Compass Gold Corporation (TSXV: CVB) has provided gold assay results from drilling in the West African country of Mali, which could indicate the presence of gold mineralisation within a large system.
At the Yanfolila Permit - Solona Target, near surface gold has been discovered in the weathered-oxidised zone (saprolite), with highlights including; 2 metres at 2.17 grams per tonne (g/t) gold from 5 metres; and 2 metres at 1.03g/t gold from 47 metres.
Broadest intersections included; 5 metres at 0.55g/t gold from 17 metres; and 10 metres at 0.50g/t gold from 12 metres. In total gold mineralisation was intersected in four of six holes.
The results would be encouraging to Compass Gold as Dr Madani Diallo has individually selected Compass Gold's properties, which are hosted within Mali's most prospective gold zones.
The company holds 1138 square kilometres of tenements in the gold rich Birimian Greenstone belt; one of the largest landholdings in the country.
Compass Gold has established a significant presence in the Mali gold sector by staying true to the exploration philosophies of Dr Diallo widely recognized as one of the principals behind the emergence of Mali as Africa's third largest gold producer.
The importance of the drilling results can be gauged by the fact that Dr Diallo led gold discoveries were responsible for 50% of the entire Mali Gold production in 2010 of 1.2 million ounces.
Put another way, he was Exploration Manager and geochemist for discoveries of over 30 million gold ounces in Mali.
Dr Diallo had direct leadership over the discoveries of Resolute Mining (ASX: RSG) 7.9 million gold ounce Syama mine, the Randgold Resources (NASDAQ:GOLD) 8.5 million ounce Morila mine, the Anglogold-Ashanti (NYSE:AU) 13.5 million gold ounce Sadiola mine and the IAMGOLD Corporation (NYSE:IAG) 5.3 million gold ounce Essakane mine.
He is also a significant shareholder in Compass Gold with a stake of 15.8%. Of interest, Australian and Asian investors account for 50% of the Compass Gold register.
To follow-up the encouraging results at the Yanfolila Permit, Compass Gold will now commence a 3000 metre diamond hole program which will include 20 holes to around 150 metres, based on 50 to 100 metre spaced fences.
This drilling will provide additional details to define the width, depth and strike length of the mineralisation at the Solona target, moving the company a step closer to potentially defining a NI-43-101 compliant resource at the Yanfolila permit.
Compass Gold is targeting this by the end of 2012.
Gold discoveries at Dandoko Permit - Bembala Target
Across at Dandoko Permit - Bembala Target, reverse circulation drilling over a strike length of 400 metres discovered:
- 2 metres at 2.3g/t gold from 10 metres;
- 6 metres at 1.14g/t gold from 40 metres; and
- 12 metres at 1.02g/t gold from 76 metres, including 2 metres at 3.66g/t gold.
The significance of these results is that they indicate the presence of gold mineralisation within a large system, which Compass Gold has anticipated to be more than 1 kilometre.
Significant adjacent gold properties to Dandoko Permit include the; Tabakoto (1Moz - Avion Gold Corporation (TSE:AVR)) - 27 kilometres, Fekola (Papillon Resources (ASX: PIR)) - 30 kilometres and - Loulo (11Moz - Randgold Resources) - 50 kilometres.
At the Bembala target a 20 vertical hole (14 completed to date) first stage reconnaissance reverse circulation drill program is ongoing, which comprises 3000 metres, which is testing the gold mineralisation within the oxidized zone (where gold enrichment and depletion might occur) and in fresh rock.
The company is targeting a NI-43-101 compliant potential gold resource at Dandoko in 2013.