Compass Gold Mining Exploration
Compass Gold Corporation provides the following update regarding its exploration activities in Mali, West Africa relating to four exploration gold research licenses held by Africa Mining SARL ("Africa Mining") in which Compass is currently earning a 51% interest.
Compass recently gold mining equipment completed a C$2,000,000 non-brokered private placement. These funds will be used to complete the Phase II Exploration Program including initiating a major high-resolution airborne magnetic and radiometric survey over its licenses and drill targets.
HIGHLIGHTS:
– Major high-resolution aeromagnetic survey over all four licenses to
commence in March 2011.
– Mobilization of drilling equipment commences.
Details as follows:
1. MAJOR HIGH RESOLUTION AIRBORNE MAGNETIC AND RADIOMETRIC SURVEY TO
COMMENCE
The Phase II exploration program will be strengthened by the dolomite crusher commencement, on March 21, 2011, of a major high-resolution airborne magnetic and radiometric survey ("Survey") over all four licenses.
The Survey has been brought forward from Phase III, to provide additional information for the interpretation of results of a scout drilling program, and to assist in planning Phase III Exploration Program.
Aeroquest (Aust) Pty. Ltd. has been contracted to undertake the Survey. The Survey covers all four licenses (Yanfolila, Kolondieba, Dandoko and Solabougouda) comprises 4,834 line km and is being flown on a East-West orientation at 200m line spacing with a nominal ground clearance of 70m. Areas with identified gold targets on the Yanfolila and Dandoko licenses will be flown at tighter 50m line spacing. It is expected that the entire Survey will be completed within 4 weeks.
The results from the Survey will assist in guiding the planned scout-drilling program and in identifying additional targets. Part of the drill program will be undertaken concurrent with the Survey to maximize results from all activities on the known gold targets.
2. MOBILZATION OF DRILLING EQUIPMENT COMMENCES
Africa Mining confirms that concrete crusher has commenced the mobilization of drill equipment for the Phase II 5,400m RC (reverse circulation) drill program, which will be expanded subject to results.
As previously announced, the aim of the initial drill program is to intersect gold mineralization at depth, in hard rock. The program will focus on drilling the following initial targets:
– Solona and Yanfolila gold anomalies on the Yanfolila license with
drilling to start before the end of March 2011; and
– Disse target on the Dandoko license with drilling to start in April
2011.
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