Compass Completes Reassaying of Select RC Drilling at Massala West

TORONTO, Sept. 29, 2022 - Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is pleased to provide an update on the recently completed resampling and assaying at the Massala West prospect on the Sankarani permit, located on the Company's Sikasso Property in southern Mali (Figure 1).

Highlights:

• Resampling of earlier RC holes within the Massala West mineralized zone (see Fig. 2) indicated that mineralization was actually higher grade and wider than previously reported
  • Widest intercept change: 28 m @ 0.63 g/t Au (from 24 m), compared to 5 m @ 0.59 g/t Au (from 45 m)
  • Highest grade change: 3 m @ 2.75 g/t Au (from 19 m), compared to 2 m @ 0.62 g/t Au (from 19 m)
• Of the 258 samples which were retested within the mineralized zone, 58% produced better results than previously reported
• The nugget effect (coarse gold) is significant at Massala West, with an average grade increase of 0.27 g/t Au in samples containing greater than 0.05 g/t Au
• Additional sampling programs are being planned to assess the nugget effect on the gold grades within the lateritic zone

Compass CEO, Larry Phillips, said, "Additional resampling of previously drilled RC holes at Massala West has confirmed our earlier retesting at Moribala 15 km to the south, that our initial assay results have under-reported gold concentrations on the prospect. New testing of different portions of some of the same samples has identified wider, higher grade and more abundant mineralization over a tested strike length of 1.1 km of the 3.6 km Massala West zone."

He added, "With these positive results, the Company is now planning additional trenching at Massala West and Tarabala to determine a more accurate gold grade and whether there is significantly more gold present within these extensive zones."

Figure 1: Location of the Massala West prospect with respect to mineralized structures in the area.
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Massala West Re-Assaying Results

As previously reported (see Compass news release dated August 29, 2022), initial drilling results over the artisanal workings at Dakoun and Dafaraba on the Moribala permit (Figure 1) were at odds with the gold recoveries noted by the artisanal miners. Company geologists suspected that the variable sizes of the gold's distribution (i.e., it was "nuggety") resulted in lower grades from the initial RC rock chip samples submitted to the lab. To test this hypothesis, coarse field rejects from the RC program were washed and sieved to separate the quartz vein material from the weathered wall rock and friable vein material (now clays). The results of this work showed that gold grades were typically significantly higher in the quartz vein fragments than in the weathered rock, and the overall recombined grades were higher. A similar approach was taken 15 km along strike at the Massala West prospect located on the Sankarani permit.

A total of 287 samples were collected from waste bags at six previously drilled RC holes at Massala West on four fence lines over a distance of 1,100 m (Figure 2). The holes tested quartz veins within the mineralized zone (SARC07, 08, 09, 12), and outside the zone (SARC06 and 11). The results showed that most assays of the weighted average recombined sample were higher than the original assay and the mineralized intervals were wider (Table 1). The maximum interval was 28 m @ 0.63 g/t Au (from 24 m in SARC08). Previous sampling of this same zone identified two zones at 3 m @ 0.69 g/t Au (from 24 m) and 5 m @ 0.59 g/t Au (from 45 m). The largest increase in grade was recorded from SARC12. Previous sampling returned 3 m @ 0.43 g/t Au (from 19 m; including 2 m @ 0.62 g/t Au) and the new sampling from the same intercept returned 3 m @ 2.75 g/t Au. An 8 m interval in the same hole showed a modest decrease from an average of 0.55 g/t Au in the original assaying to 0.38 g/t Au in the new assaying.

Figure 2: Location of the drillholes used in the re-sampling study.
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From the total of 287 samples analysed, 258 were from holes within the mineralized zone. Fifty-eight percent (58%) of the latter samples showed an increase in the gold content in the recombined samples compared to the original assays. The average increase for these samples from the mineralized zone was 0.27 g/t Au.

