Drilling at Farabakoura and Kabangoué 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 evidence 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 14-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 completing 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.”

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Latest Drilling in Southern Mali Intercepts More Gold Mineralization Along 15-Km Trend

Provides Key Geological and Structural Roadmap for the Next Stage of Drilling

Toronto, Ontario, January 14, 2020 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is pleased to provide an update on the latest exploration work at the Boumban Central and Farabakoura prospect areas, located on the Company’s Sikasso Property in Southern Mali (Figure 1).

Highlights

  • Drilling at Boumban Central (16 RC holes, 2,404 m) intersected gold mineralization in a similar geological environment to that encountered 5-km south at the Farabakoura artisanal workings
  • Best interval at Boumban Central was 3 m at 1.33 g/t Au, within 10 m @ 0.57 g/t Au (from 31m)
  • Exploration results show the geology of Compass’s Farabakoura Trend is similar to Hummingbird’s Komana East gold mine area, located 40 km to the east
  • Drilling at the Farabakoura artisanal workings intersected a NE-trending structure containing multiple (9) gold zones in one hole (OARC65 included 8 m at 1.17 g/t Au, (from 33 m), 4 m @ 0.81 g/t Au (from 61 m), and 3 m @ 1.54 g/t Au (from 73 m))

Compass CEO, Larry Phillips, said, “Based on these results, we believe the Compass team is onto a major gold-bearing trend, and we are excited to get on with the next stage of drilling.”

He added, “Last year, our exploration work indicated the presence of a structural trend, extending more than 11 km to the north of our Farabakoura mineralized zone. These first drill holes on just a small portion of the 4.3 km Boumban Central target were located roughly 5 km north of the Farabakoura zone.  The interpreted results suggest that the correct geology and structure for potentially hosting significant gold mineralization continues at least 5 km north along this major trend. The assay results on Boumban Central also show wide-spread, lower grade mineralization.

The additional drilling, 5 km to the south, within artisanal workings on the eastern side of the main Farabakoura Zone, also confirmed the presence of additional NE-trending mineralized structures within the overall NNW-trending Farabakoura Trend.  Assay results from this drilling showed that significant mineralization extends to the east of the main Farabakoura zone. What is most exciting is that we have already identified nine large target zones along the Farabakoura Trend, which have yet to be drilled. This latest geological and structural information confirming the location of the Siekorole Shear Zone along our Farabakoura Trend will be invaluable in planning the next phase of drilling over the remainder of the 4.3 km strike length of the Boumban Central target zone, and across the other nine targets identified by our previous exploration work.”

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Compass Provides Update on Drilling at Sikasso Property in Southern Mali

Compass Issues Stock Options

Toronto, Ontario, December 17, 2019 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is pleased to provide an update on the latest round of exploration drilling on the Ouassada and Faraba-Coura permits, Sikasso Property in Southern Mali.

Highlights

  • First 16 holes completed for 2,404 metres examining three target structures
  • Samples from 16 holes sent for assaying – results pending
  • Drill program continuing

Compass CEO, Larry Phillips, said, “We are very pleased that we have been able to start  drilling after the rainy season a few weeks earlier than last year. We are on track to achieving our immediate goals of completing two full fences of drill holes and getting the samples into the lab before Christmas. Our objective is to complete 13,000 metres of RC drilling by the end of April next year. We will be announcing the results of this initial drilling in tranches as we continue, beginning early in the New Year.”

Dr. Madani Diallo, Compass’s Exploration Manager, added, “It is exciting to be able to return to drilling some of the numerous targets we have identified over the past two years. Our team is off to a good start with the drilling and the Capital Drilling team has maintained a healthy pace of one hole per day, demonstrating the importance of having an experienced team with quality equipment. We also welcome SEMAFO’s technical team, which has provided useful input in the positioning of the first drill lines.”

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Compass Gold to Raise $5,500,000 in Over-Subscribed Private Placement

Toronto, Ontario – November 7, 2019 – Compass Gold Corporation (TSX-V: CVB) (“Compass” or the “Company”) announced today that it has increased the size of its previously announced non-brokered private placement (“the Offering”) (see Compass news release dated November 4, 2019) of a total of approximately 15,700,00 common shares of the Company, at a price of $0.35 per share, for aggregate gross proceeds of approximately $5,500,000. Subject to the receipt of funds and Subscription Agreements from investors, the Offering is expected to close on or about November 20, 2019.

No broker warrants are being issued, but a finder’s fee of 6% in cash, as well as 200,000 compensation shares, are intended to be paid as compensation to certain parties who assisted with the Offering.

Closing of the Offering is also subject to the receipt of all necessary regulatory approvals. 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.

Larry Phillips, Compass Gold’s President and CEO, said, “This financing has been a great success for the Company. We have added an excellent strategic partner in SEMAFO and our existing shareholders have provided their full endorsement by taking up the majority of the remaining Offering. Their support, along with a number of high-quality new investors, has resulted in the placement being oversubscribed. All of this has been accomplished in just three days and in the face of a difficult market for our sector. In order to accommodate a portion of that additional demand, we have agreed to a slight increase in the $5 million amount announced on Monday to $5.5 million.”

