14/01/18 – Compass Gold Corp. (TSX-V:CVB) (Compass or the Company) is pleased to provide a one-month update on its previously announced gold exploration program on its Sikasso Properties in Southern Mali (see Compass news release dated Dec. 18, 2017).
Dr. Madani Diallo, Compass’s Exploration Manager, and his team of four local geologists, initiated a new exploration program in early December 2017. They are examining the first priority anomaly target identified on the Ouassada property, part of the Yanfolila permit block in the northwestern portion of Compass’s property area (see map below). This is the first of 35 near-surface gold targets the Company plans to examine on its properties during 2018.
This first targeted anomaly, which was previously identified by Dr. Diallo and his team and partners, primarily through the interpretation of high-resolution airborne geophysics, covers an area of approximately 60 sq. km. Since the first drilling rig was mobilized to the site in mid- December, 295 auger holes have been drilled for a total of 3,611 m. A second auger drill was mobilized on December 28th. It is anticipated that approximately 600 auger holes will be drilled on this first target to an average depth of 15 m, for a total of some 9,000 m of drilling.
The objective of this first stage of the drill program is to explore the 12 broad gold targets previously identified on the Ouassada permit area. This work will be combined with a geochemical and auger drilling orientation survey to determine the most efficient method of assessing geophysical and geochemical targets in the permits. Compass is also prepared to initiate a follow-up reverse circulation (RC) drill program on the most promising auger geochemistry targets based on drill results.
As at January 9th, a total of 2,831 samples (including an appropriate number of international standard reference material samples) have been sent for assay to the SGS laboratory in Mali. Compass expects to report the first assay results before the end of February.
Compass CEO, Larry Phillips, said, “It is extremely gratifying that we have been able to bring together such an experienced field team in Mali, including the key members of the group that helped to build our solid inventory of gold targets. With our recent successful financing in hand to support their exploration efforts, we look forward to keeping our investors informed of our progress during what should be a very exciting 2018.”
Added Compass Director and Exploration Manager, Dr. Madani Diallo, “We are pleased with the progress that we have achieved in our first month of exploration since the Company’s reorganization. We plan to continue aggressively examining each of our targets and to seeing what they reveal in an area that we know is rich with gold.”
About Compass Gold Corp.
Compass, a public company having been continued into Ontario, is a Tier 2 issuer on the TSX-V. Through the recent 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 three sites in southern Mali with a combined land holding of 1,179 sq. km. The Sikasso Property is located in the same region as several other multi-million ounce gold projects, including Morila, Syama, Kalana and Kodieran. The Company’s Mali-based technical team, led in the field by Dr. Diallo and under the supervision of Dr. Sandy Archibald, P.Geo, is initiating a new exploration program. They are examining the first of at least 35 gold targets noted for further investigation in Dr. Archibald’s August 2017 “National Instrument 43-101 Technical Report on the Sikasso Property, Southern Mali.
The technical information in this news release has been reviewed and approved by 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.
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.
Source: Compass Gold Update