Compass Provides an Update on the Massala Small Mine Permitting Process
Compass Gold Corp (TSXV: CVB) has provided an update on its Massala gold production project in Mali. The company has completed a project viability study and is preparing for bulk sampling at the SMAT Mining Facility, which will be modified to process up to 30 tonnes per hour initially. The bulk sampling is planned for February 2025 to provide recovery data and optimize plant design.
The company is finalizing documentation for a Small Mine Permit Application, which includes a completed project viability study and mine closure plan. The Community Development Plan and Environmental Impact Study are expected to be completed in February. Subject to permit approval, commercial production is targeted for early Q2.
Compass has a toll-treating agreement with SMAT, with the facility located 2 km from the Massala mine site. The ultimate objective is to achieve a production capacity of 100 tonnes per hour. Under the Malian Mining Code for Small Mines, operations are to mining 200,000 tonnes per year and producing 160,000 ounces of gold over four years.
Compass Gold Corp (TSXV: CVB) ha fornito un aggiornamento sul suo progetto di produzione d'oro Massala in Mali. L'azienda ha completato uno studio di fattibilità del progetto ed è in fase di preparazione per campionamenti massivi presso l'impianto minerario SMAT, che sarà modificato per trattare inizialmente fino a 30 tonnellate all'ora. I campionamenti di massa sono programmati per febbraio 2025 per fornire dati di recupero e ottimizzare il design dell'impianto.
L'azienda sta finalizzando la documentazione per una domanda di Permesso per Piccole Miniere, che include uno studio di fattibilità del progetto completato e un piano di chiusura della miniera. Si prevede che il Piano di Sviluppo della Comunità e lo Studio di Impatto Ambientale siano completati a febbraio. Soggetto ad approvazione del permesso, la produzione commerciale è prevista per l'inizio del secondo trimestre.
Compass ha un accordo di trattamento a pagamento con SMAT, con l'impianto situato a 2 km dal sito minerario di Massala. L'obiettivo finale è raggiungere una capacità produttiva di 100 tonnellate all'ora. Ai sensi del Codice Minerario Maliano per Piccole Miniere, le operazioni sono di estrazione di 200.000 tonnellate all'anno e produzione di 160.000 once d'oro in quattro anni.
Compass Gold Corp (TSXV: CVB) ha proporcionado una actualización sobre su proyecto de producción de oro Massala en Mali. La empresa ha completado un estudio de viabilidad del proyecto y se está preparando para muestreo a gran escala en la instalación minera SMAT, que será modificada para procesar inicialmente hasta 30 toneladas por hora. El muestreo a granel está programado para febrero de 2025 para proporcionar datos de recuperación y optimizar el diseño de la planta.
La compañía está finalizando la documentación para una Solicitud de Permiso para Pequeñas Minas, que incluye un estudio de viabilidad del proyecto completo y un plan de cierre de la mina. Se espera que el Plan de Desarrollo Comunitario y el Estudio de Impacto Ambiental se completen en febrero. Sujeto a la aprobación del permiso, se espera que la producción comercial comience a principios del segundo trimestre.
Compass tiene un acuerdo de tratamiento por contrato con SMAT, con la instalación ubicada a 2 km del sitio minero de Massala. El objetivo final es alcanzar una capacidad de producción de 100 toneladas por hora. Según el Código Minero Maliense para Pequeñas Minas, las operaciones comprenden la extracción de 200,000 toneladas por año y la producción de 160,000 onzas de oro en cuatro años.
Compass Gold Corp (TSXV: CVB)는 말리의 마살라 금 생산 프로젝트에 대한 업데이트를 제공했습니다. 이 회사는 프로젝트 타당성 연구를 완료했으며, 처음에 시간당 최대 30톤을 처리하기 위해 수정될 SMAT 광산 시설에서 대량 샘플링을 준비하고 있습니다. 대량 샘플링은 회수 데이터를 제공하고 플랜트 설계를 최적화하기 위해 2025년 2월로 예정되어 있습니다.
