Compass Gold Corporation: Encouraging Gold Assay Results from Drilling at Yanfolila and Dandoko Permits
14 Marzo 2012 - 2:00PM
Marketwired Canada
Compass Gold Corporation (TSX VENTURE:CVB) ("Compass" or the "Corporation") is
pleased to announce gold assay results from drilling at the Solona target,
Yanfolila permit and the Bembala target, Dandoko permit. These results
demonstrate the presence of near surface gold in the weathered-oxidised zone
(saprolite) and give encouragement for the presence of primary mineralisation at
depth within anticipated stockwork vein systems.
The following represents a summary of key results from this program:
-- Yanfolila Permit - Solona Target: Fire assay results for an additional
six shallow inclined diamond drill holes drilled over a strike length of
450m (from a strike length for the Solona target of 1km) show gold
mineralization in four of the six holes from near surface to a depth of
50m including assays of:
-- SD33: 2m @ 1.03 g/t at a depth between 47m and 49m
-- SD34: 5m @ 0.55 g/t at a depth between 17m and 22m
-- SD35: 2m @ 2.17 g/t at a depth between 5m and 7m
-- SD37: 10m @ 0.50 g/t at a depth between 12m and 22m
These are encouraging results as they further demonstrate the presence of
mineralization in the weathered material from surface to at least 50m.
-- Dandoko Permit - Bembala Target: Fire assay results for the first five
inclined RC drill holes drilled over a strike length of 400m (from a
strike length for the Bembala target of 630m) show gold mineralization
in three of the five holes from near surface to a depth of 88m including
assays of:
-- RCDK012_1: 2m @ 2.3 g/t at depth between 10 and 12m
-- RCDK012_3: 6m @ 1.14 g/t at depth between 40 and 46m
-- RCDK012_5: 12m @ 1.02 g/t at depth between 76 and 88m,
(including 2m @ 3.66 g/t between 86 and 88m)
These are encouraging results indicating the presence of gold mineralization
within a large system, anticipated to be more than 1 km.
Yanfolila Permit - Solona Target
The Company has completed drilling 10 inclined shallow holes (60 degree incline)
targeting the mineralization from surface to a depth of 50m's and over a 1 km
strike length. Drill results for the first two holes are contained in a news
release dated February 16, 2012. Fire assay results have been received for the
next six holes. Four of the six holes encountered gold mineralization from near
surface to a depth of 50m with one hole (SD33) ending in mineralization at 50m
below ground level. Results for the four holes that recorded gold values are set
out below, including a restatement of the results from SD32 disclosed in the
Company's news release of February 16, 2012, which have been revised following a
review of calculations. The results of the remaining two holes that did not
record any gold values are not included.
----------------------------------------------------------------------------
Drill
hole No From To Interval Au g/t Recovery % Comment
----------------------------------------------------------------------------
SD32 26 52 26 7.17 g/t 97 Uncut
Including SD32 26 52 26 1.62 g/t 97 With the 174 g/t
value cut to 30 g/t
----------------------------------------------------------------------------
SD33 42 50 8 0.52 g/t 73
Including SD33 47 49 2 1.03 g/t 73
----------------------------------------------------------------------------
SD34 17 22 5 0.55 g/t 90
----------------------------------------------------------------------------
SD35 5 27 22 0.62 g/t 91
Including SD35 5 6 1 3.76 g/t 97
Including SD35 5 12 7 1.04 g/t 92
Including SD35 5 7 2 2.17 g/t 97
Including SD35 21 23 2 1.30 g/t 92
----------------------------------------------------------------------------
SD37 12 22 10 0.50 g/t 72
----------------------------------------------------------------------------
The true width of mineralization is not known at this time. The locations and
orientations of these drill holes are shown in the map linked below.
http://media3.marketwire.com/docs/cvb314a.jpg
The Company is encouraged by these results as they demonstrate the presence of
mineralization in the weathered material from surface to at least 50m depth.
The Company is now undertaking a 3,000m diamond-drilling program (20 inclined
holes to 150m depth along 50 to 100m spaced fences) that has commenced on the
Solona target with the second hole in progress. The objective of this program is
to test for gold mineralization from surface to a greater vertical depth so that
diamond core samples can be collected from the bedrock that is anticipated to be
at more than 100m depth.
It is the Company's expectation that the results of this program will further
define the width, depth and strike length of the mineralization at the Solona
target and that this will represent the first stage in defining a NI-43-101
compliant resource at the Yanfolila permit.
Dandoko Permit - Bembala Target
A 20 vertical hole 1st Stage reconnaissance RC drill program (3,000m) is ongoing
on the Bembala target to test the gold mineralization within the oxidized zone
(where gold enrichment and depletion might occur) and in fresh rock. 14 holes
have been completed to date.
