Compass Gold Corp. (TSX-V: CVB) (Compass or
the Company) is pleased to provide an update on
the ongoing exploration drilling at the Farabakoura artisanal
workings on the Ouassada permit, Sikasso Property in Southern Mali.
Highlights
- Latest reverse circulation
(RC) (23 RC drill holes, totalling 3,339 m) and diamond drilling
program completed at Farabakoura artisanal workings
- Best interval: 7 m @ 15.38
grams per tonne (g/t) gold (Au) from 111 m (OURC030), including 1 m
@ 60.56 g/t Au
- Intercepted gold
mineralization in nine holes, increasing the known strike length of
the mineralized system to 770 m
- 995 m diamond drilling
program completed at Farabakoura designed to test depth continuity
of the mineralized system
Compass CEO, Larry Phillips,
said, “Our final RC drilling program for the season has
successfully extended our primary target zone, defining gold
mineralization over 770 m from the Farabakoura Pit Structure to the
Creek Zone. Our understanding of this somewhat complex mineralized
system increases with each hole drilled. With the pending results
of the just completed diamond drilling program, we will be able to
develop a more complete understanding of the structures, geology
and style of mineralization in the system. These results will be
used to supplement the extensive work we have conducted over the
past 18 months in preparation for launching the next drill program
in November, following the rainy season.”
Farabakoura Reverse Circulation Drilling
Results The results reported here relate to 12 holes
(OURC027 to OURC038) drilled between June 5 and July 6, 2019, and
totaling 1,658 m (see Figure 1). All drilling was performed by
Capital Drilling Limited, and samples were collected and sent for
fire assaying at SGS (Bamako, Mali). These holes were chosen as
priority holes due to their location with the floodplain of the
Karako creek and Lake Sélingué, and the lower water levels at the
end of the dry season. If the holes were not drilled now, it would
be April 2020 before the sites could have been tested. OURC027 was
drilled on the north bank of the creek, with 5 holes drilled over
160 m and spaced 40 m apart, and a further 5 holes drilled
30 m southwest of the collar points to intercept
mineralization down dip (i.e., at depths 50 m greater than the
expected target depths). All holes were designed to test the
intrusion-volcanic sediment contact, as determined from the
interpretation of IP chargeability highs (indicative of sulphides),
and IP resistivity highs (indicative of silicification).
Only one hole, OURC027, was drilled on the
northern floodplain of the creek. The only mineralization recorded
in this hole was a 1-m interval grading 3.29 g/t Au from a depth of
9 m (Table 1). The next hole drilled, OURC032, was 90 m to the
south east
Figure 1 - Location of the drill holes at
Farabakoura mentioned in this release, is available to view at
following
link: https://www.globenewswire.com/NewsRoom/AttachmentNg/b89fca02-ff89-47d9-ba8d-9ae39e5fb673
Five holes (OURC032, 35, 28, 31 and 29) were
drilled over 160 m along the presumed southeast-trending
intrusion-volcanic sediment south of the creek (see Figure 1).
Appreciable gold intercepts were recorded in OURC035 (4 m @ 0.83
g/t Au), OURC028 (16 m @ 1.55 g/t Au; including 7 m @ 2.62 g/t Au),
OURC031 (7 m @ 3.39 g/t Au), and OURC029 (7 m @ 0.58 g/t Au). All
intercepts were present within zones of pyrite and quartz veins in
the volcaniclastic rock. Ground geophysics (induced polarization,
IP) suggests the SE-trending structure terminates south of OURC029,
and is offset either 90 m to the northeast, or 240 m to the
southwest. The northeast offset was tested by a single 178 m drill
hole, OURC038, where a single 1m interval grading 2.42 g/t Au
was intercepted.
Five additional drill holes (OURC033, 34, 36, 30
and 37) were drilled to test the depth extension of any
mineralization present in the aforementioned holes, and to test the
potential for mineralization within the granodiorite intrusion.
Drill holes OURC033 and OURC034 did not contain appreciable gold
intervals, whereas OURC036 (5 m @ 5.04 g/t Au) and OURC030 (7 m @
15.38 g/t Au, including 1 m @ 60.56 g/t Au) demonstrated the
presence of mineralization at depth, although not necessary
correlatable with mineralization at shallower levels. This suggests
that the gold-bearing structures are pinching and swelling, or
deformed by tectonic shearing, over several tens of metres. Holes
OURC037 did not intersect the igneous-sedimentary rock contact and
significant gold present was 1 m @ 1.22 g/t Au (from 78).
