Compass Gold on Track to Commence Production at Massala Within the Next 60 Days
Compass Gold (TSXV: CVB) is on track to commence gold production at the Massala prospect in Mali within the next 60 days. The company is finalizing its Small Mining Permit application, with environmental and social impact studies expected to be completed within 30 days.
Compass has established a co-production agreement with the nearby SMAT processing facility, allowing for immediate production once the permit is granted. The facility, located 2 km from the mine site, is being optimized to process up to 100 tonnes per hour.
Under Mali's Mining Code for Small Mines, the permit will allow for mining up to 200,000 tonnes annually and producing up to 160,000 ounces of gold over an initial four-year term. CEO Larry Phillips highlighted the opportunity to capitalize on record gold prices approaching US$3,000 per ounce while bringing economic benefits to Mali, the local community, and shareholders.
Compass Gold (TSXV: CVB) è sulla buona strada per avviare la produzione di oro presso il giacimento Massala in Mali entro i prossimi 60 giorni. L'azienda sta finalizzando la sua domanda per il Permesso di Piccola Miniera, con studi di impatto ambientale e sociale previsti per essere completati entro 30 giorni.
Compass ha stabilito un accordo di co-produzione con l'impianto di lavorazione SMAT nelle vicinanze, consentendo una produzione immediata una volta concesso il permesso. L'impianto, situato a 2 km dal sito minerario, è in fase di ottimizzazione per elaborare fino a 100 tonnellate all'ora.
Secondo il Codice Minerario del Mali per le Piccole Miniere, il permesso consentirà di estrarre fino a 200.000 tonnellate all'anno e di produrre fino a 160.000 once d'oro in un periodo iniziale di quattro anni. Il CEO Larry Phillips ha sottolineato l'opportunità di capitalizzare su prezzi record dell'oro che si avvicinano ai 3.000 dollari USA per oncia, portando benefici economici al Mali, alla comunità locale e agli azionisti.
Compass Gold (TSXV: CVB) está en camino de comenzar la producción de oro en el prospecto Massala en Malí en los próximos 60 días. La empresa está finalizando su solicitud para el Permiso de Pequeña Minería, con estudios de impacto ambiental y social que se espera se completen en 30 días.
Compass ha establecido un acuerdo de coproducción con la cercana instalación de procesamiento SMAT, lo que permite una producción inmediata una vez que se otorgue el permiso. La instalación, ubicada a 2 km del sitio minero, se está optimizando para procesar hasta 100 toneladas por hora.
Según el Código Minero de Malí para Pequeñas Minas, el permiso permitirá extraer hasta 200,000 toneladas anuales y producir hasta 160,000 onzas de oro durante un período inicial de cuatro años. El CEO Larry Phillips destacó la oportunidad de capitalizar los precios récord del oro que se acercan a los 3,000 dólares estadounidenses por onza, al tiempo que se generan beneficios económicos para Malí, la comunidad local y los accionistas.
Compass Gold (TSXV: CVB)는 말리의 Massala 광구에서 금 생산을 시작할 준비를 하고 있으며, 이는 향후 60일 이내에 이루어질 예정입니다. 회사는 소규모 광산 허가 신청을 마무리하고 있으며, 환경 및 사회적 영향 연구는 30일 이내에 완료될 것으로 예상됩니다.
Compass는 인근 SMAT 가공 시설과 공동 생산 계약을 체결하여 허가가 승인되는 즉시 생산할 수 있도록 하고 있습니다. 이 시설은 광산 현장에서 2km 떨어진 곳에 위치하고 있으며, 시간당 최대 100톤을 처리할 수 있도록 최적화되고 있습니다.
말리의 소규모 광산에 대한 광산법에 따르면, 이 허가는 연간 최대 200,000톤을 채굴하고 초기 4년 동안 최대 160,000온스의 금을 생산할 수 있도록 허용합니다. CEO 래리 필립스는 온스당 3,000달러에 가까운 기록적인 금 가격을 활용할 기회를 강조하며, 말리, 지역 사회 및 주주들에게 경제적 혜택을 가져올 것이라고 밝혔습니다.
Compass Gold (TSXV: CVB) est en bonne voie pour commencer la production d'or sur le site de Massala au Mali dans les 60 prochains jours. L'entreprise finalise sa demande de permis de petite mine, avec des études d'impact environnemental et social qui devraient être achevées dans 30 jours.
Compass a établi un accord de coproduction avec l'installation de traitement SMAT à proximité, permettant une production immédiate une fois le permis accordé. L'installation, située à 2 km du site minier, est en cours d'optimisation pour traiter jusqu'à 100 tonnes par heure.
Conformément au Code minier du Mali pour les petites mines, le permis permettra d'extraire jusqu'à 200 000 tonnes par an et de produire jusqu'à 160 000 onces d'or sur une période initiale de quatre ans. Le PDG Larry Phillips a souligné l'opportunité de tirer parti des prix record de l'or approchant les 3 000 dollars américains par once, tout en apportant des avantages économiques au Mali, à la communauté locale et aux actionnaires.
Compass Gold (TSXV: CVB) ist auf dem besten Weg, innerhalb der nächsten 60 Tage mit der Goldproduktion im Massala-Projekt in Mali zu beginnen. Das Unternehmen finalisiert derzeit seinen Antrag auf kleine Bergbaugenehmigung, wobei die Umwelt- und Sozialverträglichkeitsstudien voraussichtlich in 30 Tagen abgeschlossen sein werden.
