Compass Launches Follow-Up Drill Program at Tarabala

Drilling Targeting Deeper Mineralization

Toronto, March 8, 2023 - Compass Gold Corp. (TSXV: CVB) (Compass or the Company) reports that it has launched its previously announced follow-up drilling program on the Tarabala Trend, which consists of reverse circulation drilling at the Tarabala artisanal workings on its Sikasso Property in Southern Mali (Figure 1).

Highlights

• An 800-m reverse circulation (RC) drilling program has begun on the Tarabala prospect

• The drilling is focused on tracing the down-dip extension of wide zones of shallow gold mineralization identified through earlier Air Core (AC), RC and diamond drilling.

• Assaying will include cyanide extraction and metallic screen fire assay to accurately determine the extent of nuggety gold previously noted on the Tarabala Trend

Compass CEO, Larry Phillips, commented, "This latest drill program is intended to determine the down-dip extension and width of some of the gold mineralization we've already found at the Tarabala prospect. The different assay methods will also give us critical information on the degree of coarse gold over the 450 m strike length being tested, and will show us which assay method gives the most accurate results in these conditions. Drilling is expected to take one week, and we will report the complete results as soon as they are available."

Results from Previous Drilling and Sampling

Air Core (AC) drilling on the Tarabala Trend first identified bedrock gold at the Tarabala prospect in April 2020 (Figure 1). Subsequent drilling identified shallow gold mineralization at Massala West. This confirmed the presence of a 4-km-long mineralized zone between Tarabala and Massala West (Figure 2). To date, a total of 106 AC holes (4,972 m), 5 RC holes (530 m), and 5 diamond holes (563.6 m) have been drilled at Tarabala over a distance of 1.5 km. An additional 102 AC holes (6,047 m) and 11 RC holes (1,056 m) have been completed at Massala West over 3 km. The deepest drilling has only tested the mineralized zone to a depth of 80 m from surface.

AC results at Tarabala included wide intervals of up to 16 m @ 1.51 g/t Au (from 16 m; SAAC02) and 17 m @ 0.73 g/t Au (from 18 m; SAAC109), and included higher grade sub-intervals such as 4 m @ 5.20 g/t Au (from 26 m; SAAC02) and 1 m @ 12.99 g/t Au (from 33 m; SAAC36). Follow-up RC drilling at Tarabala indicated that the mineralization continued at depth, but it was not tested deeper than 60 m. The widest intercepts from the RC driller were 26 m @ 0.47 g/t Au (from 45 m; SARC001) and 25 m @ 0.58 g/t Au (from 67 m; SARC003). The best mineralization was identified in a 1-km-section of the 2.2 km-long mineralized Tarabala Fault.

Two kilometers further north, AC drilling identified two discrete mineralized zones greater than 550 m at Massala West. The northernmost zone contained the widest mineralized interval and the highest grade. Drill hole SAAC123 contained 24 m @ 2.35 g/t Au (from 18 m), which included 1 m @ 26.80 g/t Au (from 35 m). RC drilling in the two zones identified several mineralized intervals including the widest zone of 6 m @ 1.02 g/t Au (from 43 m; SARC010). Owing to difficult drilling conditions caused by a higher than expected water table, the subsequent RC drilling conducted at Massala West was unable to target the main vein system at a depth of 80 m.

A resampling program of historic Compass RC chips (see Compass press release, December 21, 2022) indicated that coarse-grained ("nuggety") gold was likely present at Tarabala. The nugget effect was evidenced by the presence of higher grade mineralized intervals, e.g., 7 m at 14.13 g/t Au (inc. 1 m @ 97.34 g/t Au), compared to an earlier result of 0.42 g/t Au, and previously barren intervals containing gold, e.g., 1 m @ 0.92 g/t Au, compared to 0.01 g/t Au. The latest drilling will specifically address the nugget effect by employing two assay techniques.

Figure 1: Location of drilled prospects and artisanal workings along the Tarabala and Masala faults.

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Figure 2: Summary of drilling on the Tarabala Trend and the location of the planned RC drill holes.

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Next Steps

The 800-m-RC drilling program at the Tarabala prospect began on March 7. Drilling is focussing on determining the nature of the gold-bearing quartz veins (width, grade, orientation, and mineralogy) at depths of 50 to 155 m from surface. The results will be used to plan further deeper drilling in May. It is hoped that the information gleaned from these programs will enable preparation for a potential resource definitional drilling program later in 2023.

Two types of gold assaying will be performed on the RC chip samples. The first is a cyanide-leach ('LeachWELL') assay that will quickly determine gold content over the entire length of the hole. Any gold mineralized zones identified will be further tested by metallic screen fire assay. This technique is designed specifically to ensure all coarse-grained gold is identified and analysed. These assay techniques will accurately determine whether nuggety gold is present in new drilling samples, and which technique will be the most reliable as the technical team moves forward with additional exploration and resource definition drilling.

Technical Details

All RC holes at Tarabala are being drilled on an azimuth of 270° (towards the west), at dips of 55°. Hole lengths vary from 120 m to 200 m. Drilling is being performed by FTE Drilling, a Canadian company with a Malian subsidiary. All samples will be prepared by Compass staff and an appropriate number of standards, duplicates and blanks will be included when the samples are submitted for cyanide leach (LeachWELL) analysis at ALS (Ouagadougou, Burkina Faso), and later metallic screen fire assay at SGS (Bamako, Mali).

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 three sites in southern Mali with a combined land holding of 867 sq. km. 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."

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:

Compass Gold Corp.
Larry Phillips - Pres. & CEO
lphillips@compassgoldcorp.com
T: +1 416-596-0996 X 302

Compass Gold Corp.
Greg Taylor - Dir. Investor Relations & Corporate Communications
gtaylor@compassgoldcorp.com
T: +1 416-596-0996 X 301

Website: www.compassgoldcorp.com

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