TORONTO, May 28, 2018 (GLOBE NEWSWIRE) -- Compass Gold Corp. (TSX-V: CVB ) (Compass or the Company) is pleased to provide an update on the results of recent independent geophysical, remote sensing, and structural studies conducted on the five permits that comprise the Sikasso Property in Southern Mali.
Highlights
- A total of 56 discrete sub-surface exploration targets were identified on the Sikasso Property , man y of which are identical to the 35 near-surface targets previously reported in the *NI 43-101 technical report.
- Three primary targets on Ouassada correspond with a 12-km long and 1-km wide zone of anomalous gold identified by shallow soil and deep auger drilling. The largest target identified through these recent studies covered an area of 12 sq. km.
- 10 target areas are identified on the Ouassada permit, 12 on Sankarani, 13 on Kourou, 11 on Tiélouléna, and 10 on Kalé .
- Reinterpretation of the historic and recent airborne geophysics defined numerous regional and local scale faults, and discrete lithological boundaries related to radiometric results.
- A Sentinel-2 multispectral study identified hydrothermal iron oxide and clay alteration associated with faults and margins of intrusions, and which are commonly associated with mineralizing fluids in ore systems.
- Satellite and geophysical lineament analysis was performed, which complemented the results of the initial geophysical study.
(*August 2017 “National Instrument 43-101 Technical Report on the Sikasso Property, Southern Mali,” by Dr. Sandy Archibald, P.Geo.)
Compass CEO, Larry Phillips, commented , “I’m extremely pleased with these results, not only because they support our current exploration plan, but because they provide further guidance for prioritizing our drilling program in Q3 when we plan to begin drilling deeper and into the bedrock. The independent studies also reflect the Company’s commitment to technical excellence in exploration on the Sikasso Project.”
Technical Director Dr. Sandy Archibald, added, “The purpose of these studies was to synthesize all of the current information on the Sikasso project area to accurately identify deeper geological structures that could host gold mineralization. We already know that some of these structures on the Ouassada permit contain anomalous shallow, less than 15 m, gold anomalies, and we will use the targets generated to prioritize near surface sampling programs on the other permits, and ultimately, our bedrock drilling targets.”
Airborne Geophysical Processing and Interpretation
Compass had commissioned Jeremy S. Brett, MSc, PGeo (MPH Consulting Limited, Toronto) to conduct an evaluation, processing, and interpretation of the government-acquired regional airborne geophysical survey data, flown in 2001 as part of the EU-funded SYSMIN program. This data included magnetic, Geotem Time Domain electromagnetic (TDEM), and radiometric measurements. A similar study was performed on high-resolution airborne magnetic and radiometric data collected by the previous permit holders in 2011. The data was processed using a variety of techniques to identify features such as lithological contacts, faults, alteration, and intrusions. Processing of the TDEM data clearly identified a near-surface conductor in the Ouassada permit associated with a long and wide gold soil anomaly, which was traceable on to the Sankarani permit and beyond. Once this data was fully processed, it was passed along to Dr. Francis Murphy, PGeo (Murphy Geological Services, Ireland) for additional interpretation.
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Remote Sensing and Structural Study
Dr. Murphy used satellite images from the Sentinel-2 satellite to perform lineament analysis over all of the permit areas. Processing of the satellite images also enabled him to determine the presence of iron oxides (hematite and jarosite) and clay minerals, which are commonly formed due to hydrothermal alteration produced by mineralizing fluids in ore systems.
Reprocessed regional and local airborne magnetic and radiometric data was used to determine the presence of faults, fault geometries, lithological contacts, and rock types within the permits, and adjacent areas. All of the data was integrated with existing information (published geology, mineral showings, artisanal workings, and shallow soil geochemistry) to produce a series of ranked target maps, which are summarized in the table below.
Table – Targets identified on the Sikasso Property by Dr. Francis Murphy, PGeo.
| Permit | Primary Targets | Secondary Targets | Tertiary Targets | Average Area (km 2 ) | Total Targets |
| Ouassada | 4 | 5 | 1 | 4.58 | 10 |
| Sankarani | 4 | 6 | 2 | 1.79 | 12 |
| Kourou | 9 | 1 | 3 | 2.40 | 13 |
| Tiélouléna | 3 | 5 | 3 | 1.46 | 11 |
| Kalé | 4 | 5 | 1 | 1.66 | 10 |
| Total | 24 | 22 | 10 | 56 |
Target areas vary from 0.23 sq. km (covering approximately 700 m by 350 m at Kourou) to 12.0 sq. km (5,700 m by 2,100 m at Ouassada), with an average area of 2.34 sq. km.
Many of the 56 targets are identical to the 35 targets previously reported in the NI 43-101 technical report on the Sikasso Property, Southern Mali. The next stage of this work is to ground truth these targets to confirm the geology and whether gold mineralization is also present.
About Compass Gold Corp. Compass, a public company having been incorporated in 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 sq. km. The Sikasso Property is located in the same region as several other multi-million ounce gold projects, including Morila, Syama, Kalana and Kodieran. The Company’s Mali-based technical team, led by Dr. 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 from Dr. Archibald’s August 2017 “National Instrument 43-101 Technical Report on the Sikasso Property, Southern Mali.”
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.
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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