Compass Gold Corporation (TSXV: CVB) continues to reveal the gold potential of its Yanfolila permit, hosted within the Bale Gold province in Southern Mali, with the discovery of more high grade, near surface gold.
Assays for an additional five deep inclined diamond drill holes over an initial 350 metres strike length support the existence of gold mineralisation at the Solona target.
Broad highlight intersections include 15.65 metres at 2.01 grams per tonne (g/t) gold from surface and 26.5 metres at 3.59g/t gold from 5.4 metres, including 18 metres at 5.16g/t gold from 13.9 metres.
The remaining 18 holes of the 30-hole, 3,594 metre program will now be highly anticipated given the promising results to date.
Importantly, these build on earlier notable intercepts of 52 metres at 1.3g/t gold from 21 metres, which also hosts the higher grade intersection of 10.9 metres at 3.79g/t gold, released only two weeks ago.
James Henderson, president and chief executive officer, said: "The results from our drilling program continue to meet or exceed our expectations with respect to showing strong gold mineralisation.
"During the rainy season break this summer, we will be receiving and analysing 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."
The diamond drilling program at Yanfolila was recently extended to 5000 metres due to successfully identifying gold, with the additional 2000 metres providing Compass Gold with the opportunity to test the northern and southern extensions of the known Solona target.
Mali - a compelling country to explore for gold
Investors must remember that Mali is still a compelling country to explore for gold, with Mali currently Africa's third largest gold producer.
Add to this Dr Madani Diallo, the leader of Compass Gold's exploration program - who has been directly responsible for discoveries of over 30 million gold ounces in Mali - highlighting Compass Gold have the ingredients in place for success.
Dr Diallo's gold discoveries were responsible for 50% of the entire Mali Gold production in 2010 of 1.2 million ounces, and he 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.
Dr Diallo is also a major shareholder in Compass Gold with a stake of 15.8%. Of interest, Australian and Asian investors account for 50% of the Compass Gold register.
Not lost on astute investors, Larry Phillips recently joined the board, with Phillips a founder of IAMGOLD Corporation (which has a market cap. of over $4 billion), and helped to guide IAMGOLD from a West African exploration junior to an annual million-ounce producer.
Phillips was a co-founder of IAMGOLD in 1990 and retired from the company in June 2011 as its Executive Vice-President, Corporate Affairs. During his more than two decades with the company, he was involved in all of its international investments, joint ventures, and government relationships.
He assisted IAMGOLD in establishing a strong reputation for corporate governance and social responsibility, and was also a Director of SEMOS, a joint venture company of IAMGOLD that was responsible for the development of the Sadiola gold mine in Mali.
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