- APC-12 intersected the highest-grade assay results drilled
to date in the Main Breccia discovery at the Apollo target. The
hole intercepted a continuous, broad, and consistently high-grade
zone of copper-silver-gold mineralization with multiple,
overprinting carbonate base metal veins observed within the breccia
matrix and returned:
-
- 237.70 metres @ 2.88 g/t gold equivalent (170 metres
vertical)
- APC-14 intersected two separate zones of mineralization.
Importantly, the shallower intercept, beginning at only 45 metres
down hole, extended the southern dimension of the Main Breccia
discovery and confirmed continuity of copper-silver-gold
mineralization directly below the recently announced outcrop
discovery with assay results as follows:
-
- 47.45 metres @ 1.36 g/t gold equivalent (45 metres
vertical)
- The second intercept, which was slightly deeper down hole,
cut a remarkably continuous zone of Main Breccia copper-silver-gold
mineralization and extended the width of the system slightly to the
north with results as follows:
-
- 194.3 metres @ 2.00 g/t gold equivalent (130 metres
vertical)
- As a result of the intercepts in APC-14, the known width of
the system increased by approximately 90% with the overall maximum
dimensions of the Main Breccia now measuring 385 metres along
strike by 190 metres width by 500 metres depth (prior dimensions
were 350 metres x 100 metres x 500 metres). The deposit remains
open in all directions.
TORONTO, Oct. 6, 2022
/CNW/ - Collective Mining Ltd. (TSXV: CNL) (OTCQX:
CNLMF) ("Collective" or the "Company") is pleased to announce
assay results from four additional holes completed at the Apollo
target ("Apollo") within the Company's Guayabales project located
in Caldas, Colombia. The Main
Breccia discovery at Apollo is a high-grade, bulk tonnage
copper-gold-silver porphyry-related breccia target with previously
announced intercepts including 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.
"The Main Breccia discovery at the Apollo target continues to
deliver robust results demonstrating remarkable continuity and
grade over significant drilling widths. Drill-hole APC-14 is
a very important hole as it not only confirmed that the Main
Breccia comes directly to surface in the southern portion of the
system but also extended the size (width) of the system to the
south and to the north. Subsequent step out drill holes either
recently completed or currently underway appear to have intersected
significant extensions to the size of the system in the north. Once
logging has been completed and interpreted by our team, a further
update will be provided in the near term on this exciting
development," commented Ari Sussman,
Executive Chairman.
Details (See Table 1 and Figures
1– 5)
Eleven diamond drill holes with accompanying assay results have
now been announced at Apollo and based on results, the Main Breccia
at Apollo continues to grow and now measures up to 385 metres along
strike by 190 metres in width by 500 metres vertical. The target
remains open in all directions and continues to develop into a
significant bulk tonnage mineralized system.
Assay results have been received for four new sequential drill
holes APC-11 through APC-14. Drill holes APC-12 and APC-14
intersected the Main Breccia and were drilled in different
directions from two separate drill pads. APC-14 was drilled to the
north from Pad 3 to a final depth of 407.5 metres and APC-12 was
drilled eastwards to a final depth of 474.4 metres from the newly
constructed Pad 4, which is located 300 metres to the north of Pad
3. Drill holes APC-11 and 13 were collared from Pad 2 and were
drilled to the south and east to final depths of 243.75 metres and
313.20 metres respectively.
Assay results and related details are listed below:
- APC-12: 237.70 metres @ 2.88 g/t AuEq from 191.35
metres down hole (170 metres vertical) including:
14.3
metres @ 5.58 g/t AuEq from 209.70 metres down hole; and
21.75 metres @ 8.27 g/t AuEq from 339.55 metres down hole.
- APC-12 is the Company's highest-grade intercept to date within
the Main Breccia discovery at Apollo and includes broad, continuous
and consistent zones of gold (1.15 g/t Au), silver (72 g/t Ag) and
copper (0.38% Cu) grades. The mineralized angular Breccia consists
of quartz porphyry clasts and a matrix of chalcopyrite, pyrrhotite
and pyrite, all of which are over printed by CBM veins hosting
quartz, carbonate, sphalerite and galena.
- APC-14: 47.45 metres @ 1.36 g/t AuEq from 84.25
metres down hole (45 metres vertical) and 194.30 metres @ 2.00
g/t AuEq from 197.0 metres down hole (130 metres vertical).
APC-14 intercepted two zones of mineralized angular breccia
with a similar sulphide matrix to APC-12. The
shallower zone was intersected only 45 metres below a recently
discovered outcrop of the Main Breccia body. The
deeper intercept is separated from the shallower one by a
post mineralization, diorite dyke and includes the
highest proportion of copper intersected to date within the
Main Breccia discovery grading 0.44% copper over the
entire 194.30 metre interval.
- APC-11 was drilled specifically to target a zone of high
grade CBM veins and intersected multiple sheeted northwest trending
veins and returned a grade range of 11.9 g/t AuEq to 3.48 g/t AuEq
over widths ranging from 0.55 metres to 1.35 metres.
