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Collective Mining drills 2.1 g/t AuEq over 270 metres at Guayabales, Colombia
Collective Mining Ltd. [CNL-TSXV; CNLMF-OTCQX] has provided assay results for five drill holes. Two reconnaissance…
Collective Mining Ltd. [CNL-TSXV; CNLMF-OTCQX] has provided assay results for five drill holes. Two reconnaissance holes tested target 1 to the southwest of the Apollo porphyry system, while the remaining three holes were drilled into Apollo, which are all part of the Guayabales project located in Caldas, Colombia.
The Apollo target area already hosts a high-grade, bulk-tonnage copper-silver-gold porphyry system and six newly generated targets surrounding it. The porphyry system in the Apollo target area owes its excellent metal endowment to an older copper-silver and gold porphyry system being overprinted by younger precious metal rich, carbonate base metal vein systems (intermediate sulphidation porphyry veins) within a magmatic, hydrothermal inter-mineral breccia and diorite porphyry bodies currently measuring 455 metres by 395 metres by 915 metres and open for expansion.
Drill hole APC-58 intersected 270 metres at 2.11 g/t gold equivalent from surface at Apollo extending the near-surface mineralization to the southwest from pad 10 in an undrilled portion of the deposit.
The first-ever drill hole (APC-54) to test target 1 to the southwest of the Apollo porphyry system has clipped what is interpreted to be the edge of a new mineralized gold-silver-copper porphyry body and returned the following significant intercepts: 51.15 metres at 1.79 g/t AuEq (gold equivalent) from 358.10 metres downhole; 93.20 metres at 0.69 g/t gold equivalent from 490.05 metres downhole.
APC-54 bottomed in mineralization as it entered a favourable breccia host unit with the final 1.85 metres grading 0.82 g/t gold equivalent.
As a result of this discovery and based on new surface work at target 1, the company will immediately mobilize a drill rig to pad 3 and drill a fan of holes to cover the target area, which measures at least 350 metres along strike and open for expansion.
Drill hole APC-59 was drilled steeply from pad 6 and cut the high-grade Contact zone at Apollo yielding 19 metres at 9.10 g/t gold equivalent within 163.25 metres at 2.66 g/t gold equivalent from surface.
Four rigs are currently operating at the Guayabales project with nine additional holes completed and awaiting assay results. All nine holes have cut significant visual mineralization including APC-60 that intersected more than 550 metres of mineralization from near surface; APC-63 intersected more than 430 metres of mineralization; APC-64 intersected more than 450 metres of mineralization from near surface; APC-65 intersected more than 500 metres of mineralization from surface.
Ari Sussman, executive chairman, commented: “Our hardworking team continues to outline exciting new targets and concepts at the Guayabales project. As our knowledge of the project expands, so too does the scale of the system. We are exploring in a truly remarkable geologically endowed area of Colombia that has already yielded multiple discoveries and we are confident that we have only scratched the surface of potential for the project.
“It is also particularly gratifying that our neighbour, Aris Mining, was recently granted the required licences by the Colombian government to construct a large-scale gold mine immediately next door to our Guayabales project, which further validates that Colombia is open for business for mining companies that operate with transparency and high standards. I wish them success in constructing the Marmato mine and look forward to being part of the modernization of this historic mining camp.”
The 2023 phase II drilling program is advancing on schedule with 28 holes completed and results announced with an additional nine holes awaiting assay results from the lab. Since the announcement of the discovery hole at Apollo in June, 2022, a total of 60 drill holes (approximately 26,520 metres) have been completed and assayed.
Collective Mining is a copper, silver and gold exploration company with projects in Caldas, Colombia. The company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The company’s near-term objective is to drill the shallow portion of the porphyry system, continue to expand the overall dimensions of the system, which remains open in most directions and test newly generated grassroots targets.
Management, insiders, and close family and friends own nearly 45% of the outstanding shares of the company and as a result, are fully aligned with shareholders.