A similar exercise was not possible at the Tarabala prospect, as the waste bags had been either processed by the artisanal miners, or the bags had degraded in the sun.

The results of the study presented in Table 1 demonstrate that gold is more commonly found associated with the quartz veins, and a larger sample size helps to recover more of the gold, suggesting a "nugget" effect is present.

Table 1. Comparison between original assay results and assays from quartz vein and clay fractions from RC drill holes at Massala West

¹True thicknesses are interpreted as 70-90% of stated intervals.
² Quartz and clay fractions grades have been combined based on the volume fraction observed during drilling. Caution is advised.

Next Steps

Due to the variable gold grades encountered during the AC and RC drilling programs at Moribala, questions arose concerning the true concentration of gold associated with the artisanal workings on the Moribala and Tarabala faults. Plans are underway to collect a series of large representative samples (10-20 kg) to increase the likelihood of detecting coarse-grained gold and investigate the possibility of recoverable gold in the weathered rock (laterite) associated with the Moribala and Tarabala faults. Sampling will be conducted on near surface mineralization at locations where veins are projected to surface at both prospects. This work is to be conducted from mid-October to mid-November, with results expected by end of December.

Technical Details

A total of 287 samples were collected from bagged waste chips at five previously drilled RC holes on the Massala West prospect. The samples were chosen from intervals with known gold mineralization, and intervals with abundant quartz veining (without gold). The intervals were within the laterite horizon and fresh bedrock. Not all the Massala West holes could be tested due to artisanal miners removing waste sample bags and reprocessing the material. This was also noted at Tarabala where drilling occurred in 2020. Samples were washed and sieved in the field, and the corresponding quartz and clay (residual rock) fractions separated. Samples were prepared by Compass staff and an appropriate number of standards, duplicates and blanks were submitted and analysed for gold at SGS (Bamako, Mali) by fire assay.

During drilling the volume percentage of quartz was noted every metre. This information was used to combine the quartz vein and clay fractions to produce a more accurate determination of the total gold based on a weighted average. This work was performed by Dr. Madani Diallo and checked by EurGeol. Dr. Sandy Archibald, P.Geo. The results are presented in Table 1.

About Compass Gold Corp.

Compass, a public company having been incorporated into Ontario, is a Tier 2 issuer on the TSX- V. Through the 2017 acquisition of MGE and Malian subsidiaries, Compass holds gold exploration permits located in Mali that comprise the Sikasso Property. The exploration permits are located in four sites in southern Mali with a combined land holding of 1,143 km². The Sikasso Property is located in the same region as several multi-million-ounce gold projects, including Morila, Syama, Kalana and Komana. The Company's Mali-based technical team, led in the field by Dr. Madani Diallo and under the supervision of Dr. Sandy Archibald, P.Geo, is conducting the current exploration program. They are examining numerous anomalies first noted in Dr. Archibald's August 2017 "National Instrument 43-101 Technical Report on the Sikasso Property, Southern Mali."

QAQC

All AC samples were collected following industry best practices, and an appropriate number and type of certified reference materials (standards), blanks and duplicates were inserted to ensure an effective QAQC program was carried out. The 1 m interval samples were prepared and analyzed at SGS SARL (Bamako, Mali) by fire assay technique FAE505. All standard and blank results were reviewed to ensure no failures were detected.

Qualified Person

This news release has been reviewed and approved by EurGeol. Dr. Sandy Archibald, P.Geo, Compass's Technical Director, who is the Qualified Person for the technical information in this news release under National Instrument 43-101 standards.

Forward?Looking Information

This news release contains "forward?looking information" within the meaning of applicable securities laws, including statements regarding the Company's planned exploration work and management appointments. Readers are cautioned not to place undue reliance on forward?looking information. Actual results and developments may differ materially from those contemplated by such information. The statements in this news release are made as of the date hereof. The Company undertakes no obligation to update forward?looking information except as required by applicable law.

For further information please contact:

Website: www.compassgoldcorp.com

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