- Three widely spaced reconnaissance holes up to 600 metres
apart were drilled to test the Trap target ("Trap"), a
north-northwest trending structurally controlled corridor with
evidence of overprinting porphyry veins and late-stage carbonate
base metal ("CBM") veins. All three holes intersected highly
altered porphyry rocks with multiple sheeted and stockwork
veinlets, with hole TRC-1 yielding the most robust results as
follows:
-
- 102.2 metres @ 1.53 g/t gold equivalent (from 100 metres
vertical).
- Recent geological mapping and sampling has materially
extended the strike length of the Trap target to 1.75 kilometres,
and it remains open in both directions along strike for further
expansion.
TORONTO, Sept. 27,
2022 /CNW/ - Collective Mining Ltd. (TSXV:
CNL) (OTCQX: CNLMF) ("Collective" or the "Company") is pleased
to announce diamond drill hole and rock chip assay results from
reconnaissance work, which outlines a new discovery referred to as
the Trap mineralized corridor ("Trap"). Trap is located
approximately four kilometres to the north-northeast of the
Company's flagship Apollo discovery and is one of seven grassroots
generated porphyry and porphyry-related targets at its flagship
Guayabales project located in Caldas, Colombia. Apollo is a newly discovered
high-grade copper-gold-silver porphyry-related breccia with
previously announced intercepts including the discovery hole
APC-2, which intersected 207.15 metres @ 2.68 g/t
AuEq and APC-8, which intersected 265.75 metres @ 2.44 g/t
gold equivalent (See press releases dated August 10th and September
13th respectively). As part of its fully funded
20,000+ metre drill program for 2022, there are currently three
diamond drill rigs operating at the Apollo target.
"This new and early-stage discovery at the Trap target
highlights the immensely prospective nature of our Guayabales
project. With slightly more than one year of exploration under our
belt, our young Company, which is anchored by a core team of
talented individuals, has drilled four new grassroot discoveries.
Our priority remains the drilling and expanding of our flagship
Main Breccia discovery at the Apollo target, but our reconnaissance
exploration teams continue to identify new zones and targets with
different styles of mineralization located within a four-kilometre
by four-kilometre area hosting a cluster of porphyry and
porphyry-related style targets. I am impressed with the continued
drilling success at the Guayabales project. Our robust rate in
making new discoveries at the project is virtually unparalleled in
the mining industry and is a strong testament to the mineral
endowment of this emerging mining district," commented Ari Sussman, Executive Chairman.
Details (See Table 1 and Figures 1 – 3)
The Company recently completed three scout diamond drill holes
plus additional channel chip sampling and geological mapping at the
Trap target, a newly discovered structural corridor with details as
follows:
- Geology mapping and rock sampling highlights a north-northwest
trending structural corridor superimposed on earlier porphyry
related mineralization event and all hosted within quartz diorite
rocks. Rock sampling of sporadic outcrops along the 1.75-kilometre
mineralized corridor yielded 32 samples grading over 1 g/t gold
(range 1 g/t Au to 10.7 g/t Au) with silver values up to 687 g/t
and copper values up to 3.7%.
- Three scout drill holes were completed in the central
(TRC-1) and southern portion (VICE-1 & 2) of the trap corridor
and returned the following significant intercepts:
-
- TRC-1: 102.2m @ 1.53 g/t AuEq
from 233.80m (100 metres vertical);
- VICE-1: 14.7m @ 1.44 g/t AuEq
from 212.60m (182 metres vertical);
and
- VICE-2: 18.9m @ 1.83 g/t AuEq
from 214.60m (100 metres
vertical).
In each hole the mineralization relates to an
early gold-copper (chalcopyrite) phase linked with potassic
alteration which is overprinted by a younger precious-polymetallic
vein system associated with intense sericite alteration resulting
in a white bleaching of the rock fabric. Veinlet systems include
sheeted and stockwork forms in multiple different orientations.
- Trap remains open in all directions and further reconnaissance
work continues along this zone. A follow up drill program will
ensue once additional data is collected, and targets are further
refined.
- The Company continues to prioritize the Apollo discovery due to
the significant results intercepted to date with diamond drilling
including hole APC-2, which intersected 207.15 metres @ 2.68 g/t
AuEq and hole APC-8, which intersected 265.75 metres @ 2.44
g/t gold equivalent as announced in press releases
dated August 10th, 2022, and September 13th respectively). Assay
results are anticipated in the near term for four additional holes
from Apollo with the following encouraging visual intercepts for
two of the holes that targeted and successfully intersected the
Main Breccia discovery:
-
- Diamond drill holes APC-12 and APC-14 successfully
encountered the Main Breccia discovery as planned with both holes
intersecting more than 230 metres of potentially favorable
mineralization.
