The Treasure Compass is forged at a blacksmith's shop, not created at an alchemy table. To craft it, visit any blacksmith and select the Forge option and find the Treasure Compass you would like to craft.
Troubleshooting Steps
Situation 1: The recipe is not in your inventory.
The Treasure Compass blueprint is a one-time use item. After you use the blueprint, the recipe is permanently added to your forging list and the blueprint item is consumed. Please check the Forge menu and see if you have the Treasure Compass listed.
Situation 2: The Treasure Compass is grayed out in the forging menu.
If the Treasure Compass recipe is grayed out, it indicates you lack the required materials. Check the Forge menu to see the specific materials you need to gather.