Highlights:
- Compass Gold Corp. completes expanded environmental review for Massala prospect.
- Agreement to transfer Badogo permit to Mina Sable SARL for over CDN$1.0 million.
- Bulk sampling of Massala ore at SMAT facility expected to begin by end of May.
Compass Gold Corp. (CVB) has reported significant progress in their gold production plans for the Massala prospect in Mali, following the completion of an expanded environmental review process. The review includes provisions for a future, wholly-owned processing facility, signifying a robust step towards autonomous operations.
The company's SMAT production facility has successfully completed its first production test. Consequently, bulk sampling of the Massala ore is scheduled to commence by the end of May, pending the initial processing of SMAT's ore to confirm operational efficiencies.
In addition to these developments, Compass Gold has entered into an agreement to transfer its 100 sq. km Badogo permit area to Mina Sable SARL for a total of over CDN$1.0 million. The structured payment includes an initial $200,000, a subsequent $480,000 upon formal permit assignment, and a final $320,000 contingent on the commencement of small mine operations within two years.
The final issuance of the Small Mine Permit by the Ministry of Mines remains pending but is anticipated to proceed smoothly following comprehensive environmental assessments and stakeholder consultations.
CEO Larry Phillips commented on the extensive work carried out over the past months, emphasizing the synergistic efforts with government officials to establish the Massala Small Mine as a benchmark for forthcoming small mine applications in Mali.
