Compass Gold Encounters Further Gold Mineralization from Exploration Program on Yanfolila Property, Southern Mali
September 29 2012 - 7:45AM
PR Newswire (Canada)
-- Review of all the inclined diamond and vertical auger drilling
data received to date indicates the existence of a large gold
system at the Solona target on the Yanfolila property -- Current
field work program completed on July 15, 2012 with 4,530m of
diamond drilling (36 holes) and 5,088m of auger drilling (290
holes) -- Visual description of core shows deep level of oxidation
with soft material extending to a vertical depth of 80m, followed
by a soft, partially oxidized material in a transition zone to
160m. Fresh rock starts only below a vertical depth of 160m -- Fire
assay results received for the final 24 holes of diamond drilling
over the Solona target with 15 of these holes encountering gold
mineralization at various depths, with best intersections being: --
SD48: 6.30m @ 2.15g/t between 25.20m and 31.50m, including 1.96m
@6.19g/t between 25.20m and 27.16m; -- SD50: 3.95m @ 2.73g/t
between 9.05m, and 13.00m, including 1.00m @9.16g/t between 10.00m
and 11.00m; -- SD50: 6.80m @ 1.15g/t between 64.32m and 71.12m; --
SD51: 4.65m @ 2.54g/t between 40.00m and 44.65m; -- SD67: 6.70m
@1.87g/t between 129.00m and 135.70m, including 2.70m @ 3.17g/t
between 131.10m and 133.80m; -- Results from auger drilling to a
depth of 21m in two new areas confirm a further extension of the
mineralization over the Solona target as follows: -- To the north
and south over a 3km strike length, with mineralization open at
both ends. Further assays are expected in October for drilling
beyond the 3km strike length; -- To the northwest in a parallel
structure mineralization over a one km strike length -- Results are
very encouraging, confirming system structure and its persistence
at depth, allowing Compass to plan the next phase exploration
program aimed at defining an NI43-101-compliant inferred resource
in 2013 on the Solona target. VANCOUVER, Oct. 1, 2012 /CNW/ -
Compass Gold Corporation , which is focused on gold exploration on
four properties in Mali, Africa's third-largest gold producer,
today announced that it has encountered further gold mineralization
in an additional 15 holes drilled as a part of its diamond- and
auger-drilling programs at its Solona target on its 100% owned
Yanfolila property in southern Mali. A review of all the diamond-
and auger-drilling data received continues to support the existence
of a large and persistent gold mineralized system at the Solona
target. The gold assay results received on 24 diamond-drilled and
290 auger-drilled holes support previous encouraging indications of
strong gold mineralization at the Solona target. Particularly
notable is that mineralization continues at depth below an
intensely oxidized zone (see Table 1 below).
http://files.newswire.ca/1069/CompassGoldAll.pdf Diamond Drilling
In March 2012, Compass commenced a 3,000m inclined diamond-drill
program to test mineralization from surface to a depth of 100m. As
a result of positive initial results, Compass extended this program
to 5,000m. Compass has completed this program with 36 holes (SD41
to SD76) drilled for a total of 4,530m. (See Figure 1 below for the
location and azimuth of the drill holes). Compass previously
announced in news releases on May 23, June 12, and June 27, 2012
assay results for 12 of the holes that had been drilled. Of these
12 holes, 9 encountered gold mineralization from near surface to
78m inclined along the hole (~65m vertical depth). Compass has
received assay results for the remaining 24 holes. The fire assay
results for the 24 holes show gold mineralization in 15 holes from
near surface to 135m inclined along the hole (~115m vertical
depth). True width is unknown for all intercepts. Visual
description of cores shows a deep level of oxidation, with soft
material extending to a vertical depth of 80m, followed by a soft,
partially-oxidized material in a transition zone to 160m (vertical
depth). Fresh rock starts only below a vertical depth of 160m. A
review of all the diamond and auger drilling data received
continues to support the existence of a large gold system at
Solona, with gold mineralization present in oxidized and
partially-oxidized material and mineralized widths such as 22.50m
@4.15g/t (diamond drill hole SD 57) and an average gold grade as
high as 88.77 g/t (averaged over 3 separate assays for the
intercept) in diamond drill hole SD32 (6m@15.61g/t with uncut
values including 1m at average 88.77g/t and with cut high grades,
6.00m @6.95g/t with high value cut to 30g/t(1)). The newly received
assay results demonstrate also the presence of gold mineralization
at greater depth (diamond drill hole SD67: 6.70m @1.87g/t between
129.00m and 135.70m along the hole (~115m vertical). Details of the
mineralized interceptions are set out in Table 1 and Figure 1
below. Full drill results are given in Appendix A.