회사는 완전한 프로젝트 타당성 연구 및 광산 폐쇄 계획을 포함한 소규모 광산 허가 신청을 위한 문서를 마무리하고 있습니다. 지역사회 개발 계획 및 환경 영향 연구는 2월에 완료될 것으로 예상됩니다. 허가 승인을 받을 경우 상업적 생산은 2분기 초로 목표하고 있습니다.
Compass는 SMAT와 통행료 처리 계약을 체결했으며, 시설은 마살라 광산 현장에서 2km 떨어져 있습니다. 궁극적인 목표는 시간당 100톤의 생산 능력을 달성하는 것입니다. 말리의 소규모 광산에 대한 광업 법규에 따르면 연간 200,000톤을 채굴하고 4년 동안 160,000온스의 금을 생산하는 것입니다.
Compass Gold Corp (TSXV: CVB) a fourni une mise à jour sur son projet de production d'or Massala au Mali. L'entreprise a terminé une étude de faisabilité du projet et se prépare à des échantillonnages à grande échelle au sein de l'installation minière SMAT, qui sera modifiée pour traiter initialement jusqu'à 30 tonnes par heure. Les échantillonnages en vrac sont prévus pour février 2025 afin de fournir des données de récupération et d'optimiser la conception de l'usine.
L'entreprise finalise la documentation pour une demande de permis de petite mine, qui inclut une étude de faisabilité du projet complétée et un plan de fermeture de la mine. Le Plan de Développement Communautaire et l'Étude d'Impact Environnemental devraient être finalisés en février. Sous réserve d'approbation du permis, la production commerciale est prévue pour le début du deuxième trimestre.
Compass a un accord de traitement par contrat avec SMAT, l'installation étant située à 2 km du site minier de Massala. L'objectif final est d'atteindre une capacité de production de 100 tonnes par heure. Selon le Code Minier Malien pour les Petites Mines, les opérations consistent à extraire 200 000 tonnes par an et à produire 160 000 onces d'or sur quatre ans.
Compass Gold Corp (TSXV: CVB) hat ein Update zu ihrem Goldproduktionsprojekt Massala in Mali bereitgestellt. Das Unternehmen hat eine Machbarkeitsstudie zum Projekt abgeschlossen und bereitet sich auf Probenahmen in größeren Mengen im SMAT-Bergwerk vor, das zunächst so modifiziert wird, dass es bis zu 30 Tonnen pro Stunde verarbeiten kann. Die Probenahmen sind für Februar 2025 geplant, um Rückgewinnungsdaten bereitzustellen und das Anlagendesign zu optimieren.
Das Unternehmen finalisiert die Dokumentation für einen Antrag auf Kleinbergbau-Lizenz, die eine abgeschlossene Machbarkeitsstudie und einen Schließungsplan für die Mine umfasst. Der Plan zur Entwicklung der Gemeinschaft und die Umweltverträglichkeitsprüfung sollen im Februar abgeschlossen werden. Vorbehaltlich der Genehmigung des Antrags ist die kommerzielle Produktion für Anfang des zweiten Quartals vorgesehen.
Compass hat eine Vereinbarung zur Aufbereitung mit SMAT, wobei die Anlage 2 km von der Massala-Mine entfernt ist. Das endgültige Ziel ist es, eine Produktionskapazität von 100 Tonnen pro Stunde zu erreichen. Nach dem malischen Bergbaugesetz für Kleinbergbau sind die Betriebe auf die Förderung von 200.000 Tonnen pro Jahr und die Produktion von 160.000 Unzen Gold über vier Jahre ausgelegt.
- Completed project viability study and mine closure plan
- Processing facility location only 2 km from mine site
- Initial processing capacity of 30 tonnes per hour, scalable to 100 tonnes per hour
- Commercial production targeted for early Q2 2025
- Mining operation to 200,000 tonnes per year under Small Mine regulations
- Still awaiting necessary permits and approvals
- Environmental Impact Study not yet completed
Project Viability Study Completed, Bulk Sampling Planned for February 2025
Toronto, Ontario--(Newsfile Corp. - January 6, 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. (See Figure 1.)
Highlights
- Existing SMAT Mining Facility to be modified to allow for initial bulk sampling of Compass ore at a rate of up to 30 tonnes per hour
- Bulk sampling planned for February will provide recovery data and help optimize the final plant design
- Documentation for a Small Mine Permit Application at Massala is being completed, which includes a project viability study*, mine closure plan, community development plan and environmental permit.
