Second High-Grade Bedrock Gold Zone Discover At The Samagouela Trend

TORONTO - Compass Gold Corp. reported an update on the recently completed drilling at the Samagouela and Samagouela South prospects, located on the Company’s Kourou permit within the Sikasso Property in Southern Mali.

CEO, Larry Phillips, said, “Our technical team has found evidence of a large and very encouraging gold target running for at least two-kilometers through our Kourou permit.  It is near surface, wide and contains the kind of grades we have been targeting.  This latest drilling has intersected high-grade gold veins beneath, and along strike from, the pit where artisanal miners have recovered gold and we have discovered a new mineralized structure where the mineralization clearly follows a traceable feature in the geophysical data.  Geophysical evidence also suggests the Samagouela shear zone could extend to the Ourourou prospect, a distance of 8 km. We are aggressively executing discreet drill programs targeting three large prospective areas of our Sikasso property – Tarabala, Samagouela and Sodala – testing for the presence of structures with the potential to discover significant traceable gold mineralization. Following on the success we reported last week from Tarabala, our technical team is even more encouraged by these latest results from Samagouela. We expect to be able to release the drill results from Sodala soon.  Overall, we have achieved our key objectives through our 2020 exploration campaign. We will use these results in planning our next drill program focused on these three exciting prospects as we drive towards our goal of defining areas with large, near surface gold mineralization.”

In mid-May, the Company completed 1,445m of shallow drilling at the Samagouela gold workings, and in an area 1.5 km to the south, termed Samagouela South.  Drilling in this area focused on a moderate shallow soil geochemistry anomaly that was associated with an interpreted northeast trending shear zone determined from Gradient Induced Polarization (IP) geophysical and structural mapping.  The latest drill program comprised 920m of air core (AC) drilling, and 72m of RC drilling (used in areas of pronounced quartz veining). The drilling targeted two areas of mineralization.  The first area underlies the artisanal workings at Samagouela that are interpreted from Gradient IP data to be associated with a 200-m-wide, north-trending shear zone.  The second area is associated with a northeast-trending shear zone with a similar width.  The shear zones are connected, but there is evidence that the northeast-trending shear zone might extend to the northeast, beyond the current Gradient IP survey.

During the same drilling program, a north-east trending zone of mineralization was intercepted in Samagouela South that included 5 m @ 1.93 g/t Au (from 53 m, KOAC15), and 2 m @ 1.06 g/t Au (from 41 m, KOAC25).  The distance between these two mineralized zones was 120 m, and the Company’s technical team decided to drill two fences to intercept the mineralized structure to the northeast and southwest of the interpreted structure.

The planned drilling was also used to determine the nature of the chargeability and resistive features identified in the Gradient IP survey, as they will continue to aid future exploration at this prospect and at the wider property.

The best mineralization at Samagouela occurred in drill hole KOAC30, where a wide zone (9 m @ 5.79 g/t Au from 45 m), included a high-grade intercept of 1 m @ 36.37 g/t Au (from 45).  This intercept correlates with the 10 m @ 1.67 g/t Au (from 50 m) mineralized zone identified in the previous drilling (KOAC13).  These findings suggest that the mineralization is trending at 015°, dips at 70-75° to the west, and follows a pronounced resistivity low, indicative of a shear zone.

At Samagouela South the best mineralization occurred in drill hole KOAC44, where another wide zone (14 m @ 2.75 g/t Au from 20 m), included a high-grade intercept of 1 m @ 11.64 g/t Au (from 21).  This mineralized structure is traceable in drill holes KOAC15, KAOC25, and KOAC35 over a distance of 350 m, and correlates well with the interpreted contact along the northeast-trending shear zone.  These findings suggest that the mineralization trends at 035°, with dips varying from 70-80° to the northwest.