Table 1. Significant assays
during recent drilling at Farabakoura
Hole ID |
From (m) |
To (m) |
1, 2Interval (m) |
Gold (g/t) |
OURC027 |
9 |
10 |
1 |
3.29 |
OURC028 |
54 |
55 |
1 |
0.52 |
|
58 |
74 |
16 |
1.55 |
Including |
58 |
59 |
2 |
3.06 |
Including |
67 |
68 |
7 |
2.62 |
OURC029 |
42 |
49 |
7 |
0.58 |
Including |
43 |
46 |
3 |
1.17 |
OURC030 |
111 |
118 |
7 |
15.39 |
including |
111 |
113 |
2 |
31.88 |
including |
115 |
116 |
1 |
42.15 |
OURC031 |
49 |
56 |
7 |
3.39 |
|
90 |
91 |
1 |
0.66 |
|
117 |
119 |
2 |
1.30 |
OURC032 |
10 |
11 |
1 |
1.19 |
|
26 |
27 |
1 |
0.54 |
|
48 |
49 |
1 |
0.61 |
OURC033 |
75 |
76 |
1 |
0.37 |
OURC034 |
11 |
12 |
1 |
5.08 |
OURC035 |
90 |
94 |
4 |
0.83 |
OURC036 |
133 |
138 |
5 |
5.04 |
OURC037 |
69 |
70 |
1 |
0.38 |
|
78 |
81 |
4 |
0.45 |
including |
78 |
79 |
1 |
1.22 |
OURC038 |
52 |
53 |
1 |
2.42 |
1True thicknesses
are interpreted as 60-90% of stated intervals |
2 Intervals use a
0.2-gram-per-tonne gold cut-off value |
Diamond drilling at
Farabakoura
In June 2019 it was decided to conduct a 7-hole,
up to 1000 m, diamond drilling program over 180 m within the
Creek Zone north of the Karako creek (Figure 1). The purpose of
this drilling was to provide additional information on the host
rocks, style of mineralization, mineralogy of the veins and
alteration, and most importantly, the grade and continuity of gold
mineralization at depth. The last of the seven holes
(OUDD02-OUDD08) was completed on July 27, with a cumulative depth
of 995 m. The core is currently being logged and sampled, with
assay results expected to be available in late August.
RC Drilling Program
Background
As previously announced (see Compass news
release dated May 8, 2019), between December 2018 and April 2019
the Company completed 23 RC drill holes (totaling 3,044 m) at
Farabakoura, and 2 RC holes (totaling 214 m) at Kabangoué (see
Figure 1). The holes were selected based on the presence of gold at
the Farabakoura artisanal workings on the Ouassada permit, data
from a ground magnetic survey, an induced polarization (IP) survey,
and previous drilling (air core, “AC”) results. Ten of the holes
(1,286 m) identified the presence of a broad zone of gold
mineralization extending from the main workings at the Farabakoura
artisanal pit to the north bank of the Karako Creek, a distance of
470 m.
The widest mineralized intercept in this zone
was recorded from OURC024 where a 32-m interval averaged
3.02 g/t Au (from 24 m), with one 1 m interval containing
25.10 g/t Au. Other zones in this hole included 7 m @ 1.89 g/t Au
(from 77 m) and 15 m @ 3.01 g/t Au (from 97 m). The most
southerly hole drilled during this program was OURC23 (36 m @ 1.07
g/t, from 27 m, including a 5-m zone containing 3.50 g/t Au, from
58 m), which was drilled 85 m to the north of the Karako creek
at the edge of the flood plain. Mineralization was present within
the granodiorite intrusion, within the volcaniclastic sediments,
and at the contact of the two units. Based on the information from
the RC drilling it was not possible to categorically state the
nature of the mineralization, and a 7-hole (915 m) diamond drilling
has recently been completed to determine geology, field
relationships, and the style of mineralization.
The 470 m of gold mineralization traced at the
Creek Zone (north and south of the creek) at Farabakoura appears to
correlate well with the ground magnetic and IP geophysical surveys.
Alteration over the zone is well developed with the presence of
pyrite, quartz veins and potassic alteration noted. However, gold
mineralization is not uniformly distributed over the entire area
reflecting the complex nature and history of the host veins and
surrounding rocks.
