- Visual observations from two step-out diamond drill holes
within the Company's Main Breccia discovery at the Apollo target
have intersected the most cumulative mineralization in drill holes
completed to date as well as significantly expanded the known
dimensions of this exciting new discovery.
- Hole APC-17, which was drilled due north from Pad 3, cut
more than 600 metres in total of favourable mineralization before
terminating at approximately 913 metres while still in
mineralization. This is the most mineralization encountered in a
drill hole to date at the Apollo target.
- Hole APC-22, which was drilled to the northeast from Pad 3,
cut more than 400 metres in total of favourable mineralization
before terminating at 734 metres while still in mineralization.
- As a result of both new holes, the potential total volume of
rock hosting the Main Breccia discovery within it has approximately
tripled in size with the dimensions now measuring 385 metres along
strike by 350 metres width by 825 metres depth versus prior
dimensions of 385 metres x 190 metres x 500 metres. The discovery
remains wide open for expansion and further step-out holes are
currently being designed.
- Three rigs continue to drill at Apollo with additional assay
results anticipated in the near term.
TORONTO, Oct. 11,
2022 /CNW/ - Collective Mining Ltd.
(TSXV: CNL) (OTCQX: CNLMF) ("Collective" or the "Company") is
pleased to announce visual observations from two step out holes
drilled into the Apollo target ("Apollo") which is located within
the Guayabales project 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
|
Intercept
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Cu %
|
Zn %
|
Pb %
|
Mo %
|
AuEq (g/t)
*
|
APC-2
|
207.15
|
1.46
|
45
|
0.31
|
0.08
|
0.05
|
0.002
|
2.68
|
APC-8
|
265.75
|
1.26
|
55
|
0.22
|
0.07
|
0.05
|
0.045
|
2.44
|
APC-12
|
237.70
|
1.15
|
72
|
0.38
|
0.08
|
0.07
|
0.001
|
2.88
|
* See press
releases dated August 10th, September 13th
and October 6th 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.
"These two new diamond drill holes are incredibly exciting as we
have significantly expanded the size of the Main Breccia discovery
at Apollo and while doing so, we have cut the longest intercepts of
both total and continuous mineralization completed to date.
Importantly, the system remains open to the north and northeast as
both holes bottomed in mineralization. We look forward to continued
aggressive drilling in order to see how much more this exceptional
discovery can grow," commented Ari
Sussman, Executive Chairman.
Details (See Figures 1–4)
Fourteen diamond drill holes with accompanying assay results
have now been announced at Apollo and a further eleven holes are
outstanding. The Company recently completed two northerly directed
diamond drill holes, APC-17 and APC-22, from its southernmost drill
pad (Pad 3), which were designed to test for mineralized extensions
to the Main Breccia discovery. The following visual observations
are highlighted from the two step out holes:
- Hole APC-17 was drilled approximately due north to a
maximum depth of 912.60 metres. The hole intersected more than 70
metres of mineralization beginning at 119 metres down hole
(100m vertical) and another 545
metres of mineralization from 365 metres down hole (330m vertical) to the end of the hole
(825m vertical). Total
mineralization in this diamond drill hole exceeded 600 metres and
is the most mineralization drilled in a single hole to date into
the Main Breccia discovery at Apollo. The shallow intercept is
hosted within angular porphyry related breccia containing
chalcopyrite (1-2%) with pyrite and pyrrhotite and is located
directly beneath recently discovered mineralization outcropping at
surface. The deeper and longer intercept is also hosted within
angular porphyry related breccia with the matrix filled with
pyrite, chalcopyrite and overprinting carbonate base metal veins
("CBM"). The hole was terminated at 912.6 metres while still in
mineralized breccia.
- Hole APC-22 was drilled to the northeast to a maximum
depth of 734.8 metres and intercepted three zones yielding more
than 400 metres of total breccia mineralization. The two
shallow zones are located directly beneath surface outcrops and the
initial 37 metre intercept commenced at 100 metres downhole
(60m vertical), while the second
shallow 19 metre intercept began at 167 metres down hole
(100m vertical). Mineralization is
hosted within angular porphyry breccia with a matrix of
chalcopyrite (1-2%) and pyrrhotite and overprinting zones of
sheeted CBM veins. The deeper intercept commenced at 308 metres
downhole (276m vertical) and
continued within mineralized porphyry related angular breccia until
the hole was terminated at 734.8 metres.
- Visual logging of APC-17 and APC-22 have significantly
increased the overall maximum potential volume of rock hosting the
Main Breccia discovery, which now measures up to 385 metres along
strike by 350 metres width by 825 metres depth (prior dimensions
were 385 metres x 190 metres x 500 metres). The system remains open
for expansion.
- Three rigs continue to drill at Apollo with additional assay
results anticipated in the near term.
- 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
flanking its eastern side. Multiple additional untested
breccia, porphyry and vein targets have been generated and will be
drilled in due course. Lastly, the overall Apollo target area also
remains open for further expansion.
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 its flagship Guayabales project, a total of
seven major targets have been defined. The Main Breccia discovery
within the Apollo target is the most important to date and is
characterized by bulk tonnage, high-grade copper-silver gold
mineralization with highlight drill results including: 207.15
metres @ 2.68g g/t AuEq, 265.75 metres at 2.44 g/t AuEq and 237.7
metres at 2.88 g/t AuEq. Other grassroots discoveries include
near-surface discovery holes 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, and 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). The Company's fully funded,
20,000 metre drill program for 2022 is ongoing with a significant
number of assay results expected through the remainder of the
year.
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.