TSX-V:CVB Volume : 0 Change : 0.00 Last : 0.02 Day High : N/A Day Lo: N/A Date : 5/16/2013
Yanfolila
The Yanfolila project is located in the Kalana-Kodieran Gold Province in South Mali and covers an area of 250km2 (including the Yanfolila East application). It is located in a similar geological setting as the 1m oz Kalana mine (Avnel Gold) located 40 km south of the Yanfolila permit.
It is also located immediately east of permits owned by Goldfields, which were acquired by Goldfields in 2009 for $45m and which Goldfields continues to aggressively explore.
Details of the exploration work undertaken on the Yanfolila permit are disclosed in the news releases of the Company. These works included:
- Regional and semi-regional exploration focused on the Solona target in the north of the permit.
- Geological mapping at 1:5000 scale of six priority anomalies within the Yanfolila permit covering a total area of 11.5 sq. km as follows:
Zone |
Size (m) |
Solona anomaly |
2200 x 700 |
Solona south east anomaly |
1600 x 1000 |
Solona north anomaly |
4000 x 600 |
Yanfolila anomaly |
2000 X 600 |
Guendibi anomaly |
3000 X 1500 |
Yanfolila East Anomaly C |
4000 X 2200 |
Summary of latest exploration program - 2012
- Review of all the inclined diamond and vertical auger drilling data received to date indicates theexistence of a large gold system at the Solona target on the Yanfolila property
- Current field work program completed on July 15, 2012 with 4,530m of diamond drilling (36 holes) and 5,088m of auger drilling (290 holes)
- Visual description of core shows deep level of oxidation with soft, easy-to-mine and to process material extending to a vertical depth of 80m, followed by a soft, partially oxidized material in a transition zone to 160m. Fresh rock starts only below a vertical depth of 160m
- Fire assay results received for the final 24 holes of diamond drilling over the Solona target with 15 of these holes encountering gold mineralization at various depths, with best intersections being:
- SD48: 6.30m @ 2.15g/t between 25.20m and 31.50m, including 1.96m @6.19g/t between 25.20m and 27.16m;
- SD50: 3.95m @ 2.73g/t between 9.05m, and 13.00m, including 1.00m @9.16g/t between 10.00m and 11.00m;
- SD50: 6.80m @ 1.15g/t between 64.32m and 71.12m;
- SD51: 4.65m @ 2.54g/t between 40.00m and 44.65m;
- SD67: 6.70m @1.87g/t between 129.00m and 135.70m, including 2.70m @ 3.17g/t between 131.10m and 133.80m;
- Results from auger drilling to a depth of 21m in two new areas confirm a further extension of the mineralization over the Solona target as follows:
- To the north and south over a 3km strike length, with mineralization open at both ends. Further assays are expected in October for drilling beyond the 3km strike length;
- To the northwest in a parallel structure mineralization over a one km strike length
- Results are very encouraging, confirming system structure and its persistence at depth, allowing Compass to plan the next phase exploration program aimed at defining an NI43-101-compliant inferred resource in 2013 on the Solona target.
Diamond Drilling
In March 2012, Compass commenced a 3,000m inclined 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. Compass has completed this program with 36 holes (SD41 to SD76) drilled for a total of 4,530m. (See Figure 1 below for the location and azimuth of the drill holes). Compass previously announced in news releases on May 23, June 12, and June 27, 2012 assay results for 12 of the holes that had been drilled. Of these 12 holes, 9 encountered gold mineralization from near surface to 78m inclined along the hole (~65m vertical depth).
Compass has received assay results for the remaining 24 holes. The fire assay results for the 24 holes show gold mineralization in 15 holes from near surface to 135m inclined along the hole (~115m vertical depth). True width is unknown for all intercepts.
Visual description of cores shows a deep level of oxidation, with soft, easy-to-mine and to process material extending to a vertical depth of 80m, followed by a soft, partially-oxidized material in a transition zone to 160m (vertical depth). Fresh rock starts only below a vertical depth of 160m.
A review of all the diamond and auger drilling data received continues to support the existence of a large gold system at Solona, with gold mineralization present in oxidized and partially-oxidized material and mineralized widths such as 22.50m @4.15g/t (diamond drill hole SD 57) and an average gold grade as high as 88.77 g/t (averaged over 3 separate assays for the intercept) in diamond drill hole SD32 (6m@15.61g/t with uncut values including 1m at average 88.77g/t and with cut high grades, 6.00m @6.95g/t with high value cut to 30g/t ).
The newly received assay results demonstrate also the presence of gold mineralization at greater depth (diamond drill hole SD67: 6.70m @1.87g/t between 129.00m and 135.70m along the hole (~115m vertical).
