Compass Gold Reports Additional Encouraging Assay Results from Exploration Program on Yanfolila Property

  • Fire assay results for an additional two deep-inclined diamond drill holes, drilled over an initial 350m strike length, show gold mineralization from near surface to 63m including assays of:
    • SD46: 5.00m   @ 1.89 g/t between 73.00m and 78.00m
    • SD47: 52.37m  @ 1.30 g/t between 21.30m and 73.67m including
    • 10.93m @ 3.79 g/t between 37.37m and 48.3m
  • Results continue to confirm gold mineralization at the Solona target continuing at depths, as suggested by previous drilling
  • Results from a further 23 holes are pending and will be announced as received

VANCOUVER, June 12, 2012 /CNW/ - Compass Gold Corporation (TSXV: CVB), which is focused on gold exploration on four properties in Mali, Africa's third largest gold producer, today announced additional gold assay results from its 3,000m diamond-drill exploration program at the Solona target, Yanfolila permit in Southern Mali.

As previously announced, in March 2012, Compass commenced a 3,000m diamond-drill program with the objective to test mineralization from surface to a vertical depth of 100m.

On May 23, 2012, the company released the fire assay results for the first five holes (SD41 to SD45) and four of these five holes encountered gold mineralization from near surface to 78m inclined along the hole (~65m vertical depth). Based on these results, Compass extended the program to 5,000m

The company now has received the fire assay results for two additional holes, with both again showing gold mineralization from near surface to 74m inclined along the hole (~63m vertical depth). Details of the mineralized interceptions are set out below. Compass will release the results from the remaining drill holes as they become available.

Table 1 - Mineralized intervals at Yanfolila Solona Target

  Drill hole
From
(m)
To
(m)
Interval
(m)
Au(g/t) Recovery
%
  SD46 73.00 78.00 5.00 1.89 73.22
  SD47 21.30 73.67 52.37 1.30 83.49
Including SD47 38.25 73.67 35.42 1.80 81.06
Including SD47 37.37 48.30 10.93 3.79 59.33
Including SD47 68.20 73.67 5.47 4.00 57.50

The locations and orientations of the drill holes are shown in the map below.
http://files.newswire.ca/1069/SolonaDrillTargetMap.pdf

"The analysis of these two additional drill holes provides us with further support that we are justified in our optimism regarding the potential of the Solona target," said Dr. Madani Diallo, the leader of Compass Gold's exploration program. "We are eagerly awaiting further exploration results that will provide us with the data we need to plan our more extensive drilling program scheduled to commence in the third-quarter 2012."

Yanfolila Sampling Protocols

The current diamond-drill program at the Solona target, Yanfolila property permit is being carried out by ULC (Uranium Logging and Consulting), using a LONGYYEAR DB 525 wire-line diamond core drill rig and HQ size rods. All holes are started and finished in saprolitic or weathered materials in headquarters. 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 personnel and delivered to the ALS laboratory, Bamako, Mali, under secure ''chain-of-custody'' procedures. Samples are fine-crushed to 70% 2mm, pulverized, and split to 85 % 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 Africa Mining staff and also stored in a secure location.

Qualified Person

Malcolm A Carson, BSc Geo, MSc Nat Res. Mgt., MAIG is the "qualified person" within the meaning of National Instrument 43-101, that has reviewed and approved the scientific and technical information contained in this news release, including verification of sampling procedures, the assaying procedures of ALS Laboratory, and "chain-of-custody" procedures.

About Compass Gold

Compass Gold Corporation, a Tier 2 mining issuer listed on the TSX Venture Exchange, is focused on gold exploration in Mali, Africa's third largest producer of gold. Compass, through its wholly owned subsidiary, Africa Mining, owns four gold exploration permits (Yanfolila, Dandoko, Kolondieba, and Solabougouda) as well as holding applications over a further four areas, Mousala, Sirakourou, Yanfolila East, and Kolondieba Nord) covering a total of 1,138 sq kms in key gold-producing regions in south west Mali, West Africa. Further information is available at www.compassoldcorp.com.

Forward-Looking Information

This news release may include "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 and interpretation of drilling results at Yanfolila's Solona target being associated with gold mineralization and defining a NI43-101-compliant gold resource are subject to all of the risks and uncertainties normally incident with undertaking mineral exploration in Africa, including technical, operational and environmental risks associated with gold exploration, including, but not limited to, successfully identifying and drilling gold mineralization, completion of final assaying of all drill holes, and the accuracy of the technical evaluation of such 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. Risks and uncertainties about Compass Gold's business are more fully discussed in the company's disclosure materials, including its MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Compass Gold Corporation does not assume the obligation to update any forward-looking statement, except as required by applicable law.

Neither the TSX Venture Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.

COMPASS GOLD CORPORATION

"James Henderson"

James Henderson, President

 

PDF available at: http://stream1.newswire.ca/media/2012/06/12/20120612_C7996_DOC_EN_15046.pdf

SOURCE Compass Gold Corporation

For further information:

James Henderson
President
Compass Gold Corporation
Email: info@compassgoldcorp.com
www.compassgoldcorp.com
+1 (604) 638-8067

Investor and Media Relations
Richard W. Wertheim
Wertheim + Company Inc.
Email: wertheim@wertheim.ca
+1 (416) 594-1600
+1 (416) 518-8479 (cell)

Profil de l'entreprise

Compass Gold Corporation

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