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Compass Gold: Drilling Success at First Ouassada Bedrock Gold Targets

TORONTO, Jan. 10, 2019 (GLOBE NEWSWIRE) -- Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is pleased to provide an update on the first-ever bedrock drilling on the Ouassada exploration permit on its Sikasso Property in Southern Mali.

Figure 1
Location of the Farabakoura and Kabangoué AC and RC drill holes. The inset map shows the location of the drilling with respect to the Ouassada permit and the simplified geology.


Figure 2
Location of RC drill holes and traces (with gold assays projected to surface) at Farabakoura within the artisanal open pit. Significant broad gold intercepts have been labeled. See Table 2 and 5 for full intercepts.


Highlights

  • All 8 reverse-circulation (RC) holes completed over the first 5 of 14 prospective targets on Ouassada permit intercepted gold mineralization, including 13 metres (m) @ 1.97 grams per tonne (g/t) gold (Au) (from 51 m) and 16 m @ 1.47 g/t Au (from 96 m) in a single bedrock hole

  • Longest mineralized intervals were 46 m @ 0.65 g/t Au (from 18 m) and 27 m @ 0.92 g/t Au (from 96 m) from OURC005 (Ouassada RC hole 5)

  • Thirty-eight one-metre sample intervals contained more than 1 g/t Au, and fifteen contained more than 3 g/t Au, with the highest being 11.8 g/t Au

  • Funded and preparing for the next round of exploration in Q1-2019 to include ground geophysics and diamond drilling

Compass CEO, Larry Phillips, commented, “We are pleased with the results from our initial bedrock drilling program on the Ouassada permit, not only because all RC drill holes intersected gold mineralization in bedrock but also because we have identified two, wide mineralized gold zones in holes OURC004 and OURC005. Without doubt, this provides us with confidence that we are on the right exploration track. We are already funded and preparing for the next phase of work at Ouassada in the coming weeks and months, including additional ground geophysics and bedrock drilling.”

Technical Director, Dr. Sandy Archibald, PGeo, added, “The drilling results are highly encouraging since they have given us extremely valuable information on the geology, structure and, most importantly, the style of gold mineralization at Ouassada. We will apply this knowledge to the remaining nine exploration targets on the permit, and additional targets identified on the adjacent Sankarani permit. Meanwhile, we are laying out a 500-m diamond drilling program at our Farabakoura and Kabangoué targets on Ouassada to generate additional geological information on the mineralization in aid of our continued examination of the numerous targets that we have identified thus far.”

Farabakoura and Kabangoué Drilling targets
A total of 2,742 m of air core (AC) drilling (72 holes) and 882 m of reverse circulation (RC) drilling from 8 holes have been completed over 5 prospective targets on two areas of the Company’s Ouassada exploration permit located within the Yanfolila Belt in southern Mali. The area is underlain by Birimian (Lower Proterozoic) meta-volcanic, -volcaniclastic and -sedimentary, and intrusive rocks, which have been deformed during tectonic movements along the Siekoroli shear zone. The Yanfolila Belt hosts several multi-million gold deposits, i.e., Yanfolila, Kalana, and Kodiéran. Numerous artisanal workings are present on the Ouassada permit, and some of the most extensive areas are illustrated on Figure 1 below. This first ever bedrock drilling on the 1,179 km2 Sikasso Property occurred over these artisanal workings.

Air Core Drilling Results
The 73-AC hole program was designed on a nominal spacing of 50 m on five east-west trending lines to cover five of the previously identified geochemical anomalies (see Compass news release dated July 31, 2018) located just above the bedrock to a maximum depth of 50 metres. One hole, OUAC039, was not drilled due to surface conditions, so a total of 72 holes were completed. Two lines were drilled at Kabangoué (see Figure 1), two lines at Farabakoura, and one line on Farabakoura NW. All holes were drilled at an angle of 55° to the east and were planned to test shallow soil and auger drilling gold results, and also to provide some geological control on the bedrock. Nineteen of the AC holes intersected gold concentrations greater than 100 ppb (0.1 g/t) Au over the 2 m sampling interval assayed, with depths varying from the surface (0 to 2 m) to 48 m. Generally, gold mineralization was restricted to zones 2 to 4 m in thickness, but a wide zone (up to 18 metres) with low-grade gold (0.12 g/t Au) was also present at Kabangoué in drill hole OUAC061. An adjacent hole (OUAC060) contained a mineralized interval of 8 m @ 0.75 g/t Au (from 10 m), including a 2-m interval containing 4.0 g/t Au (from 14 m), which was the highest grade encountered in the AC portion of this second phase drilling program. Mineralization was associated with pyrite and quartz veining.

