TORONTO, Nov. 1, 2022
/CNW/ - Collective Mining Ltd. (TSXV: CNL) (OTCQX:
CNLMF) ("Collective" or the "Company") is pleased
to provide the following drilling update following the recent
closing of its successful $10.7
million bought deal equity financing. The Company is
currently advancing on schedule and on budget with its
20,000-metre drill program for 2022.
The Guayabales project is located in the mining-friendly
department of Caldas, in the heart of a long-established mining
camp with ten fully permitted and operating mines located within
three kilometres of the project. As a result, the Guayabales
project is blessed with excellent infrastructure with roads and
hydroelectric powerlines traversing the project and an abundant
labor force located nearby in the townships of Supia and
Marmato.
The Company's Main Breccia discovery at the Apollo target
("Apollo") has been the primary focus of the current drill program
with the discovery hole being announced in June 2022. The Main Breccia discovery is a
high-grade and bulk tonnage, copper-silver-gold porphyry-related
breccia system characterized by two main yet distinct pulses of
mineralized fluids flooding the breccia with metals. The first
fluid pulse comes from the porphyry phase of the system and is
responsible for impregnating the breccia matrix with most of the
copper mineralization as well as some of the silver and gold
mineralization. The second fluid pulse comes from the late-stage
porphyry related carbonate base metal veins which overprint the
breccia and flood the breccia matrix in places with an abundance of
silver and gold mineralization and to a lesser extent zinc, lead,
and copper mineralization.
There are three drill rigs presently operating at Apollo and to
date the Company has completed a total of 25 diamond drill holes
with assay results already reported from the first 14 holes. Assay
results from holes APC-15 to APC-25 are currently outstanding and
are expected to be received throughout the balance of 2022. Also,
coring is underway for holes APC-26 and APC-27 with drill hole
APC-28 expected to start in the near term. Previously announced
intercepts into the Main Breccia discovery at Apollo include:
Table 1: Assay Results from Intercepting the Main Breccia
Discovery at Apollo
Hole
#
|
From
(m)
|
To
(m)
|
Intercept
(m)
|
Au (g/t)
|
Ag (g/t)
|
Cu%
|
Zn %
|
Pb%
|
Mo %
|
AuEq
(g/t)*
|
CuEq (%)
*
|
APC-14
|
84.25
|
131.70
|
47.45
|
0.81
|
13
|
0.20
|
0.01
|
0.00
|
0.003
|
1.36
|
0.70
|
and
|
197.00
|
391.30
|
194.30
|
0.39
|
56
|
0.44
|
0.03
|
0.01
|
0.002
|
2.00
|
1.02
|
APC-12
|
191.35
|
429.05
|
237.70
|
1.15
|
72
|
0.38
|
0.08
|
0.07
|
0.001
|
2.88
|
1.47
|
APC-8
|
202.00
|
467.75
|
265.75
|
1.26
|
55
|
0.22
|
0.07
|
0.05
|
0.045
|
2.44
|
1.24
|
APC-7
|
85.65
|
111.20
|
25.55
|
0.4
|
23
|
0.02
|
0.08
|
0.04
|
0.002
|
0.69
|
-
|
and
|
199.85
|
238.25
|
38.40
|
1.3
|
21
|
0.04
|
0.05
|
0.03
|
0.000
|
1.51
|
-
|
and
|
325.00
|
345.45
|
20.45
|
0.49
|
31
|
0.05
|
0.02
|
0.01
|
0.000
|
0.89
|
-
|
APC-6
|
364.60
|
690.65
|
326.05
|
0.85
|
10
|
0.04
|
0.04
|
0.02
|
0.001
|
1.07
|
-
|
APC-5
|
210.25
|
478.25
|
268.00
|
0.89
|
22
|
0.13
|
0.11
|
0.07
|
0.002
|
1.50
|
-
|
APC-3
|
303.40
|
484.00
|
180.60
|
1.52
|
39
|
0.16
|
0.13
|
0.11
|
0.001
|
2.43
|
-
|
APC-2
|
154.70
|
361.90
|
207.15
|
1.46
|
45
|
0.31
|
0.08
|
0.05
|
0.002
|
2.68
|
1.37
|
APC1-W
|
293.00
|
382.40
|
89.40
|
0.89
|
58
|
0.39
|
0.07
|
0.06
|
0.001
|
2.46
|
1.25
|
*See press releases
dated August 10, 2022, August 19, 2022, September 7, 2022,
September 13, 2022, and October 6, 2022, for further
details.
|
As a result of the cash infusion from the recent financing, the
Company expects to remain aggressive with drilling in 2023. A more
detailed exploration program for 2023 will be announced in late Q4
once internal planning has been completed and board of director
approval has been obtained.
About Collective Mining
Ltd.
To see our latest corporate presentation and related
information, please visit www.collectivemining.com.
Founded by the team that developed and sold Continental Gold
Inc. to Zijin Mining for approximately $2
billion in enterprise value, Collective Mining is a copper,
silver and gold exploration company based in Canada, 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
discovery of the "Main Breccia" at the Apollo target in
June 2022, which is a large
bulk-tonnage, and high-grade copper, silver and gold
porphyry-related hydrothermal breccia system. The Company's
near-term objective is to continue expanding the size of the Main
Breccia discovery through step-out drilling while simultaneously
increasing confidence in the highest-grade portions of the
system.
Management and insiders own nearly 35% of the outstanding shares
of the Company and as a result, are fully aligned with
shareholders. The Company is listed on the TSXV under the trading
symbol "CNL" and on the OTCQX under the trading symbol "CNLMF".
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.