Compass Prepares to Receive Mining Permit for Its Planned Small Gold Mine Project at Massala
Rhea-AI Summary
Compass (OTC:COGDF) expects the Malian Ministry of Mines to grant a Small Mine Permit for the Massala prospect before the end of March 2026. The company is completing a second bulk sample of 90 tonnes using a finer grind (<2mm vs prior 8mm) and commissioning metallurgical testing at Blue Coast Research to define optimal processing. Concurrent tests at Bagama Mining's plant are assessing whether crushing and grinding oxidized material improves gold recoveries. Management says the permit timeline is outside the company's control but expects near-term permit award and will report results in the coming weeks.
Positive
- Small Mine Permit expected before end of March 2026
- Second bulk sample of 90 tonnes using finer grind <2mm
- Metallurgical testing commissioned at Blue Coast Research
Negative
- Permit process has taken longer than anticipated; timeline uncertain
- Prior gravity tests showed gold not effectively liberated
- Dependence on third-party plant (Bagama Mining) for bulk tests
Nearing completion of the second bulk sample testing using fine-grind processing and metallurgical testing
Toronto, Ontario--(Newsfile Corp. - January 23, 2026) - Compass Gold Corp. (TSXV: CVB) (Compass or the Company) reports that the Malian Ministry of Mines is expected to issue a Small Mine Permit for the Company's Massala prospect located along the 15 km Tarabala Trend, before the end of March.
Highlights:
Small Mine Permit for Massala remains on track
Completing the second bulk sample testing using fine-grind processing
Completing metallurgical testing at Blue Coast Research
Finalizing initial high-grade processing solution on Compass permit area
Compass CEO Larry Phillips said, "We continue to wait for the grant of the final Small Mine permit for our Massala project. While this process has taken longer than we anticipated, we are in almost daily contact with the Malian Ministry of Mining and have been assured that there are no issues or obstacles relating to our application, and we still expect to be amongst the first to receive a Small Mine Permit. The timeline, however, is not within our control.
"While the permit process moves forward, our team has been busy advancing in several important ways. We have arranged for a second bulk sampling of 90 tonnes of material from the first zones at Massala but using a finer grind of less than 2mm compared with the 8mm grind that was previously used. We believe this adjustment will optimize recoveries.
"We have also commissioned a detailed metallurgical study by Blue Coast Research here in Canada, which will provide additional data for the design of processing facilities on the Massala site.
"Finally, we have incorporated some of the recent gold price escalation into our planning and have determined that a streamlined, high-grade approach to the initial work under a Small Mine Permit provides extremely compelling economics and attractive alternatives to a toll-treatment, co-production scenario. We expect to report on these initiatives in the coming weeks.
"Altogether, these developments make for a very exciting few months for Compass Gold and our shareholders."
Bulk Sampling Near Completion
Previous bulk sample testing using a nearby plant indicated that gold was not being effectively liberated during the gravity separation tests. As a result, a new set of bulk tests is currently being undertaken from several locations along the 6 to 10 metre wide, 150 metre long exposed mineralized zone. These samples are being tested by Bagama Mining (a mid-sized Malian mining company) at its plant to see if crushing and grinding the oxidized material improves the gold yield. Concurrent with this work, metallurgical testing is taking place at Blue Coast Research (British Columbia, Canada) on two samples of Massala mineralization and one sample from the nearby Tarabala mineralized zone. The aim of this work is to independently test the samples for gold recoveries and the optimal processing method.
About Compass Gold Corp.
Compass, a public company incorporated in 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
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/281333
FAQ
When does Compass (COGDF) expect the Massala Small Mine Permit?
What bulk sampling is Compass performing at Massala (COGDF)?
Where is Compass (COGDF) doing metallurgical testing for Massala?
Why did Compass change the grind size for Massala bulk tests (COGDF)?
How will Massala test results affect Compass (COGDF) planning?
