TORONTO, Jan. 27,
2025 /PRNewswire/ - Collective Mining
Ltd. (NYSE: CNL) (TSX: CNL) ("Collective" or the
"Company") is pleased to announce that it has commenced
drilling at the San Antonio Project ("San Antonio"), located in
Caldas, Colombia. The Company plans to drill a minimum of
2,500 metres and test three large gold-copper porphyry targets
located within a well-defined 2.5-kilometer mineralized
corridor.
The Company currently has five drill rigs operating as part of
its fully funded 60,000-metre drill program for 2025. Two
additional rigs have been contracted, with drilling anticipated to
begin in late January and February, respectively.
Ari Sussman, Executive Chairman
commented: "Shortly after going public in 2021, the Company
announced a bonafide grassroots discovery at the San Antonio
Project by drilling two very high-risk holes on the same section
line at different dips into the Pound target with each hole cutting
more than 700 meters of mineralization from surface. Immediately
thereafter, our attention shifted to the Guayabales Project,
leading to the discovery of the Apollo system, which has remained
our chief focus ever since. With a strong treasury and an expanded
operating team in place today, we are coming full circle and
revisiting San Antonio. Being in
Colombia this week and visiting
the San Antonio Project, I have been convinced by our team that we
have a legitimate chance of finding a major gold-copper porphyry
system. The size of the alteration zone and abundance of high-grade
mineralization on surface is impressive. With drilling underway, we
look forward to receiving assay results and using the data to
vector towards the mineralized fluid source of what is clearly an
exceptionally large system."
Details (see Figures 1-2)
- Over the past year, the Company´s exploration team has
reinterpreted historical data and completed an extensive surface
mapping and geochemical sampling program at San Antonio, which led to the definition of a
strongly altered and mineralized 2.5-kilometer corridor of
interest. Within the corridor, three targets named Pound, Real and
Euro have been prioritized for drill testing in the Phase 1
program.
- Diamond drilling has commenced at the Pound target where
previous drilling by the Company in 2021 intercepted from surface
710 metres at 0.53 g/t gold equivalent (SAC-08) and 750 metres at
0.41 g/t gold equivalent (SAC-06) within a mix of brecciated
porphyry quartz diorite and metagabbro country rock (see press
release dated October 27, 2021). Both
holes cut increasing grades of copper at depth and bottomed in
mineralization. Recent mapping and sampling has encountered
widespread mineralization and has expanded the surface footprint of
the highly altered system to 650 metres x 550 metres. The Company
believes that prior drilling may have discovered the pyrite halo of
a copper-gold porphyry system with stronger mineralization
potentially in close proximity.
- New gold and copper soil anomalies have been outlined over
surface areas exceeding 400 metres x 250 metres at the Real and
Euro targets respectively and will be tested with reconnaissance
drilling in Q1, 2025. The following observations are
highlighted:
- The Real target is located 400 metres to the northwest of Pound
and is characterized by multiple gold and copper mineralized
porphyry clasts hosted within breccia bodies.
- The Euro target is located one kilometer south of Pound and is
defined by a coherent and coincident soil anomalies for gold (>
0.3 ppm), copper (> 100 ppm) and molybdenum (> 20 ppm).
The anomalous area hosts zones of porphyry quartz and sulphide
veinlets associated with strong sericitic alteration which suggest
the upper and/or peripheral portion of a porphyry system has been
discovered.
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 gold, silver,
copper 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 San Antonio project is
located 4 kilometers east of the Guayabales Project which is
anchored by the Apollo system and hosts the large-scale,
bulk-tonnage and high-grade gold-silver-copper-tungsten system.
Management, insiders, a strategic investor and close family and
friends own 44.5% of the outstanding shares of the Company and as a
result, are fully aligned with shareholders. The Company is listed
on both the NYSE and TSX under the trading symbol "CNL".
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 from the San Antonio Project have
been prepared and analyzed at SGS laboratory facilities in
Medellin, Colombia and
Lima, Peru; and at Actlabs
laboratory facilities in Medellin,
Colombia and Toronto,
Canada. 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 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 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.