TORONTO, Aug. 29,
2024 /CNW/ - Collective Mining Ltd.
(NYSE: CNL) (TSX: CNL) ("Collective" or the "Company") is
pleased to announce that a maiden drill program is now underway in
the southern portion of the Plutus Target ("Plutus"), which is one
of a series of high-impact targets located within the Company's
Guayabales Project located in Caldas, Colombia. Additionally, positive assay results
from the now completed reconnaissance drill program at the Box
Target are included herein. The Company currently has five
drill rigs operating at the Guayabales Project as part of its fully
funded and on-schedule 40,000-meter drilling program for 2024.
Ari Sussman, Executive Chairman
commented: "We are excited to finally start drilling the
copper-gold porphyry target located in the southern portion of
Plutus in hopes of making another big discovery. Even though
economic greenfield porphyry discoveries are exceedingly rare, we
want to take this shot at Plutus given we already have a major
discovery under our belt at the Apollo system, locating only one
kilometre to the west, and a potentially emerging large-scale
discovery at the Trap Target. If we were to discover an
economic porphyry at Plutus, it would benefit greatly from the
existing robust infrastructure in the area, all of which is located
in a mining friendly camp. As a reminder, the southern copper-gold
porphyry target at Plutus is also only 1,000 metres away as the
crow flies to Aris Mining's Marmato project, which is currently
under construction with first gold pour expected in late 2025.
Also, if one were to speculate about potential development
scenarios for the Guayabales Project, all of which are still
subject to numerous studies to determine the economic and social
viability of the project, one scenario might be to develop Apollo
initially and use the cashflow to pay for development of Trap and
Plutus."
Highlights
Plutus Target
- The Plutus Target, which lies approximately 1,000 metres
east of Apollo, measures 1,000 metres by 750 metres in area and
remains open in all directions. Two targets have been
outlined thus far at Plutus, an untested copper-gold porphyry
target in the south and a breccia pipe target in the northwest.
Prior assay results from drilling in 2023 into the breccia pipe
target in the northwest yielded multiple broad intercepts including
136.45 metres @ 1.31 g/t AuEq (see press release dated
October 11, 2023).
- The copper-gold porphyry target in the southern portion
of Plutus measures more than 500 square metres in area and has
been defined by large and robust coincidental copper, gold and
molybdenum in soil and rock anomalies grading greater
than 300 ppm copper, 0.20 g/t gold and 20 ppm
molybdenum. The coincidental soil and rock anomaly partially
overprints an early quartz diorite porphyry unit where vein
stockworks consisting of quartz, magnetite, chalcopyrite and
pyrite, have been mapped. The early porphyry unit is heavily
altered with sericite and chlorite, which are characteristics of
the upper portion of a copper-gold porphyry system.
Additionally, sampling has also uncovered localized evidence of
late-stage (potentially overprinting) porphyry veins ("CBM
veins").
- The drill program, which is now underway and coring in a
northwest direction in hole PSC-1, will consist of a radial fan of
six short drill holes focused on outlining the geometry of the
early porphyry unit in Plutus South. Once assay results
are received and assessed, the data will be used to vector with
deeper drill holes designed to discover an economic
deposit.
Box Target
- All assay results have now been received from a comprehensive
initial reconnaissance drill program at the Box target ("Box"),
which locates approximately 1.5 kilometres west of the Apollo
system. Reconnaissance drilling has intersected gold and silver
mineralization covering an area measuring approximately 1,000
metres by 500 metres consisting of sheeted polymetallic CBM veins,
and some evidence of porphyry mineralization. Results to date
indicate that the shallow drilling has intersected the upper and
cooler temperature portion of a well mineralized system, and that
deeper drilling is warranted. Highlight assay results from drilling
at Box are as follows:
- 18.55 metres @ 1.09 g/t gold equivalent from 186.65
metres (BOXC-1) including:
- 2.35 metres @ 5.86 g/t gold equivalent from 202.85
metres.
- 11.55 metres @ 3.79 g/t gold equivalent from 168.35
metres (BOXC-5).
- 33.30 metres @ 1.52 g/t gold equivalent from 73.40
metres (BOXC-7) including:
- 18.15 metres @ 2.13 g/t gold equivalent from 87.45
metres.
- 55.00 metres @ 1.22 g/t gold equivalent from 8.50
metres (BOXC-10) including:
- 9.50 metres @ 4.65 g/t gold equivalent from 54.00
metres.