The funds received from the Offering will enable the Company’s technical team to follow the recently announced (see Compass news release dated November 6, 2019) field work program, including an aggressive drill campaign of more than 10,000 metres on the Farabakoura Trend, comprising the Farabakoura and Kabangoué artisanal workings and the high-priority Boumban prospect, on its Sikasso Property in Southern Mali.

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Field Work Starts on Farabakoura Trend in Preparation for Newest Drilling Program

Toronto, Ontario, November 6, 2019 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) announces that it has launched its follow-up field program on the Farabakoura Trend, which includes the Farabakoura and Kabangoué artisanal workings and the high-priority Boumban prospect, on its Sikasso Property in Southern Mali.

Highlights

  • The annual rains have ended, and field teams have mobilized to start preparing access for renewed drilling at Farabakoura and Kabangoue artisanal workings
  • 10,500 m drilling is planned on six prospects on the Sikasso property
  • Drilling is expected to begin in late November

Compass CEO, Larry Phillips, commented, “With the end of the wet season, we are now deploying our field teams to prepare our drilling sites for our next exciting drilling program. In addition to the main Farabakoura zone, we will be drilling on five additional prospect areas, where we hope to confirm the presence of bedrock gold indicated so far by near surface geochemistry and the presence of artisanal workings. The proposed 10,500 m RC drilling program will go a long way to confirming the prospectivity of these areas, with the aim of determining the best location for resource definition drilling. We expect that it will take three weeks to prepare the drilling pads, and for the ground conditions to allow the safe movement of our drilling equipment.”

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Compass Gold Announces Strategic Investment by SEMAFO Inc. as Part of $5 Million Private Placement

Toronto, Ontario – November 4, 2019 – Compass Gold Corp. (TSX-V: CVB) (“Compass” or the “Company”) announced today that SEMAFO Inc. (“SEMAFO”) has agreed to participate in a private placement, pursuant to which the Company intends to issue, on a non-brokered private placement basis, up to 14,286,000 common shares of the Company, at a price of $0.35 per share, for aggregate gross proceeds of up to $5.0 million (the “Offering”).

SEMAFO is the lead participant in the Offering and will be subscribing for $2 million. Assuming a fully subscribed Offering, SEMAFO will own approximately 10.8% of the outstanding common shares of Compass upon completion of the Offering. SEMAFO is a Canadian-based intermediate gold producer with over 20 years’ experience building and operating mines in West Africa. SEMAFO operates two mines, the Boungou and Mana mines in Burkina Faso. SEMAFO is committed to building value through responsible mining of its quality assets and leveraging its development pipeline.

The remainder of the Offering is expected to be subscribed primarily by existing shareholders who participated in the prior private placement of the Company completed in April 2019.

The proceeds of the Offering will be used to further advance the Company’s ongoing exploration efforts at its Sikasso Property in southern Mali, including the Farabakoura high-grade mineralized zone. The currently planned exploration drilling at Farabakoura and other high priority targets is set to commence later this month. That program is fully funded through to the end of December. The additional proceeds from the Offering will allow for the extension and expansion of drilling and exploration work through to the end of 2020, as well as for general corporate purposes.

Larry Phillips, Compass Gold’s President and CEO, said, “The addition of SEMAFO to our group of core investors is a major strategic step for Compass Gold. Our management team and Board of Directors are especially familiar with the growth and impressive accomplishments of SEMAFO in West Africa over the past several years, and we welcome the opportunity to build a strong, long term relationship that will benefit the development of gold discoveries at Sikasso. SEMAFO’s investment represents a strong endorsement of our early results at Farabakoura, the potential for new discoveries in the coming year, and the quality of our management and technical team. Further, SEMAFO’s extensive experience in West African exploration and development is expected to provide us with valuable access to people and mine sites, which will only enhance the abilities of our own team.” Mr. Phillips added, “The completion of this financing and strategic investment will strengthen our company and provide a clear path to continuing our exploration work through to the end of 2020, without any requirement to pause and access more capital. We are committed to expanding our drilling at Farabakoura, which we believe can bring us to an initial resource at this first of at least 20 drilling targets. We will also proceed to drilling at our highly prospective targets at our Boumban, Tarabala, Sodala, and Samangouela prospects, which reflects the scale of opportunity present across our  867 sq.km Sikasso Property.”

Benoit Desormeaux, SEMAFO’s President and CEO, said, “We are very pleased to become a shareholder of Compass Gold. This financing fits our strategy of investing in exciting exploration companies to complement our internal development. Compass Gold has excellent exploration potential and is located in a known mining jurisdiction with a seasoned management team. The future is bright for Compass Gold, and we are excited to become a shareholder at this stage of its development.”