The AC program was modestly successful in confirming the presence of bedrock gold mineralization associated with the quartz veining being exploited by artisanal miners on the various drilling lines. Importantly, detailed interpretation of the drilling results suggested that the mineralized zones were not parallel to the north-south trending Siekoroli shear zone as initially expected, but were generally orientated NW or WNW, thus explaining the number of intercepts over the large Farabakoura artisanal gold workings.

Significant drill intersections from the AC program are summarized in Table 1. A full listing of hole locations and assay results is presented in Table 4 at the end of this document.

Table 1. Significant drill intersections for the air core drilling program at Ouassada

Hole No. Down Hole Intercept From Depth
(down hole)
OUAC018 2 m @ 1.49 g/t Au 24 m
OUAC032 4 m @ 0.42 g/t Au 20 m
OUAC060 8 m @ 0.75 g/t Au 10 m
Including 2 m @ 4.00 g/t Au 14 m
OUAC061 18 m @ 0.12 g/t Au 16 m
OUAC062 2 m @ 1.38 g/t Au 16 m
OUAC069 2 m @ 1.84 g/t Au 0 m

Figure 1 is available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/e3dffe82-c05b-4bf2-8835-eb1f2a6b7f32

Reverse Circulation Drilling Results
Subsequent to the AC drilling program, the Company also undertook a limited 8-hole reverse circulation (RC) drilling program at Ouassada. Hole locations for this RC program were based on a combination of the presence of bedrock gold identified from grab samples at Farabakoura (up to 40.4 g/t Au) and Kabangoué (89.3 g/t Au), together with geophysical and remote sensing targeting, and the preliminary AC results. A total of 882 m were drilled, with an average length of 100 m (corresponding to a depth of 82 m). The deepest hole was 130 m and the shallowest, 82 m. The purpose of these holes was to provide geological control of the bedrock lithology and identify bedrock hosted mineralization (since AC stops at the top of bedrock at an approximate depth of 50 m). Drilling at Farabakoura was concentrated on a large excavation (100 m by 150 m) made by artisanal miners, with five holes drilled within the pit and one hole drilled 50 m to the north of the pit, but still inside the area of extensive artisanal workings. Holes were drilled at various azimuths to determine the orientation of mineralization, with dips between 55 and 60°.

RC drilling results were considerably more encouraging than the shallow AC drilling at the same location. Gold mineralization was recorded in discrete intervals that ranged in thickness from 1 m up to 16 m and grades up to 11.80 g/t Au over 1 m. The most significant intervals are presented in Table 2, with all results presented in Table 5.

Table 2. Significant drill intersections for the RC drilling program at Farabakoura

Hole No. Down Hole Intercept From Depth
(down hole)
OURC001 20 m @ 0.30 g/t Au 83 m
OURC002 44 m @ 0.80 g/t Au 59 m
including 1 m @ 9.20 g/t Au 66 m
including 7 m @ 1.75 g/t Au 88 m
including 2 m @ 5.38 g/t Au 103 m
OURC003 3 m @ 0.34 g/t Au 93 m
OURC004 37 m @ 0.87 g/t Au 29 m
including 10 m @ 2.25 g/t Au 29 m
including 9 m @ 0.84 g/t Au 57 m
OURC005 46 m @ 0.65 g/t Au 18 m
including 6 m @ 0.53 g/t Au 18 m
including 13 m @ 1.97 g/t Au 51 m
OURC005 27 m @ 0.92 g/t Au 96 m
including 16 m @ 1.47 g/t Au 96 m
OURC006 2 m @ 1.00 g/t Au 70 m

Assay results show that several broad, well-mineralized zones are present. Particular significance is placed on the results from OURC004 and OURC005 since they represent intercepts that the Company believes are likely to approximate true thicknesses. When plotted in plan view, Figure 2, it appears that mineralization is trending NW and cross section interpretation suggests the structure is at a shallow angle (<30°). Diamond drilling is planned to determine the precise orientation of mineralization.

Figure 2 is available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/30fa46e0-f234-4046-8750-3c1a0f559a15

Two additional RC holes were drilled on the Kabangoué prospect located 1.3 km to the southeast of the Farabakoura workings. OURC007 was a 112-m vertical hole, and OURC008 was a 90-m inclined hole drilled to the north. Both holes were drilled in an area of artisanal workings on a NW-trending granodiorite. OURC007 was located 35 m north of artisanal workings that contained WNW-trending quartz-pyrite veins assaying up to 89.3 g/t Au from grab samples, and OURC008 was located adjacent to a mineralized outcrop of granodiorite that contained thin pyrite-arsenopyrite veins and euhedral pyrite crystals, and assayed 11.55 g/t Au during historic grab sampling. Both holes collared and remained in the granodiorite for their entire length. OURC007 encountered several narrow-mineralized zones which, when combined, formed a wide (29 m) zone with low grade (0.33 g/t Au) gold concentrations (Table 3). OURC008 contained only one zone within bedrock.

