exploration. The addition of these funds to our existing treasury will allow us to take the results of this major drilling program in June 2021 and plan for continuous drilling throughout the rainy season.  I can assure all of our shareholders that our team is working aggressively to carry out the drilling plan and achieve our objective of identifying clear potential for a near surface gold resource.”

Dr. Madani Diallo, Director and Exploration Manager, added, “With the end of the rainy season in Mali, we have now started an aggressive exploration and drilling program commencing at Samagouela and Tarabala, two of our highest priority target zones, where earlier this year our drilling intercepted significant gold mineralization.  Those large trends host just a few of the growing number of highly-prospective gold targets on our Sikasso Property. Our exploration team in Mali is excited by the opportunity to complete our current 17,000-metre drill program in Q3, 2021. Based on the results of that work, we will, for the first time, be able to plan and conduct drilling on the highest priority targets without interruption by the rainy season.  I firmly believe that our work in 2021 will validate the confidence that the Company’s shareholders have shown in us.”

Extensive new exploration and drill program launched

Compass has recently launched Phase 1 of a previously-reported 17,000-metre drilling program, beginning on targets on the Samagouela Trend, which will be followed be further drilling on the Tarabala Trend. The initial drilling results from this latest program are expected to be available in late December. Along with the Company’s existing funds, proceeds from this Private Placement will be sufficient to fund this entire program, and will enable the field team to continue following up with the planned Phase 2 and Phase 3 drilling on multiple targets into 2021 without interruption.

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Compass Gold to Further Increase Private Placement to Raise up to $3.7 Million

Toronto, Ontario – December 9, 2020 – Compass Gold Corp. (TSX-V: CVB) (“Compass” or the “Company”) announced today that, as a result of substantial investor demand, it has further increased the size of its initially announced $2.5 million private placement (the “Offering”) (see Compass news releases dated November 30 and December 7, 2020) and will now issue up to 18,500,000 common shares of the Company, at $0.20 per share, for aggregate gross proceeds of up to $3.7 million.

The proceeds from this offering will be used to fund exploration, including a 17,000-meter drill program to be completed before the end of Q2, 2021, and for general corporate purposes. Drilling will focus on mineralized trends on the Tarabala and Samagouela targets discovered at the Company’s Sikasso Property in southern Mali.  Phase 1 of this program, consisting of 3,000 meters of drilling on the first of these targets, is fully funded and has commenced. Initial drill results are expected near the end of December.

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Compass Gold to Raise up to $3.4-Million in Over-Subscribed Private Placement

Toronto, Ontario – December 7, 2020 – Compass Gold Corp. (TSX-V: CVB) (“Compass” or the “Company”) announced today that it has increased the size of its previously announced $2.5 million private placement (the “Offering”) (see Compass news release dated November 30, 2020) and will now issue up to 17 million common shares of the Company, at a price of $0.20 per share, for aggregate gross proceeds of up to $3.4 million.

The proceeds from this offering will be used to fund exploration, including a 17,000-meter drill program to be completed before the end of Q2, 2021, and for general corporate purposes. Drilling will focus on mineralized trends on the Tarabala and Samagouela targets discovered at the Company’s Sikasso Property in southern Mali.  Phase 1 of this program, consisting of 3,000 meters of drilling on the first of these targets, is fully funded and has commenced. Initial drill results are expected near the end of December.

Larry Phillips, Compass President and CEO, said, “The response from our existing shareholder to this offering has been very robust, and we appreciate their continued support. As with last year’s offerings, we have used this opportunity to expand our share register by adding strong and experienced investors, including major Institutional resource funds who recognize how far Compass has progressed and the tremendous potential to be realized over the coming year. Our discovery team, led by Dr. Madani Diallo and Dr. Sandy Archibald, is committed to bold objectives for 2021, and now we have the resources to help them deliver the results that will benefit all of us as shareholders.”

Mr. Phillips continued, “We also wish to welcome the team from Red Cloud Financial and acknowledge their excellent work in bringing important new investors into this expanded offering. It is clear to me that the Red Cloud Team shares our vision and excitement for the valuable opportunities that Compass Gold presents. We look forward to their assistance in the months ahead to build and expand our communications and market outreach activities. As we embark upon a year of important and regular reporting of drill results, we are committed to generating and building our relationships within the resource investment community, throughout North America and beyond.”

