TORONTO, Feb. 14, 2019 (GLOBE NEWSWIRE) — Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is pleased to provide an update on the progress of the second phase of bedrock drilling on the Ouassada exploration permit on its Sikasso Property in Southern Mali.

Highlights

• One diamond and three reverse circulation (RC) drill holes totalling 607 meters (m) have been completed on the Farabakoura artisanal workings

• Drilling has intersected a mineralized structure identified by previous RC drilling in December 2018

• Assays are pending, and information from the drilling will be used to further aid in modelling a comprehensive ground IP survey scheduled to start next week to cover 14 untested targets on Ouassada

Compass CEO, Larry Phillips, commented, “I’m pleased to report that our follow-up drilling at Ouassada has been completed and we’re awaiting the assay results.  In the meantime, we will start our ground induced polarization (IP) survey over the fourteen, previously identified targets.  The results of this second phase of ground IP will be used to help focus additional bedrock drilling in late Q1 and early Q2.”

Farabakoura Drilling
Further to the previously announced drilling of six reverse circulation (RC) drill holes, totaling 710 m, at the Farabakoura artisanal workings (see Compass news release dated January 10, 2019), an additional three RC and one diamond drill holes have been completed on the location (See Figure 1 below).  The diamond hole (OUDD001) was drilled to duplicate the results of OURC005, where two broad zones of mineralization were detected (46 m @ 0.65 grams per tonne (g/t) gold (Au) and 27 m @ 0.92 g/t Au).  The purpose of this 201 m inclined diamond drill hole was to provide information on the lithologies, nature of mineralization (mineralogy, paragenesis, and style), structural, orientation, and petrophysical data in the targeted area. 

Three additional RC holes were also drilled at Farabakoura.  The first hole (OURC009) was drilled close to the collar point for OURC001, and drilled toward the northeast to intersect the NW-trending mineralization.  The hole was 130 m in length, and was designed to intersect an area of extensive artisanal gold workings.  Drill holes OURC010 and OURC011 were drilled 310 and 380 m, respectively, to the southeast of OURC009.  Both holes were located beneath an area of active artisanal workings. These inclined holes (60°) were drilled to depths of 135 and 141 m from surface, and were planned to intersect possible extensions of mineralization seen at the main workings at Farabakoura. 

All four holes have been logged and RC samples (with appropriate QAQC standards, blanks and duplicates) have been dispatched to the assay lab.  The drill core from the diamond hole is in the process of being sampled.  Assay results will be reported as soon as they are available.

Figure 1 is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/883f14cb-1b06-4b35-8f42-5f0a9496ee65

Ouassada IP Survey
Based on the encouraging bedrock drilling results (see Compass news release dated January 10, 2019) and a reviewing of airborne magnetic data, the technical team decided a 60-km ground IP survey was warranted on the 19 targets identified at Ouassada.  The results of the survey, combined with the results of previous drilling, will be used to help focus follow-up drilling on the highest-ranking targets, and to give the highest probability of exploration success.  The survey will start early next week, and is expected to take approximately six weeks.

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 analysis.  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.

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:  

Website: www.compassgoldcorp.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.