- 21.50 metres @ 1.15 g/t gold equivalent from 75.30 metres
(BOXC-12).
Table 1: Complete Assays Results for Drill Holes at the Box
Target:
|
Hole
#
|
From
(m)
|
To
(m)
|
Length
(m)
|
Au
g/t
|
Ag
g/t
|
Zn
%
|
Pb
%
|
Cu
%
|
AuEq
g/t*
|
|
BOXC-1
|
186.65
|
205.20
|
18.55
|
0.79
|
19
|
0.03
|
0.01
|
0.08
|
1.09
|
|
Incl.
|
202.85
|
205.20
|
2.35
|
5.00
|
52
|
0.10
|
0.02
|
0.26
|
5.86
|
|
and
|
603.40
|
604.50
|
1.10
|
12.25
|
8
|
0.02
|
0.01
|
0.01
|
11.98
|
|
BOXC-2
|
64.60
|
79.75
|
15.15
|
0.50
|
37
|
0.07
|
0.04
|
0.02
|
0.92
|
|
and
|
154.90
|
157.30
|
2.40
|
3.44
|
14
|
0.11
|
0.03
|
0.01
|
3.55
|
|
BOXC-3
|
136.45
|
174.55
|
38.10
|
0.43
|
23
|
0.06
|
0.01
|
0.08
|
0.79
|
|
Incl.
|
156.45
|
158.10
|
1.65
|
1.55
|
231
|
0.24
|
0.03
|
0.82
|
5.43
|
|
BOXC-4
|
216.30
|
252.60
|
36.30
|
0.68
|
9
|
0.03
|
0.03
|
0.02
|
0.77
|
|
BOXC-5
|
168.35
|
179.90
|
11.55
|
3.57
|
19
|
0.16
|
0.12
|
0.02
|
3.79
|
|
BOXC-6
|
259.00
|
280.30
|
21.30
|
0.51
|
18
|
0.04
|
0.03
|
0.08
|
0.81
|
|
Incl.
|
273.00
|
275.60
|
2.60
|
2.19
|
95
|
0.14
|
0.11
|
0.02
|
3.35
|
|
BOXC-7
|
73.40
|
106.70
|
33.30
|
0.91
|
50
|
0.10
|
0.02
|
0.01
|
1.52
|
|
Incl.
|
87.45
|
105.60
|
18.15
|
1.39
|
62
|
0.12
|
0.03
|
0.01
|
2.13
|
|
BOXC-8
|
16.00
|
17.10
|
1.10
|
0.79
|
255
|
0.87
|
0.15
|
0.03
|
4.20
|
|
and
|
171.80
|
206.75
|
34.95
|
0.72
|
16
|
0.05
|
0.04
|
0.03
|
0.89
|
|
Incl.
|
171.80
|
176.00
|
4.20
|
1.85
|
29
|
0.04
|
0.03
|
0.05
|
2.22
|
|
and Incl
|
201.50
|
206.75
|
5.25
|
2.53
|
53
|
0.22
|
0.20
|
0.04
|
3.24
|
|
and
|
296.30
|
327.80
|
31.50
|
0.55
|
11
|
0.05
|
0.02
|
0.02
|
0.67
|
|
BOXC-9
|
36.70
|
50.30
|
13.60
|
0.56
|
61
|
0.08
|
0.06
|
0.01
|
1.29
|
|
BOXC-10
|
8.50
|
63.50
|
55.00
|
0.45
|
59
|
0.23
|
0.04
|
0.01
|
1.22
|
|
Incl.