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Compass Gold Announces Private Placement

Proceeds to Support Continuing Exploration into 2021

Toronto, Ontario – November 30, 2020 – Compass Gold Corp. (TSX-V: CVB) (“Compass” or the “Company”) announced today that it intends to issue, on a non-brokered private placement basis, up to 12,500,000 common shares of the Company, at a price of $0.20 per share, for aggregate gross proceeds of up to $2.5 million (the “Offering”).

The proceeds of the Offering will be used to further advance the Company’s ongoing exploration efforts at its Sikasso Property in southern Mali (see Compass news releases dated October 5th and 29th, 2020), as well as for general corporate purposes.

Larry Phillips, Compass President and CEO, said, “We are pleased to confirm that Phase 1 of exploration and drilling work following the end of the 2020 rainy season is underway, with the initial drilling results from this latest program on our exciting Tarabala and Samagouela trends anticipated before the end of December. With this Private Placement, our exploration team can continue following up with the planned Phase 2 and Phase 3 drilling on multiple targets into 2021 without interruption or delay.”

Certain insiders of the Company may participate in the Offering.  Further, subject to compliance with the policies of the TSX Venture Exchange and applicable securities legislation, the Company may pay a finder’s fee to certain registered dealers in connection with the Offering comprised of: (i) a cash fee equal to 6.0% of the gross proceeds received from the sale of common shares sold to purchasers introduced to the Company by the finder, and (ii) warrants exercisable for a period of two years following the closing of the Offering to acquire that number of common shares of the Company, at a purchase price of $0.20 per share, equal to 6% of the number of common shares sold to purchasers introduced to the Company by the finder.

All the shares issuable pursuant to the Offering will be subject to a hold period expiring four months and one day after the date of issuance.

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Compass Gold Finalizes Warrant Extension

Toronto, Ontario, November 25, 2020 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) announces that the TSX Venture Exchange (the “Exchange”) has approved the Company’s request to extend the term of certain issued and outstanding warrants that were otherwise scheduled to expire on November 29, 2020. The Exchange has agreed that certain issued and outstanding warrants (the “Warrants”) issued as part of a private placement that closed on November 29, 2017 and exercisable at a price of $0.75 per share for a total of 12,000,000 common shares will now expire on November 29, 2021. The additional warrants issued as partial compensation to the Company’s primary financial advisor to acquire 200,000 common shares as part of the original private placement are not being extended.

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Compass Gold Announces Proposed Warrant Extension

Toronto, Ontario, November 17, 2020 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) announces that has filed with the TSX Venture Exchange (the “Exchange”) to extend the term of certain issued and outstanding warrants that are otherwise scheduled to expire on November 29, 2020. Subject to final approval of the Exchange, the Company plans to extend the term of issued and outstanding warrants (the “Warrants”) that were issued as part of a private placement that closed on November 29, 2017 and exercisable at a price of $0.75 per share for a total of 12,200,000 common shares. None of the warrants issued in that private placement have been exercised. The proposed new expiry date for the Warrants would be November 29, 2021.

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Ground Geophysics Being Completed on the Samagouela Trend in Preparation for New Drill Program

Toronto, Ontario, October 29, 2020 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) announces that it has nearly completed the ground geophysical surveys over the Samagouela Trends on its Sikasso Property in southern Mali.

Highlights

  • 26 sq. km of Gradient Induced Polarization (IP) surveys being completed on three grids on the Samagouela Trend
  • The annual rains have ceased, and field teams have mobilized to prepare access and drilling pads for renewed drilling at the Tarabala and Samagouela prospects
  • Fully-funded 3,000 m drill program is planned to start at Tarabala and Samagouela in November
  • 12 additional Gradient IP surveys on high-priority areas remain – associated with artisanal workings and gold in shallow soil anomalism

Compass CEO, Larry Phillips, said, “Preparations continue on our primary drilling targets on the Tarabala and Samagouela trends.  Our field team has appraised site access and a bulldozer will be on site early next week to prepare the drilling pads for our initial 3,000 m air core drilling program there.  Based on the success of our drilling earlier this year, we will be testing a 2.3-km zone on the 10 km Tarabala Trend, and a 1.4-km zone on the 10 km Samagouela Trend.  The current program will provide additional information on the continuity of the previous near surface mineralized intercepts, such as 14 m @ 2.75 g/t Au and 9 m @ 5.79 g/t Au from Samagouela, and follow the mineralization along strike.  Drilling in both areas will be completed before the end of the year. These results, along with the recently completed geophysical surveys, will help define precise drilling targets to be followed-up next year.”

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