Table 1: Assays Results
HoleID
|
From
(m)
|
To
(m)
|
Intercept
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Cu %
|
AuEq (g/t)
*
|
TRC-1
|
233.80
|
336.00
|
102.20
|
1.26
|
12
|
0.09
|
1.53
|
Incl
|
259.10
|
269.00
|
9.90
|
3.00
|
25
|
0.25
|
3.65
|
|
294.50
|
303.70
|
9.20
|
1.82
|
31
|
0.07
|
2.27
|
VICE-1
|
212.60
|
227.30
|
14.70
|
1.14
|
26
|
0.01
|
1.44
|
Incl
|
213.20
|
214.80
|
1.60
|
2.33
|
47
|
0.01
|
2.87
|
|
219.55
|
220.70
|
1.15
|
1.91
|
131
|
0.04
|
3.66
|
and
|
253.50
|
270.50
|
17.00
|
0.69
|
6
|
0.01
|
0.75
|
VICE-2
|
214.60
|
233.50
|
18.90
|
1.06
|
36
|
0.18
|
1.83
|
Incl
|
214.60
|
216.60
|
2.00
|
3.55
|
208
|
0.17
|
6.51
|
*AuEq (g/t) is
calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95)
+ (Cu (%) x 1.96 x 0.95) utilizing metal prices of Cu – US$4.00/lb,
Ag – $20/oz and Au – US$1,400/oz and recovery rates of 95% for Au,
Ag and Cu. Recovery rate assumptions are speculative as no
metallurgical work has been completed to date.
|
** A 0.2 g/t AuEq
cut-off grade was employed with no more than 15% internal dilution.
True widths are unknown, and grades are uncut.
|
About Collective Mining Ltd.
To see our latest corporate presentation and related
information, please visit www.collectivemining.com
Collective Mining is an exploration and development company
focused on identifying and exploring prospective mineral projects
in South America. Founded by the
team that developed and sold Continental Gold Inc. to Zijin Mining
for approximately $2 billion in
enterprise value, the mission of the Company is to repeat its past
success in Colombia by making
significant new mineral discoveries and advance the projects to
production. 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.
The Company currently holds an option to earn up to a 100%
interest in two projects located in Colombia. As a result of an aggressive
exploration program at both the Guayabales and San Antonio projects, a total of seven major
targets have been defined at Guayabales as well as another three at
San Antonio. The Company has made
a total of five significant grassroot discoveries at both projects
with near-surface discovery holes at the Guayabales project
yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163
metres at 1.3 g/t AuEq at the Donut target, 207.15 metres at
2.68 g/t AuEq, 180.6 metres at 2.43 g/t AuEg and 87.8 metres at
2.49 g/t AuEg at the Apollo target and most recently, 102.2m @ 1.53 g/t AuEq at the Trap target. At the
San Antonio project, the Company
intersected, from surface, 710 metres at 0.53 AuEq. (See
related press releases on our website for AuEq
calculations)
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news
release within the meaning of National Instrument 43-101 ("NI
43-101") and has reviewed and verified that the technical
information contained herein is accurate and approves of the
written disclosure of same. Mr. Reading has an MSc in Economic
Geology and is a Fellow of the Institute of Materials, Minerals and
Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS
laboratory facilities in Medellin,
Colombia and Lima, Peru.
Blanks, duplicates, and certified reference standards are inserted
into the sample stream to monitor laboratory performance. Crush
rejects and pulps are kept and stored in a secured storage facility
for future assay verification. No capping has been applied to
sample composites. The Company utilizes a rigorous,
industry-standard QA/QC program.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements,
including, but not limited to, statements about the drill programs,
including timing of results, and Collective's future and
intentions. Wherever possible, words such as "may", "will",
"should", "could", "expect", "plan", "intend", "anticipate",
"believe", "estimate", "predict" or "potential" or the negative or
other variations of these words, or similar words or phrases, have
been used to identify these forward-looking statements. These
statements reflect management's current beliefs and are based on
information currently available to management as at the date
hereof.
Forward-looking statements involve significant
risk, uncertainties, and assumptions. Many factors could
cause actual results, performance, or achievements to
differ materially from the results discussed or implied in the
forward-looking statements. These factors should be
considered carefully, and readers should not place undue
reliance on the forward-looking statements. Although the
forward-looking statements contained in this news release are based
upon what management believes to be reasonable assumptions,
Collective cannot assure readers that actual results will be
consistent with these forward-looking statements. These
forward-looking statements are made as of the date of this news
release, and Collective assumes no obligation to update or revise
them to reflect new events or circumstances, except as required by
law.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this news release.
SOURCE Collective Mining Ltd.