Large Gold Anomaly Discovered at Samagouela on the Kourou Permit, Along Strike From Artisanal Workings
October 08 2019 - 6:30AM
Compass Gold Corp. (TSX-V: CVB) (Compass or
the Company) is pleased to provide an update on
its exploration activity on the Kourou permit, Sikasso Property in
Southern Mali.
Highlights
- Shallow soil survey reveals discrete gold anomalism
over a distance of 1.8 km along strike from Samagouela gold
workings
- Maximum soil sample contained 4.03 grams per tonne
(g/t) gold (Au); not associated with previous
workings
- Anomalies are coincident with regional shear zone and
crossing-cutting faults, including faults cross-cutting small
intrusion
Compass CEO, Larry Phillips,
said, “So far this year, our primary exploration focus has been at
Farabakoura on our Ouassada permit. However, our field teams
have also been busy following-up on previous exploration and
investigations of artisanal workings on some of our other permit
areas, including Samagouela on the Kourou permit. Fieldwork
conducted at Samagouela has identified a potential 1.8-km-long zone
of gold anomalism that is coincident with regional structures. This
discovery shows the quality of our full land package and that the
huge potential at Sikasso extends beyond the exciting Farabakoura
zone. In light of these encouraging results, our technical team
will be reviewing options for expanding our exploration plans for
the 2020 drilling season.”
BackgroundIn May 2018, Compass
undertook a shallow soil sampling program over select areas on the
Yanfolila South permit block, which included the Kourou permit.
Samples were collected with a sample spacing of 100 m, a line
spacing of 500 m, and to depths of 60 cm. The survey identified
twelve target zones, and several sites of artisanal workings not
previously recorded. One of these areas was Samagouela. In
January 2019, Compass geologists interviewed artisanal miners at
Samagouela, who indicated that, over a three-month period, they had
used machinery to recover approximately 645 ounces (20 kg) of gold
from the workings. The workings cover an area of 200 m x 100 m
down to a depth of 22.5 m, and apparently are underlain by an
altered granite.
Geochemical and geophysical surveys performed in
2019 were designed to locate drilling targets to be tested in Q4
2019 or Q1 2020.
Samagouela Soil Anomalies In
March 2019, Compass performed an infill shallow soil sampling
program in the area. This program consisted of 283 samples
collected on a 50 x 50 m grid at a depth of 60 cm. Samples on
the original 500 m spaced lines were duplicated. All samples were
analyzed for gold using fire assay conducted at SGS (Bamako), and
the results were combined and plotted with the previous permit-wide
samples. Simple statistical analyses were performed on the data to
determine the degree of sample anomalism and the samples plotted
(see Figure 1 below). In Mali, shallow soil samples with gold
concentrations >20 parts per billion (ppb) typically
warrant further investigation. Three samples within a distance of
130 m of the main workings contained gold > 100 ppb (639 ppb Au
maximum), and 780 m to the south the highest gold grade in shallow
soil was recorded (4,030 ppb Au, or 4.03 g/t Au). The gold
anomalies have a general north-northeast trend.
Figure
1. Location of the infill shallow soil
samples at Samagouela mentioned in this release plotted on a ground
magnetic (RTP) image.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d241a799-3d6e-48a2-9892-e974f162ea1c
Ground Magnetic Survey
In early July 2019, Compass conducted a detailed
ground magnetic survey over the Samagouela workings, which
consisted of 50 m line spacing on a north-south orientated grid.
The purpose of the survey was to provide higher resolution
information on the bedrock geology than previously determined by
the airborne geophysics in 2014. The survey covered a 3.5 x
3.0 km rectangle, and completely covered the area of the March 2019
infill soil survey.
Initial interpretation of the ground magnetic
data indicates the likely presence of a 1.8 km x 0.8 km
northeast-trending granodiorite intrusion underlying the main gold
workings intruding a sedimentary sequence. The main regional trend
(north-northeast orientation) is cut by later northwest and less
common east-west trending faults.
Next Steps
When ground conditions and access improve at the
end of the rainy season (early November), the Company is planning
additional surveys over the area of interest, looking to identify
specific drilling targets. One priority will be to complete the
additional shallow soil geochemistry over the entire intrusion and
join the two infill grids. A gradient IP survey will also be
undertaken to identify conductors that could be due to the presence
of sulphide rich zones, particularly within the interpreted
intrusion. Interpretation of this new data will determine the
precise location of future air core (AC) or reverse circulation
(RC) drilling targets. This drilling is expected to take place in
Q1 2020, after the previously noted (see Compass news release dated
September 5, 2019) next phase of drilling on the Ouassada and
Farabakoura permits has been completed.
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 soil 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 soil 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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