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Large Gold Anomaly Discovered at Samagouela on the Kourou Permit, Along Strike from Artisanal Workings

Toronto, Ontario, October 8, 2019 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is pleased to provide an update on its exploration activity on the Kourou permit, Sikasso Property in Southern Mali.

Highlights

  • Shallow soil survey reveals discrete gold anomalism over a distance of 1.8 km along strike from Samagouela gold workings
  • Maximum soil sample contained 4.03 grams per tonne (g/t) gold (Au); not associated with previous workings
  • Anomalies are coincident with regional shear zone and crossing-cutting faults, including faults cross-cutting small intrusion

Compass CEO, Larry Phillips, said, “So far this year, our primary exploration focus has been at Farabakoura on our Ouassada permit. However, our field teams have also been busy following-up on previous exploration and investigations of artisanal workings on some of our other permit areas, including Samagouela on the Kourou permit. Fieldwork conducted at Samagouela has identified a potential 1.8-km-long zone of gold anomalism that is coincident with regional structures. This discovery shows the quality of our full land package and that the huge potential at Sikasso extends beyond the exciting Farabakoura zone. In light of these encouraging results, our technical team will be reviewing options for expanding our exploration plans for the 2020 drilling season.”

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Compass Gold Corporation Intersects New High-Grade Gold Veins at Farabakoura Including 6.1 M @ 65.6 G/T

Toronto, Ontario, September 5, 2019 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) announces results from the recently completed diamond core drilling program at the Farabakoura artisanal workings on the Ouassada permit, Sikasso Property in southern Mali.

Highlights

Diamond drilling at Farabakoura intercepts high-grade gold mineralization in bedrock, including:

  • 6.1 m @ 65.6 grams per tonne (g/t) gold (Au) from 19.5 m (OUDD004)
  • 13 m @ 9.25 g/t Au from 21.1 m (OUDD006)
  • 7.0 m @ 1.45 g/t Au from 76 m (OUDD008)
  • 7.1 m @ 2.13 g/t Au from 68.9 m (OUDD007)
  • All seven diamond drill holes (total 995 m) intersected significant gold mineralization within a 200 m section of the 750 m long Farabakoura high-grade zone
  • Follow-up drilling in Q4 will test open areas and extent of gold rich zone

Compass CEO, Larry Phillips, said, “The conclusion of this season’s drilling at Farabakoura has returned some spectacular high-grade gold intercepts over an extensive area, as well as valuable new structural and geologic data that continues to excite our team. In addition to finding such strong gold values, this work has revealed new structures with significant potential that we will begin drilling in Q4 once the rainy season ends.”

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Discrete Gold Soil Anomalies Delineated Along Strike from Farabakoura Workings

Toronto, Ontario, August 26, 2019 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is pleased to provide an update on exploration activity on the Faraba-Coura permit, Sikasso Property in Southern Mali.

Highlights

  • Three discrete gold zones (up to 1 km) identified over a distance of 4.8 km from a shallow soil survey, and 2 km along strike from Farabakoura gold workings
  • Anomalies are coincident with crustal-scale faults cutting intrusions
  • Results reinforce anomalies previously identified through wide-spaced, deep soil auger sampling
  • Data review suggests a similar style of gold mineralization found at Farabakoura might also be present in newly tested area (Boumban)

Compass CEO, Larry Phillips, said, “While drilling progressed at Farabakoura, our field teams continued exploring other target areas on our adjacent Faraba-Coura permit. Combining the results of this latest work with our previous findings, we now have three robust targets for the next phase of bedrock drilling, which we intend to initiate later this year. While our primary focus remains on the gold workings Farabakoura and Kabangoué, it is also important to note that these promising target areas represent only a small fraction of our prospective total land holdings.”

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RC Drilling Confirms East-West Structures at Farabakoura

Toronto, Ontario, August 19, 2019 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is pleased to provide an update on the remaining RC exploration drilling at the Farabakoura artisanal workings on the Ouassada permit, Sikasso Property in Southern Mali.

Highlights

  • Assay results from the final 11 reverse circulation (RC) drill holes (totalling 1,522 m) from the Farabakoura artisanal workings
  • Drilling primarily conducted to test east-west trending vein structures and provide geological information
  • Best interval: 8 m @ 1.20 grams per tonne (g/t) gold (Au) from 24 m (OURC040)
  • All fieldwork has now ceased on the property due to the start of the rainy season

Compass CEO, Larry Phillips, said, “These final RC drilling results at Farabakoura have confirmed that gold is present in east-west trending veins associated with late faulting, and previous drilling indicates the best mineralization is located at the contact between intrusive rocks and the surrounding country rock along a northwest-southeast trend. Meanwhile, we eagerly await the assay results of our recent diamond drilling on the Creek Zone to add to our understanding of this already extensive mineralized zone. We look forward to fully utilizing all of the data we’ve gathered over the last nine months during our next phase of drilling, scheduled to begin in November.”

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