- APC-13 was sited to intersect the Main Breccia body at
depth but was terminated early due to mechanical issues with the
rig. Prior to termination, the hole did intercept multiple CBM
veins at shallow elevations including:
-
- 3.9 metres @ 10.25 g/t gold equivalent from 128.95 metres
downhole; and
- 2.0 metres @ 16.99 g/t gold equivalent from 141.20 metres
downhole.
- Three rigs continue to drill at the Apollo project with
additional assay results anticipated in the near term, including
potentially significant step out holes drilled to the north well
past the currently modeled northern boundary of the Main Breccia
system.
- The Apollo target area, as defined to date by surface mapping,
rock sampling and copper and molybdenum soil geochemistry, covers
an 800 metres X 700 metres area. The Apollo target area hosts
the Company's new Main Breccia discovery plus a vein system located
above and on the eastern flank of the Main Breccia discovery and
the Northern Breccia discovery located 250 metres to the north of
the Main Breccia. Multiple additional untested breccia,
porphyry and vein targets have been generated and will be drilled
in due course. The overall Apollo target area also remains open for
further expansion.
Table 1: Apollo Target Assays Results
HoleID
|
From
(m)
|
To
(m)
|
Intercept
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
%
|
Zn %
|
Pb %
|
Mo
%
|
AuEq
(g/t)*
|
APC-11
|
55.00
|
55.60
|
0.60
|
7.73
|
28
|
0.02
|
0.07
|
0.47
|
0.001
|
8.02
|
|
157.55
|
158.10
|
0.55
|
1.88
|
61
|
0.06
|
0.58
|
0.68
|
0.001
|
3.48
|
|
160.00
|
161.20
|
1.20
|
2.89
|
113
|
0.07
|
0.74
|
1.49
|
0.001
|
5.64
|
|
173.60
|
174.25
|
0.65
|
5.95
|
18
|
0.02
|
0.14
|
0.17
|
0.002
|
6.13
|
|
231.00
|
231.65
|
0.65
|
11.80
|
12
|
0.01
|
0.54
|
0.13
|
0.001
|
11.90
|
|
234.70
|
235.45
|
0.75
|
2.42
|
50
|
0.02
|
0.14
|
0.89
|
0.001
|
3.51
|
|
237.10
|
238.45
|
1.35
|
4.22
|
11
|
0.02
|
0.08
|
0.08
|
0.001
|
4.30
|
APC-12
|
191.35
|
429.05
|
237.70
|
1.15
|
72
|
0.38
|
0.08
|
0.07
|
0.001
|
2.88
|
Incl
|
209.70
|
224.00
|
14.30
|
4.01
|
77
|
0.21
|
0.27
|
0.26
|
0.001
|
5.58
|
|
339.55
|
361.30
|
21.75
|
3.84
|
210
|
0.68
|
0.37
|
0.45
|
0.001
|
8.27
|
|
416.90
|
429.05
|
12.15
|
3.64
|
84
|
0.22
|
0.04
|
0.06
|
0.001
|
5.09
|
APC-13
|
126.40
|
143.20
|
16.80
|
4.24
|
19
|
0.01
|
0.24
|
0.21
|
0.001
|
4.60
|
Incl
|
128.95
|
132.85
|
3.90
|
9.73
|
34
|
0.02
|
0.46
|
0.32
|
0.000
|
10.25
|
|
141.20
|
143.20
|
2.00
|
15.54
|
65
|
0.02
|
1.03
|
1.10
|
0.001
|
16.99
|
|
242.10
|
242.80
|
0.70
|
3.63
|
24
|
0.02
|
0.12
|
0.10
|
0.000
|
3.97
|
|
343.60
|
353.70
|
10.10
|
1.15
|
16
|
0.01
|
0.05
|
0.05
|
0.000
|
1.39
|
and
|
343.60
|
345.60
|
2.00
|
2.77
|
25
|
0.01
|
0.10
|
0.05
|
0.000
|
3.09
|
APC-14
|
84.25
|
131.70
|
47.45
|
0.81
|
13
|
0.20
|
0.01
|
0.00
|
0.003
|
1.36
|
|
197.00
|
391.30
|
194.30
|
0.39
|
56
|
0.44
|
0.03
|
0.01
|
0.002
|
2.00
|
*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) + (Mo (%) x 7.35 x 0.95)+(Zn(%)x 0.86 x
0.95)+ (Pb(%)x 0.44 x 0.95) utilizing metal prices of Cu –
US$4.00/lb, Mo – US$15.00/lb, Zn – US$1.75/lb, Pb – US$0.9/lb, Ag –
$20/oz and Au – US$1,400/oz and recovery rates of 95% for Au, Ag,
Cu, Mo, Zn and Mo. 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 301.9 metres at 1.11 g/t AuEq at the Olympus target, 163
metres at 1.33 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.