Fire assay results have been received for the first five holes. Three of the
five holes intercepted mineralization at various depths ranging from near
surface to 88m. Grades vary from trace to 3.6 g/t. The widest interception is
16m @ 0.51 g/t and highest grade is 2m @ 3.66 g/t at a vertical depth of 88m.
Results of the three holes that recorded gold values are set out below. The
results of the remaining two holes that did not record any gold values are not
included.
----------------------------------------------------------------------------
Drill hole No From To Interval Au g/t
----------------------------------------------------------------------------
RCDK012_1 10 12 2 2.3 g/t
----------------------------------------------------------------------------
RCDK012_3 38 50 12 0.82 g/t
Including RCDK012_3 40 46 6 1.14 g/t
----------------------------------------------------------------------------
RCDK012_05 2 18 16 0.51 g/t
Including RCDK012_05 14 16 2 1.35 g/t
----------------------------------------------------------------------------
RCDK012_05 76 88 12 1.02 g/t
Including RCDK012_05 86 88 2 3.66 g/t
----------------------------------------------------------------------------
The true width of mineralization is not known at this time. The locations and
orientations of these drill holes are shown in the map linked below.
http://media3.marketwire.com/docs/cvb314b.jpg
The Company is encouraged by these results as they demonstrate the presence of
gold mineralization within a large system over a strike length of more than 1 km
long to a vertical depth of up to 90m.
Following completion of the RC drill program and analysis of assay results, the
Company plans to complete a 2,500m RC drilling program over additional targets
on the Dandoko permit.
Yanfolila Sampling Protocols
All drilling at the Yanfolila permit has been carried out by the Company's
geologic consultants M-Consulting, using an APAFOR 450 wire-line diamond core
drill rig and HQ size rods. All holes are started and finished in saprolitic
materials in HQ. Each core is split using a stainless steel knife (as the core
is mainly clay material). One half of the core is 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 SARL personnel and delivered by hand to the ALS
laboratory, Bamako, Mali, under secure "chain of custody" procedures. Samples
are fine crushed to 70% less than 2mm, pulverized and split to 85% less than 75
um. 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
the Company's staff and also stored in a secure location.
Dandoko Sampling Protocols
At Dandoko, drilling is carried out by the Company's geologic consultants
M-Consulting using a Spanish GELMA RC rig with 4.5" rods and 5.5" tungsten
retropercutor, under the direct supervision of the Company. To ensure drill site
quality control, two geologists and a drill supervisor were assigned permanently
on site during drilling. The geologists, assisted by the drilling supervisor,
act as overall supervisors of operations, including the RC sampling protocol
from splitting to bagging. A riffle splitter is used to splits samples. All
samples are taken from site by the Company's personnel and delivered to the ALS
laboratory, Bamako, Mali, under secure "chain of custody" procedures. Samples
are fine crushed to 70% less than 2mm, pulverized and split to 85% less than 75
um. 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
the Company's personnel and stored in a secure location. The large volume of RC
samples remaining after splitting are collected and trucked to the Dandoko camp
where they are stored for future reference.
Dr Albert Wilkinson MIMMM, FGS. C.Eng. is a "qualified person" within the
meaning of National Instrument 43-101 and has reviewed and approved the
scientific and technical information contained in this release, including
verification of sampling procedures, the assaying procedures of ALS Laboratory
and "chain of custody" procedures.
Stock Option Grants
The Company announces the grant of stock options to certain of its directors,
officers and consultants to purchase up to 4,000,000 common shares. Each option
is exercisable to acquire one common share of the Company at a price of $0.12
per common share until March 14, 2017, in accordance with the terms of the
Company's stock option plan.
Compass Gold Corporation is a Tier 2 mining issuer listed on the TSX Venture
Exchange and focused on gold exploration in Mali, Africa's 3rd largest producer
of gold. Compass, through its wholly-owned subsidiary Africa Mining SARL, owns
four gold exploration permits (Yanfolila, Dandoko, Kolondieba and Solabougouda)
and holds applications over a further four areas, Mousala, Sirakourou, Yanfolila
East and Kolondieba Nord) covering a total of 1,138 sq km's in key gold
producing regions in south west Mali, West Africa. Further information is
available at www.compassgoldcorp.com.
COMPASS GOLD CORPORATION
James Henderson, President
This press 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 of
exploration results, including identified gold targets and expectations for
mineralization at the Yanfolila and Dandoko permits, are subject to all of the
risks and uncertainties normally incident with undertaking mineral exploration
in Africa, including but not limited to: technical, operational and
environmental risks associated with gold exploration including but not limited
to successfully drilling to targeted depths and the accuracy of assay results
and the technical evaluation and interpretation of these 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 that 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. Compass Gold Corporation does not assume the
obligation to update any forward-looking statement, except as required by
applicable law.
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