Compass hat einen Kooperationsvertrag mit der nahegelegenen SMAT-Verarbeitungsanlage abgeschlossen, der eine sofortige Produktion nach Genehmigung des Antrags ermöglicht. Die Anlage, die 2 km vom Bergwerksstandort entfernt liegt, wird optimiert, um bis zu 100 Tonnen pro Stunde zu verarbeiten.
Gemäß dem Bergbaugesetz von Mali für kleine Minen erlaubt die Genehmigung den Abbau von bis zu 200.000 Tonnen jährlich und die Produktion von bis zu 160.000 Unzen Gold über eine anfängliche Laufzeit von vier Jahren. CEO Larry Phillips hob die Möglichkeit hervor, von den rekordverdächtigen Goldpreisen, die sich der 3.000 USD pro Unze nähern, zu profitieren, während wirtschaftliche Vorteile für Mali, die lokale Gemeinschaft und die Aktionäre geschaffen werden.
- On track to commence gold production within 60 days
- Small Mining Permit will allow production of up to 160,000 ounces over 4 years
- Co-production agreement with nearby SMAT facility (2 km away) enables immediate production
- Current gold prices approaching US$3,000 per ounce
- Processing capacity of up to 100 tonnes per hour
- Still awaiting final environmental and social impact studies completion
- Small Mining Permit not yet granted
- Project viability study is not a CIM-defined Feasibility Study under NI 43-101
SMAT Processing Facility Upgrade Nearly Complete
Toronto, Ontario--(Newsfile Corp. - February 25, 2025) - Compass Gold Corp. (TSXV: CVB) (Compass or the Company) is pleased to provide an update on its plans to produce gold at the Massala prospect located along the 15 km Tarabala Trend, which is contained within the Company's Sikasso Property in southern Mali.
Highlights
- Environmental and social impact studies are expected to be completed within the next 30 days. All other requirements for the granting of Small Mining Permit are complete.
- Compass team is assisting with the optimization of the existing SMAT mining facility, where ore processing and gold recovery will occur under a Co-Production Agreement
- Subject to receiving the Small Mine Permit, commercial production is on track to commence by early Q2
- Issuance of a Small Mining Permit will allow for total production of up to 160,000 ounces of gold over an initial four-year term
Compass CEO Larry Phillips, said, "Our Compass team has nearly completed the required work for our application for a Small Mining Permit at the Massala prospect, with the remaining environmental and social impact studies to be finalized within the next few weeks.. The co-production agreement with the nearby SMAT processing facility puts Compass in the unique position of being ready to commence production within days of receiving a Small Mining Permit. Subject to the timely issuance of our permit, we remain confident that we're on track to initiate production within the next two months.
He added, "We are keen to commence production at Massala in this current environment of record gold prices approaching US
Ready to Go
As previously reported (See Compass news release dated January 6, 2025), documentation of a number of studies is required by the Malian Mining Ministry ("the Ministry") as key components of the Company's Small Mine Permitting application. The most important of these studies, the project viability study* and mine closure plan, have been completed. An environmental and social impact study, including a community development plan, are now being completed. Meanwhile, community engagement negotiations are also ongoing to ensure cordial relations are maintained in the project area and the surrounding communities.
The SMAT facility, located 2 km from the Massala mine site, is adjacent to Compass's proposed Massala-Tarabala mining permit. Compass's technical team continues working with SMAT and an independent engineering group to complete a modification of the existing mining facility in order to start improved processing of SMAT gold ore. The plant will also process bulk sampling of our Massala ore in the coming weeks. This sampling, together with the initial processing of SMAT ore, will provide crucial information about gold recovery and the optimal calibration of the crushing, processing and recovery facilities. The objective of the Company's co-production agreement with its Malian partner, SMAT, is to design a mining operation with the capacity to process up to 100 tonnes per hour. This total targeted annual gold production and ore processing will fall within the provisions of the Malian Mining Code for Small Mines, as proclaimed in July of last year (See Compass news release dated August 19, 2024). This code allows for mining a maximum of 200,000 tonnes per year and the production of 160,000 ounces of gold over a four-year period.
(*The project viability study required by the Malian authorities is not a CIM-defined Feasibility Study outlined in NI 43-101, since no NI 43-101 class resource estimation or metallurgy study are required.)
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 1,173 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, 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 Corporation | Compass Gold Corporation |
| Larry Phillips - Pres. & CEO | Greg Taylor - Dir. Investor Relations & Corporate Communications |
| lphillips@compassgoldcorp.com | gtaylor@compassgoldcorp.com |
| T: +1 416-596-0996 X 302 | T: +1 416-596-0996 X 301 |
Website: www.compassgoldcorp.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242162
FAQ
When will Compass Gold (COGDF) begin production at the Massala prospect?
How much gold can Compass Gold (COGDF) produce at Massala under the Small Mining Permit?
What is the status of Compass Gold's (COGDF) Small Mining Permit application?
How will Compass Gold (COGDF) process ore from the Massala mine?
What gold price is Compass Gold (COGDF) targeting for its Massala production?
Where is Compass Gold's (COGDF) Massala prospect located?