Three holes (OURC043 to OURC045) were planned
and drilled on the northwest extension of the Creek Zone. OURC043
was designed to intersect a mineralized structure missed in a
previous hole (OURC010), while OURC044 and OURC045 were designed to
determine if mineralization was present 180 m northwest of the
Creek zone on a strong IP anomaly. If the holes contain gold this
will increase the length of the Creek Zone to 650 m.
All other RC holes in the latest program
(OURC26, OURC039-043, OURC046-048) were designed to test east-west
trending gold-bearing quartz-tourmaline veins identified in
artisanal bedrock workings. These veins appear to be at, or near,
the contact with a late granodiorite intrusion, such as the 1 m
interval containing 329.92 g/t Au in OUDD01. Samples from these
holes are currently at the assay lab and will be released when
available (likely in approximately three weeks).
Next Steps:
The current drilling at Farabakoura is
successfully helping to determine where additional drilling will
take place after the rainy season ends and new drill pads can be
prepared starting in October. Fourteen coincident structural and
geochemical targets remain to be drill tested on the Ouassada and
Faraba-Coura permits, and the recently completed ground magnetic
survey on six of the highest priority targets is encouraging.
Ground magnetic surveys over three areas on the Sankarani permit,
and one area on the Kourou permit are currently being appraised and
will also be tested by drilling in Q4 2019 or Q1 2020. Assays from
samples collected from artisanal spoil heaps are still being
collected and analyzed. During the rainy season, all this
information will be compiled to determine the precise area of
follow-up work when fieldwork can resume.
Table 2. All mineralized
intercepts greater than 0.2 g/t Au from current drilling
Hole ID |
From (m) |
To (m) |
Width (m) |
Gold (g/t) |
OURC027 |
9 |
10 |
1 |
3.29 |
OURC028 |
54 |
55 |
1 |
0.52 |
|
58 |
74 |
16 |
1.55 |
Including |
58 |
59 |
2 |
3.06 |
Including |
67 |
68 |
7 |
2.62 |
|
125 |
126 |
1 |
0.27 |
|
129 |
131 |
2 |
0.4 |
OURC029 |
42 |
49 |
7 |
0.58 |
Including |
43 |
46 |
3 |
1.17 |
OURC030 |
111 |
118 |
7 |
15.39 |
including |
111 |
113 |
2 |
31.88 |
including |
115 |
116 |
1 |
42.15 |
OURC031 |
49 |
56 |
7 |
3.39 |
|
90 |
91 |
1 |
0.66 |
|
117 |
119 |
2 |
1.30 |
OURC032 |
10 |
11 |
1 |
1.19 |
|
13 |
14 |
1 |
0.22 |
|
26 |
27 |
1 |
0.54 |
|
48 |
49 |
1 |
0.61 |
|
60 |
61 |
1 |
0.32 |
OURC033 |
75 |
76 |
1 |
0.37 |
OURC034 |
11 |
12 |
1 |
5.08 |
OURC035 |
90 |
94 |
4 |
0.83 |
OURC036 |
11 |
12 |
1 |
0.31 |
|
52 |
53 |
1 |
0.63 |
|
68 |
69 |
1 |
0.2 |
|
133 |
138 |
5 |
5.04 |
|
140 |
141 |
1 |
0.23 |
|
144 |
145 |
1 |
0.26 |
OURC037 |
69 |
70 |
1 |
0.38 |
|
77 |
81 |
4 |
0.45 |
including |
78 |
79 |
1 |
1.22 |
OURC038 |
52 |
53 |
1 |
2.42 |
1True thicknesses
are interpreted as 60-90% of stated intervals |
2 Intervals use a
0.2 gram per tonne gold cut-off value |
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 three sites in southern Mali with a combined land holding of
854 km2. The Sikasso Property is located in the same region as
several multi-million ounce gold projects, including Morila, Syama,
Kalana and Kodiéran. 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 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.”
QAQC
All RC samples were collected following industry
best practices, and an appropriate number and type of certified
reference materials (standards), blanks and duplicates were
inserted to ensure an effective QAQC program was carried out. The 1
m interval samples were prepared and analyzed at SGS SARL (Bamako,
Mali) by fire assay technique FAE505. All standard and blank
results were reviewed to ensure no failures were detected.
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 InformationThis
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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THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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