- The project viability study and mine closure plan have been completed. The Community Development Plan and Environmental Impact Study are underway and due to be completed in February
- Subject to receiving the Small Mine Permit, commercial production on track to commence by early Q2
Compass CEO Larry Phillips, said, "Progress is going extremely well on our Massala Small Mine project. Our Compass team in Mali is working diligently with the SMAT group and expert consultants to expedite the Small Mine application process and prepare the SMAT mining facility for commercial production. We have completed a detailed project viability report. The remaining studies required by the Ministry of Mines are underway and should be completed in the next 60 days. Our team is also working with SMAT and an independent engineering group to complete a modification of the existing mining facility to allow for bulk sampling of our Massala ore before the end of February. This sampling will provide crucial information on gold recovery and the optimal design of the crushing and processing facilities. Together with SMAT, our co-production partner, the objective is to design a mining operation with the capacity to process up to 100 tonnes per hour."
"All of this technical work will be critical to achieving the first commercial production at Massala. Provided that the necessary permits are received, our objective remains the same-to pour gold by the second quarter of this year."
Ratification of the Toll-Treating Agreement
As previously reported (see Compass news released dated October 28, 2024) Compass has entered into an agreement for a joint production and toll-treating arrangement with SMAT, a Malian business group, regarding the use of its small mining facility. The SMAT facility is located 2 km from the Massala mine site and is adjacent to Compass's proposed Massala-Tarabala mining permit. This existing facility is currently being upgraded with the addition of a primary crushing unit, with the aim of processing ore at an initial rate of up to 30 tonnes per hour. The ultimate objective is to operate a facility with a production capacity of 100 tonnes per hour. Compass and its joint-venture partner have targeted Q1, 2025 for the SMAT processing facility to be operational and Compass to have secured the required Mining Permit authorizing this joint toll-treating agreement. This total annual gold production and ore processing will fall within the provisions of the Malian Mining Code for Small Mines, as proclaimed in July of this 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.
Figure 1: Location of Massala and Tarabala prospects in relation to the SMAT processing plant. The Tarabala trend is defined by the zone of gold mineralization identified by Compass drilling.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1861/236050_70df2f7a24824b63_001full.jpg
Application for a Small Mine Permit and Bulk Sample Collection
The Company is preparing its application for a Small Mine permit to be submitted with the Malian authorities in February, provided the Ministry has resumed the process of accepting applications. . The application will include a project viability study that conforms to the Malian Ministry of Mines guidelines and an environmental study, both required by the law. Community engagement negotiations are also ongoing to ensure cordial relations are maintained in the project area and the surrounding communities.
An application has been made by Compass to collect a bulk sample of representative near surface mineralization from the Massala resource area. The material will be used to test and optimize the equipment at the SMAT plant.
(*The project viability study required by the Malian authorities is not a CIM-defined Feasibility Study outlined in NI 43-101, since no resource estimation or metallurgy study has been performed, and was prepared solely in connection with the Company's application for a Small Mine Permit at Massala.)
Granting of Options
The Board of Directors has approved the issuance of 4,180,000 options to officers, employees and consultants of the Company. Each option is exercisable into one common share of the Company (each, a "Common Share") at an exercise price of
The total number of outstanding options under the Company's plan, including the grant above, is now 5,696,000 options or approximately
In the last year, option grants previously issued to officers and directors of the company have expired and as follows: 775,000 expired on May 22, 2024, and 935,000 expired December 15, 2024.
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
Larry Phillips - Pres. & CEO
lphillips@compassgoldcorp.com
T: +1 416-596-0996 X 302
Compass Gold Corporation
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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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236050
FAQ
What is the processing capacity of Compass Gold's (COGDF) Massala project?
When will Compass Gold (COGDF) begin bulk sampling at the Massala project?
What is the maximum allowed production under Mali's Small Mine permit for COGDF?
When does Compass Gold (COGDF) expect to start commercial production at Massala?
What is the distance between COGDF's Massala mine site and the SMAT processing facility?