(________________________) (1) Compass geologists have recalculated
these previously reported intercepts following the receipt of check
assays, and report ass per the protocols presented in Footnote 2 on
page 2. Auger drilling - New Programs Compass has completed 252
holes of shallow auger drilling (4,418 m) at Solona in the area to
the west and northwest of the diamond-drilled tested area, as shown
in Figure 2 below. The objective of this program was to extend the
area previously tested by diamond drilling. Results received to
date are very encouraging and show the pervasive presence of
anomalous gold mineralization near surface with gold grades from
0.11g/t to 6 g/t at depths varying from surface to 19.50m. These
results, set out in Appendix B below, significantly extend the
areas to be drill tested at Solona. The 700m diamond drill tested
area was extended for a further 3,000m along strike to the north,
and remains open. To the south, the diamond drill tested area has
been extended for another 2,000m and remains open. A parallel
structure some two km to the northwest has confirmed an isometric
mineralization. Assay results for another parallel structure just
west of the diamond-drill-tested area are pending. Mineralized
structures for future drill testing defined by the auger drilling
are shown on Figure 2. Future Program Work completed on the Solona
target (soil geochemistry, mapping, geophysics, and auger and
diamond drilling) has confirmed the presence of a gold mineralized
system. The presence of high-grade gold (from trace to over 2g/t)
in wide intersections (up to +15m) is very encouraging. "We are
very pleased with the work completed during the 2012 field season,"
stated James Henderson, Compass' President and Chief Executive
Officer. "Results received to date are very encouraging as they
continue to meet our expectations with respect to confirming gold
mineralization continues at depth below the oxidized zone; together
with new results which confirm near-surface anomalous gold
mineralization over two large new areas to the west and northwest
of the Solona system that we have tested to date. These results
confirm the structure of the mineralized system and, we are in the
process of analyzing further results from the completed drill
programs, together with other data. This will assist in planning
the extensive follow-up exploration program to commence later this
year with the aim to define a NI 43-101 compliant resource in
2013." Yanfolila Diamond Drilling Sampling Protocols The
diamond-drill program at the Solona target, Yanfolila permit was
carried out by ULC (Uranium Logging and Consulting), using a
LONGYYEAR DB 525 wire-line diamond-core drill rig and HQ-size rods.
