Compass Gold Reports Additional Exploration Results on Yanfolila Property Suggesting Strong Gold Mineralization

  • Fire assay results for an additional five deep-inclined diamond-drill holes over an initial 350m strike length, show gold mineralization in three holes, including:
   
SD52:  15.65m @ 2.01 g/t between 0.00m and 15.65m
   
SD57:  26.50m  @ 3.59 g/t between 5.40m and 31.90m, including
        18.00m @ 5.16 g/t between 13.90m and 31.90m
  • Results continue to support existence of strong gold mineralization at the Solona target, as suggested by previous drilling
  • Results from the remaining 18 holes of the 30-hole program are pending

 

VANCOUVER, June 27, 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 further gold assay results from its 30-hole, 5,000m, diamond-drill exploration program at the Solona target, Yanfolila property in Southern Mali. The results received on a further five holes continue to support previous indications of strong gold mineralization at the Solona target.

In March 2012, Compass commenced a 3,000m diamond drill program to test mineralization from surface to a depth of 100m. As a result of positive initial results, Compass extended this program to 5,000m. The company has completed drilling 30 holes for a total of 3,594m.

Compass has received assay results for 12 holes, with the results for the first seven holes previously disclosed on May 23 and June 12, 2012. Of these seven holes, six encountered gold mineralization from near surface to 78m inclined along the hole (~65m vertical depth).

The fire assay results now received for a further five holes (SD52, SD55, SD57, SD58, and SD59) show gold mineralization from surface on three of them to a vertical depth of 28m (32m inclined). Details of the mineralized interceptions are set out below. True width is unknown for all intercepts.

  Drill
hole ID
From
(m)
To
(m)
Interval
(m)
Au (g/t) Total Core
Recovery %
  SD52 0 15.65 15.65 2.01 48
  SD55 10.5 18.00 7.50 1.16 93
  SD57 5.4 31.9 26.50 3.59 52
Including SD57 13.9 31.9 18.00 5.15 38

The locations and orientations of the drill holes are shown in the map below.

http://files.newswire.ca/1069/CompassGoldCorpmap.pdf

Compass will release the results of the remaining drill holes as they become available.

"The results from our drilling program continue to meet or exceed our expectations with respect to showing strong gold mineralization. During the rainy season break this summer, we will be receiving and analyzing further results from the completed drilling as well as other data that we will use to plan for more extensive exploration that we expect to begin late in the third quarter of this year. We also are continuing to work towards defining a National Instrument 43-101-compliant inferred resource on the Solona target," said James Henderson, Compass' President and Chief Executive Officer.

Yanfolila Sampling Protocols

The current diamond-drill program at the Solona target, Yanfolila 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 SARL, owns a 100% interest in 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 an aggregate 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 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 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 those 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/2012/06/27/20120627_C4493_DOC_EN_15776.pdf

SOURCE Compass Gold Corporation

For further information:

James Henderson
President and Chief Executive Officer
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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