/EIN News/ -- Table 3. Significant drill intersections for the RC drilling program at Kabangoué

Hole No. Down Hole Intercept From Depth
(down hole)
OURC007 29 m @ 0.33 g/t Au 36 m
including 3 m @ 1.60 g/t Au 37 m
including 2 m @ 1.06 g/t Au 62 m
OURC008 3 m @ 0.21 g/t Au 30 m

The results indicate that narrow zones of mineralization are present within the intrusion, but it appears that the best mineralization, as noted by the AC drilling, is located at the northern margin of the intrusion.

First Quarter 2019 Exploration Outlook

Based on these results, the Company aims to undertake additional drilling on the Ouassada permit. A short diamond drilling program (totaling about 500 m) will be performed following an induced polarization (IP) survey on all 14 of the exploration targets on Ouassada (see Compass news release dated September 27, 2018). The purposed of the diamond drilling is to help refine the geology, mineralogy, and petrophysics, which will be used in conjunction with the IP survey interpretation to ensure that subsequent AC and RC drilling targets the most promising structures.

Further, trenching and deep auger drilling is planned on the Sankarani permit, and follow-up geological mapping trenching is planned for select areas at Kalé and Kourou that showed enhanced soil anomalism coincident with crustal-scale faults.

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 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 AC and 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 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 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.

Table 4. Ouassada AC drill hole locations and significant intersections

Hole Easting
(m)
Northing
(m)
Depth
(m)
Azimuth
(°)
Dip
(°)
From
(m)
To
(m)
Interval
(m)1
Au Grade
(g/t)
OUAC001 581451 1278203 42 90 -55 No Significant Intersection
OUAC002 581401 1278203 48 90 -55 No Significant Intersection
OUAC003 581351 1278203 24 90 -55 No Significant Intersection
OUAC004 581301 1278203 24 90 -55 No Significant Intersection
OUAC005 581251 1278203 26 90 -55 No Significant Intersection
OUAC006 581201 1278203 26 90 -55 No Significant Intersection
OUAC007 581051 1278203 18 90 -55 No Significant Intersection
OUAC008 581001 1278203 28 90 -55 No Significant Intersection
OUAC009 580901 1278203 32 90 -55 No Significant Intersection
OUAC010* 580851 1278203 42 90 -55 No Significant Intersection
OUAC011* 580801 1278203 36 90 -55 No Significant Intersection
OUAC012 580751 1278203 20 90 -55 No Significant Intersection
OUAC013 580701 1278203 20 90 -55 No Significant Intersection
OUAC014 580651 1278203 34 90 -55 No Significant Intersection
OUAC015 580601 1278203 32 90 -55 16 18 2 0.19
OUAC016* 580750 1279500 48 90 -55 0 4 4 0.24
OUAC017* 580701 1279500 42 90 -55 No Significant Intersection
OUAC018* 580651 1279500 34 90 -55 24 26 2 1.49
OUAC019* 580610 1279500 48 90 -55 0 2 2 0.39
OUAC020* 580400 1279500 44 90 -55 No Significant Intersection
OUAC021* 580351 1279503 42 90 -55 No Significant Intersection
OUAC022 580851 1280003 28 90 -55 No Significant Intersection
OUAC023* 580801 1280003 40 90 -55 24 38 14 0.16
OUAC024* 580751 1280003 42 90 -55 No Significant Intersection
OUAC025* 580701 1280003 42 90 -55 38 40 2 0.17
OUAC026 580651 1280003 46 90 -55 No Significant Intersection
OUAC027 580601 1280003 38 90 -55 No Significant Intersection
OUAC028 580551 1280003 36 90 -55 No Significant Intersection
OUAC029 579500 1281003 50 90 -55 No Significant Intersection
OUAC030 579451 1281003 50 90 -55 No Significant Intersection
OUAC031 579401 1281003 50 90 -55 No Significant Intersection
OUAC032 579351 1281003 38 90 -55 20 24 4 0.42
OUAC033 579301 1281003 36 90 -55 10 12 2 0.15
OUAC034 579251 1281003 50 90 -55 No Significant Intersection
OUAC035 579201 1281003 48 90 -55 0 4 4 0.13
OUAC036 579151 1281003 48 90 -55 36 40 4 0.11
OUAC037 579101 1281003 48 90 -55 No Significant Intersection
OUAC038 579051 1281003 40 90 -55 No Significant Intersection
OUAC039 579100 1281003       Hole not drilled due to surface conditions
OUAC040 581100 1279500 42 90 -55 6 8 2 0.12
OUAC041 581050 1279500 42 90 -55 No Significant Intersection
OUAC042 581000 1279500 42 90 -55 No Significant Intersection
OUAC043 580950 1279500 42 90 -55 No Significant Intersection
OUAC044 580900 1279500 48 90 -55 42 44 2 0.11
OUAC045 580850 1279500 48 90 -55 No Significant Intersection
OUAC046* 580800 1279500 48 90 -55 No Significant Intersection
OUAC047 581750 1278200 50 90 -55 No Significant Intersection
OUAC048 581700 1278200 50 90 -55 No Significant Intersection
OUAC049 581650 1278200 50 90 -55 No Significant Intersection
OUAC050 581600 1278200 50 90 -55 No Significant Intersection
OUAC051 581550 1278200 50 90 -55 14 16 2 0.32
OUAC052 581500 1278200 50 90 -55 No Significant Intersection
OUAC053 579750 1281000 32 90 -55 No Significant Intersection
OUAC054* 579700 1281000 34 90 -55 No Significant Intersection
OUAC055* 579650 1281003 30 90 -55 6 10 4 0.12
OUAC056* 579600 1281003 46 90 -55 No Significant Intersection
OUAC057 579550 1281015 30 90 -55 No Significant Intersection
OUAC058* 581200 1278400 30 90 -55 No Significant Intersection
OUAC059* 581150 1278400 24 90 -55 No Significant Intersection
OUAC060* 581100 1278400 32 90 -55 10 16 6 0.97
OUAC061* 581050 1278400 36 90 -55 2 6 4 0.20
            12 34 22 0.12
OUAC062 581000 1278400 24 90 -55 16 20 4 0.38
OUAC063 580950 1278400 32 90 -55 No Significant Intersection
OUAC064 580913 1278400 28 90 -55 No Significant Intersection
OUAC065 580850 1278400 22 90 -55 No Significant Intersection
OUAC066 581151 1278203 28 90 -55 No Significant Intersection
OUAC067* 581101 1278203 24 90 -55 No Significant Intersection
OUAC068* 580952 1278204 28 90 -55 No Significant Intersection
OUAC069* 580544 1279503 28 90 -55 0 6 6 0.34
OUAC070* 580473 1279500 48 90 -55 No Significant Intersection
OUAC071* 580451 1279500 48 90 -55 No Significant Intersection
OUAC072 580500 1280003 40 90 -55 26 28 2 0.29
            34 36 2 0.11
OUAC073 580450 1280003 46 90 -55 No Significant Intersection