All holes are started and finished in saprolitic or weathered
materials in headquarters. Each core was split using a stainless
steel knife (as the core is mainly clay material). One half of the
core was kept in the core box and stored in a covered and secure
core shed. Core samples are collected in plastic bags, numbered
outside, and a tag is placed inside the bag. All samples are taken
from site by Africa Mining personnel and delivered to the ALS
laboratory, Bamako, Mali, under secure ''chain-of-custody''
procedures. Samples are fine-crushed to 70% 2mm, pulverized, and
split to 85 % 75um. Gold is assayed by fire assay (50g charge) with
FA AA Finish. Sample pulp is returned from the ALS laboratory under
secure ''chain-of-custody'' procedure by Africa Mining staff and
also stored in a secure location. Auger Drilling Sampling Protocols
The auger-drill program at the Yanfolila target, Yanfolila permit,
was carried out by M-Consulting, using an APAFOR 450 multipurpose
rig and 63mm size rods. All holes are started and finished in
saprolitic materials. Each sample is 1.5m long (length of the rod),
homogenized on site and split to obtain a 2 to 3kg laboratory
sample. Auger samples are then collected in plastic bags, numbered
outside and a tag is placed inside the bag. All samples are taken
from site by Africa Mining personnel and delivered to the ALS
laboratory, Bamako, or SGS Morila, Mali, under secure
''chain-of-custody'' procedures. Samples are fine crushed to 70%
2mm, pulverized and split to 85 % 75um. Gold is assayed by fire
assay (50g charge) with FA AA Finish. Sample pulp is returned from
the ALS or SGS laboratories under secure ''chain-of-custody''
procedure by Africa Mining staff and also stored in a secure
location. Qualified Person Malcolm A Carson, BSc Geo, MSc Nat Res.
Mgt., MAIG is the "qualified person" within the meaning of National
Instrument 43-101, that has reviewed and approved the scientific
and technical information contained in this news release, including
verification of sampling procedures, the assaying procedures of ALS
Laboratory, and "chain-of-custody" procedures. About Compass Gold
Compass Gold Corporation, a Tier 2 mining issuer listed on the TSX
Venture Exchange, is focused on gold exploration in Mali, Africa's
third-largest producer of gold. Compass, through its wholly owned
subsidiary, Africa Mining SARL, owns a 100% interest in four gold
exploration permits (Yanfolila, Dandoko, Kolondieba, and
Solabougouda) in southern Mali, as well as holding applications
over a further four areas, Mousala, Sirakourou, Yanfolila East, and
Kolondieba Nord) covering an aggregate of 1,138 sq kms in key
gold-producing regions in southwest Mali, West Africa. Further
information is available at www.compassgoldcorp.com.
Forward-Looking Information This news release includes
"forward-looking statements" including forecasts, estimates,
expectations, and objectives for future operations that are subject
to a number of assumptions, risks, and uncertainties, many of which
are beyond the control of Compass Gold Corporation. Statements
regarding expectations and interpretation of drilling results at
Yanfolila's Solona target being associated with gold mineralization
and defining a NI43-101-compliant gold resource are subject to all
of the risks and uncertainties normally incident with undertaking
mineral exploration in Africa, including technical, operational,
and environmental risks associated with gold exploration,
including, but not limited to, successfully identifying and
drilling gold mineralization, completion of final assaying of all
drill holes, and the accuracy of the technical evaluation of such
results which cannot be relied upon until final verified
independent results are reviewed by Compass. Investors are
cautioned that any such statements are not guarantees of future
performance and those actual results or developments may differ
materially from those projected in the forward-looking statements.
Such forward-looking information represents management's best
judgment based on information currently available. No
forward-looking statement can be guaranteed and actual future
results may vary materially. Risks and uncertainties about Compass
Gold's business are more fully discussed in the company's
disclosure materials, including its MD&A, filed with the
securities regulatory authorities in Canada and available at
www.sedar.com and readers are urged to read these materials.
Compass Gold Corporation does not assume the obligation to update
any forward-looking statement, except as required by applicable
law. Neither the TSX Venture Exchange nor its regulation services
provider accepts responsibility for the adequacy or accuracy of
this news release. COMPASS GOLD CORPORATION "James Henderson" James
Henderson, President SOURCE Compass Gold Corporation PDF available
at:
http://stream1.newswire.ca/media/2012/10/01/20121001_C3063_DOC_EN_18693.pdf
Compass Gold Corporation CONTACT: James HendersonPresidentCompass
Gold CorporationEmail:
info@compassgoldcorp.comwww.compassgoldcorp.com+1 (604)
638-8067Investor and Media RelationsRichard W. WertheimWertheim +
Company Inc.Email: wertheim@wertheim.ca+1 (416) 594-1600+1 (416)
518-8479 (cell)
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