TORONTO, Nov. 16,
2022 /CNW/ - Collective Mining Ltd. (TSXV:
CNL) (OTCQX: CNLMF) ("Collective" or the "Company") is
pleased to announce that it has expanded the scope of its 2022
drill program at the Guayabales project. Following the
Company's recent $10.7 million bought
deal financing, combined with the exploration team's analysis of
recent assay results, the Board of Directors has approved an
additional 3,000 metres of drilling at the Apollo target ("Apollo")
over the balance of 2022. As a result, the Company now expects to
complete approximately 23,000 metres of drilling in 2022.
The Company has already released assay results from the first 14
holes at Apollo and expects to release additional results from
holes APC-15 through APC-25 over the near term. Three rigs continue
to turn at Apollo with the majority of holes focused on expanding
the Main Breccia discovery which has nearly tripled in potential
dimension with recent drilling results and now measures 385
metres along strike by 350 metres across by 825 metres depth.
Presently, drill holes APC-26 through APC-28 are advancing on
schedule. Previously announced results from the Main Breccia
discovery at Apollo include:
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.
While plans for the 2023 drill program are currently being
finalized for the Board of Directors approval prior to year-end,
the Company plans to continue its aggressive drilling approach at
Apollo with an aim of expanding the Main Breccia discovery even
further while testing other targets at Apollo in 2023.
"Drilling at the Guayabales project in 2022 has yielded
remarkable success with four distinct discoveries made across five
tested targets. The obvious highlight has been the Main Breccia
system at Apollo; a truly exciting high-grade and bulk tonnage
copper-silver-gold discovery. Importantly, the Guayabales project
is located in the heart of a 500+ year old mining camp with ten
fully permitted and operating mines located within three kilometers
of the project. As a result, infrastructure is abundant with
hydroelectric power traversing the project in multiple locations
and abundant skilled mining labor located in the surrounding towns.
We look forward to continue advancing the project aggressively and
are confident that Guayabales will be an important contributor to
the Colombian government's bold plan to produce energy transition
metals in the near term," stated Ari
Sussman, Executive Chairman of Collective Mining.
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 a
major bulk-tonnage and high-grade copper, silver and gold discovery
at the Apollo target. The Company's near-term objective is to
continue with expansion drilling while increasing confidence in the
highest-grade portions of the system.
Management, insiders and close family and friends 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.