|
54.00
|
63.50
|
9.50
|
1.75
|
217
|
0.84
|
0.10
|
0.04
|
4.65
|
|
BOXC-11
|
22.00
|
41.40
|
19.40
|
0.27
|
67
|
0.09
|
0.07
|
0.01
|
1.08
|
|
and
|
70.95
|
73.10
|
2.15
|
2.89
|
10
|
0.01
|
0.01
|
0.03
|
2.93
|
|
BOXC-12
|
75.30
|
96.80
|
21.50
|
0.66
|
37
|
0.17
|
0.01
|
0.01
|
1.15
|
|
BOXC-13
|
46.50
|
61.70
|
15.20
|
0.66
|
38
|
0.03
|
0.03
|
0.01
|
1.10
|
|
*AuEq (g/t) is calculated as follows: (Au (g/t)
x 0.97) + (Ag (g/t) x 0.014 x 0.88) + (Zn (%) x 0.46 x 0.85) + (Pb
(%) x 0.41 x 0.85) + (Cu (%) x 1.47 x 0.90) utilizing metal prices
of Ag – US$25/oz, Zn - US$1.25/lb, Pb - US$1.10/lb, Cu – US$3.95/lb
and Au – US$1,850/oz and recovery rates of 97% for Au, 88% for Ag,
85% for Zn, 85% for Pb and 90% for Cu. AuEq (g/t) calculation
considers Zn, Pb or Cu values when Zn>0.1% or Pb>0.05% or
Cu>0.05% for each intercept. Recovery rate assumptions for
metals are based on metallurgical results announced on October 17,
2023, and April 11, 2024. Recovery rates for zinc and lead are
speculative in nature as metallurgical work has not been completed
to date on these metals. 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
Founded by the team that developed and sold Continental Gold
Inc. to Zijin Mining for approximately $2
billion in enterprise value, Collective is a copper, silver,
gold and tungsten exploration company 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
Apollo system, which hosts the large-scale, bulk-tonnage and
high-grade copper-silver-gold-tungsten Apollo porphyry system. The
Company's 2024 objective is to expand the Apollo system, step out
along strike to expand the recently discovered Trap system and make
a new discovery at either the Tower, X or Plutus targets.
Management, insiders, a strategic investor and close family and
friends own nearly 50% of the outstanding shares of the Company and
as a result, are fully aligned with shareholders. The Company is
listed on the NYSE under the trading symbol "CNL", on the TSX under
the trading symbol "CNL", on the FSE under the trading symbol
"GG1".
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, soils and core samples have been prepared and analyzed at
ALS 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.
Information Contact:
Follow Executive Chairman Ari
Sussman (@Ariski73) on X
Follow Collective Mining (@CollectiveMini1) on
X, (Collective Mining) on LinkedIn, and
(@collectivemining) on Instagram
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" and
"forward-looking information" within the meaning of applicable
securities legislation (collectively, "forward-looking
statements"). All statements, other than statements of historical
fact, are forward-looking statements and are based on expectations,
estimates and projections as at the date of this news release. Any
statement that involves discussion with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions,
future events or performance (often, but not always using phrases
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "believes"
or variations (including negative variations) of such words and
phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved)
are not statements of historical fact and may be forward-looking
statements. In this news release, forward-looking statements
relate, among other things, to: the commencement of trading on the
NYSE American, the ceasing of trading on the OTCQX, the
anticipated advancement of mineral properties or programs;
future operations; future recovery metal recovery rates; future
growth potential of Collective; and future development plans.
These forward-looking statements, and any assumptions upon which
they are based, are made in good faith and reflect our current
judgment regarding future events including final listing
mechanics and the direction of our business. Management believes
that these assumptions are reasonable. Forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Such factors include, among others:
risks related to the speculative nature of the Company's business;
the Company's formative stage of development; the Company's
financial position; possible variations in mineralization, grade or
recovery rates; actual results of current exploration activities;
conclusions of future economic evaluations; fluctuations in general
macroeconomic conditions; fluctuations in securities markets;
fluctuations in spot and forward prices of gold, precious and base
metals or certain other commodities; fluctuations in currency
markets; change in national and local government, legislation,
taxation, controls regulations and political or economic
developments; risks and hazards associated with the business of
mineral exploration, development and mining (including
environmental hazards, industrial accidents, unusual or unexpected
formation pressures, cave-ins and flooding); inability to obtain
adequate insurance to cover risks and hazards; the presence of laws
and regulations that may impose restrictions on mining; employee
relations; relationships with and claims by local communities and
indigenous populations; availability of increasing costs associated
with mining inputs and labour; the speculative nature of mineral
exploration and development (including the risks of obtaining
necessary licenses, permits and approvals from government
authorities); and title to properties, as well as those risk
factors discussed or referred to in the annual information form of
the Company dated March 27, 2024.
Forward-looking statements contained herein are made as of the date
of this news release and the Company disclaims any obligation
to update any forward-looking statements, whether as a result of
new information, future events or results, except as may be
required by applicable securities laws. There can be no assurance
that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements and there may be other factors that
cause results not to be anticipated, estimated or intended.
Accordingly, readers should not place undue reliance on
forward-looking statements.
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SOURCE Collective Mining Ltd.