1  Until the vein orientation is determined the stated interval does not imply true thickness of mineralization
* Denotes drill holes overlying artisanal workings
   Shaded drill holes OUAC069 to OUAC071 are located above the artisanal open pit where RC drill was performed

Table 5. Ouassada RC (bedrock) drill hole locations and significant intersections

Hole Easting
(m)
Northing
(m)
Depth
(m)
Azimuth
(°)
Dip
(°)
From
(m)
To
(m)
Interval
(m)
Au Grade
(g/t)
OURC001 580548 1279506 130 90 55 7 11 3 1.50  
            83 103 20 0.30  
          including 95 102 7 0.60  
OURC002 580474 1279502 126 90 55 59 103 44 0.80  
            59 60 1 0.57  
            66 67 1 9.20  
            88 95 7 1.75  
            101 103 2 5.38  
OURC003 580607 1279503 118 270 55 0 2 2 0.53  
            93 96 3 0.34  
OURC004 580556 1279431 92 50 66 29 66 37 0.87  
          including 29 39 10 2.25  
          including 46 47 1 1.20  
          including 57 66 9 0.84  
          (including 60 63 3 2.12 )
            77 78 2 1.67  
OURC005 580547 1279448 130 50 60 18 64 46 0.65  
          including 18 24 6 0.53  
          (including 23 24 1 1.49 )
          including 51 64 13 1.97  
            96 112 16 1.47  
          including 122 123 1 0.72  
OURC006 580587 1279602 114 180 60 64 65 1 0.72  
            70 72 2 1.00  
OURC007 580952 1278139 82 180 60 36 65 29 0.33  
          including 37 40 3 1.60  
          including 59 65 6 0.50  
          (including 62 64 2 1.06 )
OURC008 581058 1278234 90 0 60 30 33 3 0.21  

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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