RE: Drilling - Mali
Yesterday I spent roughly 6 hours reading everything I could dig up on Compass and research all the people involved in the company including the 43-101 which I encourage everyone to do.
Yanfolila is considered the principal property of Africa Mining and a 43-101-compliant report dated January 14, 2010 has been completed on this property (
"43-101 Report").
After reading the report you will have an on the ground view and understanding what could be a very exciting birth of a major gold exploration company. This phase II stage is well set forth on page 65 of this report.
TABLE 12.
PROPOSED EXPLORATION BUDGET FOR THE YANFOLILA CONCESSION
Work Type Units Unit Cost
(US$)
Cost
(US$)
Total Cost
(US$)
PHASE I PROGRAM
Structural Interpretation (LandSat Imagery, Airborne Data) US$10,000 US$$10,000
Geological Mapping Program
Duration (2 months); $10,000 per month 2 10,000 $20,000
Cut an Exploration Grid $5,000
Analyses - 200 Rock Samples (Gold and multi-element) 200 70 $14,000 $39,000
Ground Geophysical Surveying:
Ground Magnetic Survey (100 line-km) 100 175 $17,500
IP Surveying (100 to 300 m, vertical) - 25 line-km (initially focused
in Solona Area)
25 1,700 $42,500 $60,000
Soil Sampling Program
Labour to conduct soil sampling survey $15/sample 400 15 $6,000
Analyses - 400 Soil Samples (Gold and multi-element) (initially
focused in Solona Area)
400 70 $28,000 $34,000
Trenching Program (ie Solona and Yanfolila Showings)
Trench Excavations (labour) - 1000 m at $14/m 1000 14 $14,000
Trench mapping and Channel Sampling 1000 25 $25,000
Analyses - 500 samples 500 70 $35,000 $74,000
Local Project Management (10% of Cumulative Cost) 0.1 $217,000 $21,700
Permitting/Reporting $7,500
Environmental Monitoring $5,000
Consulting Fees $40,000 74,200
Subtotal $291,200
Contingency (~10%) $28,800
TOTAL PHASE 1 $320,000
PHASE II PROGRAM
RC Drilling Program (1,500 m) - 5-10 drill holes, 150 m each 1,500 85 $127,500
Geologist, helpers and sample collection 1,500 25 $37,500
Mobilization/demobilization $20,000
Analyses of RC samples (every 1.0 m) 1,500 35 $52,500
transportation $5/m (samples and equipment) 1,500 5 $7,500 $245,000
Diamond Drilling (500 m) 2-3 drill holes (around 150-200 m each) 500 165 $82,500
Analyses of split drill core at $35/m 150 35 $5,250
Mobilization/demobilization $20,000
Geological Field Support (core logging etc.) $20/m 150 20 $3,000
transportation $5/m (samples and equipment) 150 5 $750
Field workers at $7/m 150 7 $1,050 $112,550
Local Project Management (10% of Cumulative Cost) 0.1 $357,550 $35,755
Permitting/Reporting $7,500
Environmental Monitoring $5,000
Consulting Fees $40,000 88,255
Subtotal US$445,805
Contingency (~10%) $44,195
TOTAL PHASE 2 US$490,000
GRAND TOTAL (PHASES I AND 2) US$810,000