Proceeds to Support Deeper Drilling on Two Promising Targets Along the 10-KM Tarabala Gold Trend Through Rainy Season
Toronto, Ontario – July 7, 2021 – 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 15,000,000 common shares of the Company, at a price of $0.20 per share, for aggregate gross proceeds of up to $3.0 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 March 1st, March 16th May 18th and July 6, 2021), as well as for general corporate purposes.
Larry Phillips, Compass President and CEO, said, “We are excited to follow up on our discovery of not one but two promising large, shallow gold targets along the Tarabala Trend. Both targets, Massala West and Tarabala, have returned compelling grades and widths that merit deeper drilling. Our team in Mali has made preparations for a new, aggressive exploration program running through the rainy season, including a planned 10,000m of air-core, reverse circulation and diamond core drilling aimed to confirm whether the mineralization at these targets has sufficient size and grade continuity to warrant resource definition drilling.”