Study Reinforces Exploration Plan; Adds New Information
Toronto, Ontario, April 19, 2022 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is pleased to provide an update on the recently completed remote sensing study completed on the Moribala permit, located on the Company’s Sikasso Property in Southern Mali (Figure 1).
Highlights:
- Fifteen target areas identified on the Moribala permit
- Increases size potential of three previously drilled targets that contain gold mineralization
- Targets associated with Moribala and Tarabala faults and areas of hydrothermal alteration
- Remote sensing results generated new mineralized targets to the north on the Sankarani permit
Compass CEO, Larry Phillips, said, “I’m encouraged to see that the results from this recent remote sensing study support our view that the Moribala permit has excellent potential to host economic gold mineralization. Further, these results have indicated likely extensions of these highest priority targets, where initial drilling has confirmed the presence of gold, including a 21-m wide intercept grading 0.51 g/t Au. The study identified fifteen target zones that we will test through ground geophysics to provide more precise drilling targets. We look forward to starting this work as soon as possible.”
Moribala Remote Sensing Study
A detailed Sentinel-2 and ASTER satellite image interpretation of the Moribala permit was undertaken by Murphy Geological Services to identify alteration and structures (faults) associated with orogenic gold mineralization seen in southern Mali. The primary aim of the study was to define the structural framework of the permit and generate gold exploration targets.
A total of fifteen targets were identified and ranked using the structural and alteration interpretation, in conjunction with the results of the Compass shallow soil geochemistry survey, the distribution of artisanal workings, interpretation from ground geophysics, and the presence of gold mineralization found through recent air core (AC) drilling in the area. Four primary targets were identified, nine secondary targets, and two tertiary targets (Figure 1).
The targets are associated with the NE-trending faults that comprise the Siekorole shear zone, in particular along the Moribala and Tarabala faults. Four primary targets were identified, nine secondary, and two tertiary. All of the targets have merit, in a permit with little to no exposure of the bedrock geology.
Three of the four primary targets were drilled in the March 2022 drilling program, with drill hole MOAC012 on target area MB-1 encountering a 7 m @ 1.01 g/t Au (from surface) intercepted within 21 m @ 0.50 g/t Au (from surface). This drilling result bodes well for drilling on other targets along strike.
Additional work is required to test the other targets. This includes ground geophysics (Gradient IP) to determine the precise location of the controlling structure, AC drilling to establish the presence of near-surface mineralization, and reverse circulation drilling to confirm mineralization in the bedrock.
Figure 1: Moribala permit map showing the location of faults, drilling locations, and ranked targets.
Next Steps
As noted in Compass’s March 31 press release, air-core (AC) and reverse circulation (RC) drilling is planned at Dafaraba and Dankoun to determine the strike and down-dip extension of mineralization. More drilling will also be performed at Nglokouna to target additional structures coincident with the workings. Based on the results of the remote sensing study, three other areas at Moribala will be prioritized for Gradient IP surveys to refine future AC drilling targets.
A similar satellite alteration and structural study is nearing completion on the Morila block permits, with results expected in about two weeks.
Technical Details
A detailed Sentinel-2 and ASTER satellite interpretation of the Moribala permit was undertaken to update and refine a 1:25,000 scale district-scale interpretation produced in 2018 by Francis Murphy, PGeo (Murphy Geological Services). The Sentinel-2 imagery was re-interpreted at up to 1:10,000 scale and ASTER data was processed for mineral assemblages associated with mesothermal gold alteration systems. Reprocessed inversion aeromagnetic data, performed by Jeremy S. Brett, PGeo. (Jeremy S. Brett International Consulting Ltd), and high-resolution Pleiades imagery were also used to assist the interpretation.
Targets were identified using the structural and alteration interpretation, Compass shallow soil geochemistry results, the distribution of artisanal workings, and the location of gold mineralization encountered during the recent AC drilling in the area. The targets and their ranking were based on a number of criteria including the presence of major shears, converging/diverging major shears, linking splays between subparallel major shears, restraining and releasing bends along major shears, prominent aeromagnetic lineaments, artisanal workings, possible veins, Sentinel-2 and ASTER-derived alteration anomalies, anomalous gold values from soil samples and proximity to areas of known gold mineralization.
About Compass Gold Corp.
Compass, a public company having been incorporated into Ontario, is a Tier 2 issuer on the TSX- V. Through the 2017 acquisition of MGE and Malian subsidiaries, Compass holds gold exploration permits located in Mali that comprise the Sikasso Property. The exploration permits are located in four sites in southern Mali with a combined land holding of 1,143 km2. The Sikasso Property is located in the same region as several multi-million-ounce gold projects, including Morila, Syama, Kalana and Komana. The Company’s Mali-based technical team, led in the field by Dr. Madani Diallo and under the supervision of Dr. Sandy Archibald, P.Geo, is conducting the current exploration program. They are examining numerous anomalies first noted in Dr. Archibald’s August 2017 “National Instrument 43-101 Technical Report on the Sikasso Property, Southern Mali.”
Qualified Person
This news release has been reviewed and approved by EurGeol. Dr. Sandy Archibald, P.Geo, Compass’s Technical Director, who is the Qualified Person for the technical information in this news release under National Instrument 43-101 standards.
Forward‐Looking Information
This news release contains “forward‐looking information” within the meaning of applicable securities laws, including statements regarding the Company’s planned exploration work and management appointments. Readers are cautioned not to place undue reliance on forward‐looking information. Actual results and developments may differ materially from those contemplated by such information. The statements in this news release are made as of the date hereof. The Company undertakes no obligation to update forward‐looking information except as required by applicable law.
For further information please contact:
|
Compass Gold Corporation |
Compass Gold Corporation |
|
Larry Phillips – Pres. & CEO |
Greg Taylor – Dir. Investor Relations & Corporate Communications |
|
T: +1 416-596-0996 X 302 |
T: +1 416-596-0996 X 301 |
Website: www.compassgoldcorp.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.