TORONTO, Feb. 28, 2018 (GLOBE NEWSWIRE) -- Compass Gold Corp. (TSX-V:CVB) (Compass or the Company) is pleased to provide an update on the shallow soil geochemical survey program on the primary target within the Ouassada exploration permit on its Sikasso Property in Southern Mali (see Figure 1 below).
Highlights
- Two parallel, northwest-trending gold anomalies identified over strike lengths up to 12 km and widths up to 1 km (see Figure 2 below).
- Highest soil samples contain 3,800 parts per billion (ppb) gold (Au) (3.8 grams per tonne (g/t) Au) 550 m north of artisanal workings at Farabrakoura, and 1,200 ppb Au from a surface nodular iron oxide 350 m west of the workings at Farabrakoura. Highest gold concentrations are associated with areas near current artisanal gold workings, although anomalous samples are not restricted to known workings.
- A total of 2,342 shallow geochemical samples were collected over the main target area on the Ouassada permit where the average gold background for shallow soil samples was 5 ppb and 8 ppb for nodular iron oxide samples.
- Deep soil auger sampling continues on the primary target area while the near surface geochemistry teams move to the next target areas on the Ouassada and Sankarani permits.
Compass CEO, Larry Phillips, commented, “The Compass technical team, led in the field by Dr. Madani Diallo, and overseen by our Technical Director, Dr. Sandy Archibald, has done an exceptional job of identifying two significant gold anomalies on our very first target. Returning these results at such an early stage in our exploration program clearly demonstrates the prospective nature of our properties. We all look forward to exploring the bedrock below these highly encouraging surface and near surface anomalies, while our team continues surface testing on our other targets across the Sikasso Property permit area.”
Added Dr. Sandy Archibald, P.Geo, “There is a clear correlation between areas of known mineralization and the geochemical anomalies that this first program has revealed. Also, the lateral extent of the anomalous areas is suggestive of additional targets. We are awaiting the results from the auger drilling on the first target and, if we find that the near surface anomalies are also present at depth, we will bring forward our bedrock drilling program.”
A total of 2,342 shallow geochemical samples have been collected in a 4-km wide, 15-km long, north-northwest-trending zone within the permit (Target Area 1, Figure 1). This first target was identified by the presence of vein-hosted gold mineralization (up to 47.6 g/t Au) within an extensive zone of artisanal mining, in a similar geological and structural setting to the Yanfolila (formerly Komana) gold mine, located 40 km along strike to the southwest (see Figure 1 below.)
Photos accompanying this announcement are available at:
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Detailed Results
A total of 1,174 nodular iron oxide samples were collected at surface over the primary target area (target 1) and analyzed by fire assay analysis at SGS Bamako. Simple statistical analyses were performed on the data to determine the degree of sample anomalism. Background values were considered to be 5 ppb Au or less (number (n) = 775), weakly anomalous (5 - 11 ppb Au, n = 278), moderately anomalous (11 - 18 ppb Au, n = 76), strongly anomalous (18 - 81 ppb, n = 38), and extremely anomalous (> 3 standard deviations from the mean, 81 - 1200 ppb Au, n = 7).
In addition to the nodular iron oxide surface samples, a total of 1,168 shallow soil samples were also collected over the primary target area. Background values were considered to be 8 ppb Au or less (n = 901), weakly anomalous (8 - 14 ppb Au, n = 159), moderately anomalous (14-21 ppb Au, n = 57), strongly anomalous (21 - 90 ppb, n = 43), and extremely anomalous (90 – 3,800 ppb Au, n = 8).
Based on similar geochemical sampling programs in southern Mali, gold concentrations greater than 20 ppb in the sample materials are considered anomalous.
Geochemical Survey Program
The purpose of this sampling program was to test the effectiveness of a variety of near surface geochemical exploration techniques to identify gold mineralization concealed by thick and extensive laterite cover.
Three types of samples were collected at Ouassada: nodular iron oxide at the surface, shallow soil (typically at a depth of 0.4 m), and truck-mounted power auger soil samples collected to a depth of up to 20 m, but more typically a depth of 12 to 15 m. All samples were collected on an east-west grid with a line spacing of 500 m and a sample spacing of 100 m. Only the nodular iron oxide and shallow soil samples have been completed, the power auger sampling program is continuing.
The results of both completed sampling methods were generally in good agreement (Figure 2) and identified a number of north-northwest linear trending gold anomalies. The longest continuous anomaly is defined by shallow soil anomalism and is 12 km in length. It extends from the artisanal gold workings at Kabangouè, through the largest concentration of workings at Farabrakoura, and extends for an additional 9 km to the north-northwest. A second sporadic anomaly with the same trend occurs 1 km to the west, and is present for a strike length of 6.5 km. The anomaly pattern for both techniques also identified a 3.25 km northeast-trending zone in the centre of the target area.
In the northern half of the target area, a second semi-continuous linear gold anomaly was identified to the west of the main 12 km long anomaly identified by both geochemical techniques. This anomaly appears to be a splay off the main anomaly, suggesting a secondary mineralized structure.
The maximum width of anomalism occurs near Kabangouè, where the anomaly is 1 km wide. Generally, the linear anomalies are at least 300 m wide (i.e., two sample points). These surface widths are not unusual in prospective gold areas in Mali covered by laterites.
Based on these initial results, the Company is eagerly awaiting the results of the recently completed 1,134 hole (14,851 m) truck-mounted power auger soil samples over target 1. The results of this program will be reported as soon as available. The results will be used to determine the location of drill holes to test the presence of bedrock mineralization.
The surface geochemistry teams have completed work over target areas 2 and 3, and are now moving on to the adjacent Sankarani permit. Samples collected in both of these areas have been dispatched to the assay laboratory.
Summary
Compass is continuing to advance its initial exploratory drill program on the broad gold targets previously identified on the Ouassada permit area, before moving to examine the numerous other targets identified on the rest of the Company’s Sikasso Property permits. The Company looks forward to informing the market of the results of this work on a timely basis as it becomes available.
About Compass Gold Corp.
Compass, a public company having been incorporated 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 km2. 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 numerous anomalies noted for further investigation in Dr. Archibald’s August 2017 “National Instrument 43-101 Technical Report on the Sikasso Property, Southern Mali.
Qualified Person
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.
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 |
| lphillips@compassgoldcorp.com | gtaylor@compassgoldcorp.com |
| T: +1 416-596-0996 X 302 | T: +1 416-596-0996 X 301 |
Website: www.compassgoldcorp.com
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