Details of the mineralized interceptions are set out in Table 1 and Figure 1 below. Full drill results are given in Appendix A.
|
Drill |
From |
To |
Interval(m) |
Au (g/t) |
Total Core |
|
SD48 |
25.20 |
31.50 |
6.30 |
2.15 |
100.00 |
Including |
SD48 |
25.20 |
27.16 |
1.96 |
6.19 |
100.00 |
|
SD48 |
51.00 |
53.80 |
2.80 |
0.39 |
83.00 |
|
SD49 |
14.00 |
20.90 |
6.90 |
1.04 |
69.00 |
|
SD50 |
9.05 |
13.00 |
3.95 |
2.73 |
98.00 |
Including |
SD50 |
10.00 |
11.00 |
9.16 |
1.08 |
91.00 |
|
SD50 |
22.55 |
32.05 |
9.50 |
0.56 |
67.00 |
|
SD50 |
64.32 |
71.12 |
6.80 |
1.15 |
86.00 |
|
SD51 |
40.00 |
44.65 |
4.65 |
2.54 |
63.00 |
Including |
SD51 |
41.00 |
42.00 |
1.00 |
9.57 |
40.00 |
|
SD51 |
53.00 |
60.00 |
7.00 |
0.85 |
48.00 |
|
SD53 |
8.86 |
15.00 |
6.14 |
0.56 |
83.00 |
|
SD54 |
18.50 |
27.00 |
8.50 |
1.30 |
60.00 |
|
SD60 |
66.60 |
69.95 |
3.35 |
0.64 |
53.00 |
|
SD62 |
23.00 |
25.50 |
2.50 |
0.90 |
51.00 |
|
SD65 |
29.50 |
32.40 |
2.40 |
0.62 |
88.00 |
|
SD65 |
63.10 |
67.20 |
4.10 |
0.99 |
89.00 |
|
SD65 |
72.10 |
79.60 |
7.50 |
0.36 |
96.00 |
|
SD65 |
83.85 |
87.80 |
3.95 |
0.35 |
99.00 |
|
SD65 |
95.25 |
100.50 |
5.25 |
0.31 |
98.00 |
|
SD67 |
85.20 |
88.55 |
3.35 |
1.20 |
57.00 |
|
SD67 |
104.10 |
112.95 |
8.35 |
0.61 |
67.00 |
|
SD67 |
129.00 |
135.70 |
6.70 |
1.87 |
72.00 |
Including |
SD67 |
131.10 |
133.80 |
2.70 |
3.17 |
67.00 |
|
SD68 |
110.50 |
113.25 |
2.75 |
0.53 |
93.00 |
|
SD68 |
133.50 |
141.15 |
7.65 |
0.41 |
74.00 |
|
SD70 |
28.60 |
32.00 |
3.40 |
0.58 |
62.00 |
|
SD70 |
128.60 |
130.80 |
2.20 |
1.65 |
93.00 |
|
SD71 |
139.50 |
147.00 |
7.50 |
0.99 |
77.00 |
|
SD71 |
154.50 |
159.00 |
4.50 |
0.32 |
100.00 |
|
SD72 |
72.40 |
75.40 |
3.00 |
0.75 |
71.00 |
|
SD76 |
20.30 |
23.90 |
3.60 |
0.70 |
47.00 |
|
SD76 |
55.50 |
58.35 |
2.65 |
4.96 |
98.00 |
Including |
SD76 |
55.50 |
56.45 |
095 |
13.10 |
100.00 |
Intersections reported in this news release represent intercepts >2.00m and >0.3g/t with a maximum internal dilution of 2m (at <0.3g/t) and top cut high grade intercepts 30g/t.
Figure 1: Solona diamond-drilling plan showing mineralized intersections
Auger drilling - New Programs
Compass has completed 252 holes of shallow auger drilling (4,418 m) at Solona in the area to the west and northwest of the diamond-drilled tested area, as shown in Figure 2 below. The objective of this program was to extend the area previously tested by diamond drilling.
Results received to date are very encouraging and show the pervasive presence of anomalous gold mineralization near surface with gold grades from 0.11g/t to 6 g/t at depths varying from surface to 19.50m. These results, set out in Appendix B below, significantly extend the areas to be drill tested at Solona.
The 700m diamond drill tested area was extended for a further 3,000m along strike to the north, and remains open. To the south, the diamond drill tested area has been extended for another 2,000m and remains open. A parallel structure some two km to the northwest has confirmed an isometric mineralization. Assay results for another parallel structure just west of the diamond-drill-tested area are pending.
Mineralized structures for future drill testing defined by the auger drilling are shown on Figure 2.
Figure 2: Auger drilling areas on Solona extensions
Future Program
Work completed on the Solona target (soil geochemistry, mapping, geophysics, and auger and diamond drilling) has confirmed the presence of a gold mineralized system. The presence of high-grade gold (from trace to over 2g/t) in wide intersections (up to +15m) is very encouraging.
“We are very pleased with the work completed during the 2012 field season,” stated James Henderson, Compass' President and Chief Executive Officer. “Results received to date are very encouraging as they continue to meet our expectations with respect to confirming gold mineralization continues at depth below the oxidized zone; together with new results which confirm near-surface anomalous gold mineralization over two large new areas to the west and northwest of the Solona system that we have tested to date. These results confirm the structure of the mineralized system and, we are in the process of analyzing further results from the completed drill programs, together with other data. This will assist in planning the extensive follow-up exploration program to commence later this year with the aim to define a NI 43-101 compliant resource in 2013.”