Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF)
(“Collective” or the “Company”) is pleased to announce assay
results from two additional holes completed at the Apollo target
(“Apollo”) within the Company’s Guayabales project located in
Caldas, Colombia. Apollo is a newly discovered high-grade
copper-gold-silver porphyry-related breccia with previously
announced intercepts including the discovery hole
APC-2,
which intersected 207.15 metres @ 2.68 g/t AuEq and
APC-3, which intersected 180.60 metres @ 2.43 g/t
AuEq. (See press releases dated August 10th and 29th
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 with an additional rig drilling from
underground at the Olympus target.
“Apollo continues to deliver continuous, broad,
and consistent zones of well mineralized breccia with overall
grades being enhanced by the overprinting, high-grade carbonate
base metal veins. Importantly, this remarkable copper-silver-gold
discovery continues to grow materially in tonnage as we continue
with aggressive step-out drilling in multiple directions. We will
remain aggressive for the balance of 2022 and look forward to
receiving additional assay results in the near term,” commented Ari
Sussman, Executive Chairman.
Details (See Table 1 and Figures 1 –
4)
Seven diamond drill holes with accompanying
assay results have now been announced at Apollo and based on
results, the Main Breccia at Apollo has expanded and now measures
up to 350 metres along strike by 100 metres across by 500 metres
vertical. The target remains open in all directions and has the
potential to evolve into a significant high-grade, bulk tonnage
mineralized system.
Drill holes APC-6 and APC-8 were drilled in
opposite directions from two separate drill pads (Pads 3 and 2) to
the northeast and southwest respectively and were designed to test
the depth and strike continuity of the mineralized breccia
previously intersected in holes APC-1, APC-1W, APC-2, APC-3 and
APC-5. The following results are highlighted:
- APC-6:
326.05 metres @ 1.07 g/t AuEq from
364.60 metres (295 metres vertical) including:
151.5 metres @ 1.20 g/t AuEq from 480.15 metres
down hole, and 10.55 metres @ 4.64 g/t
AuEq from 680.10 metres down hole.
APC-6 is the deepest diamond hole drilled to
date and this long intercept consisted primarily of favorable
angular breccia with interfingering of rock flour breccia, which is
less porous and therefore lower grade. APC-6 was collared from Pad
3 and terminated at a final depth of 759 metres.
-
APC-8: 265.75
metres @ 2.44 g/t AuEq from 202.00 metres (157 metres vertical)
including: 13.20 metres @ 4.29
g/t AuEq from 202.0 metres down hole,
18.45 metres @ 4.55 g/t AuEq from 239.05 metres down
hole, 28.45 metres @ 4.18 g/t AuEq from
279.40 metres down hole, and 15.50 metres
@ 5.21 g/t AuEq from 342.6 metres downhole.
APC-8 intercepted continuous mineralized angular
breccia with a sulphide matrix consisting of pyrite, chalcopyrite
and pyrrhotite which has been overprinted by carbonate-base metal
porphyry veins (“CBM”) hosting sphalerite in various locations and
particularly in the upper portion of the intercept. The breccia
clasts are all quartz diorite and diorite in composition and this
hydrothermal system is clearly linked to a porphyry system. APC-8
was collared from Pad 2 and terminated at a final depth of 523
metres.
-
Four rigs continue to drill at the Guayabales project with assay
results anticipated in the near term for three holes from Apollo
with the following encouraging visual intercepts:
-
APC-12 and APC-14 tested the Main Breccia discovery at
Apollo with both holes intersecting more than 230 metres of
potentially favourable mineralization.
-
APC-13 ran into technical difficulties prior to reaching the Main
Breccia but intersected a 15 metres zone of sheeted CBM veins at a
shallow depth.
The Apollo target area, as defined to date by
surface mapping, rock sampling and copper and molybdenum soil
geochemistry, covers an 800 metre X 700 metre area. The
Apollo target area hosts the Company’s new Main Breccia discovery
plus a vein system located above and on the eastern flank of the
Main Breccia discovery and the Northern Breccia discovery located
250 metres to the north of the Main Breccia. Multiple
additional untested breccia, porphyry and vein targets have been
generated and will be drilled in due course. The overall Apollo
target area also remains open for further expansion.
Table 1: Assays Results
HoleID |
From (m) |
To (m) |
Intercept (m) |
Au (g/t) |
Ag (g/t) |
Cu % |
Zn % |
Pb % |
Mo % |
AuEq (g/t)* |
APC-6 |
364.60 |
690.65 |
326.05 |
0.85 |
10 |
0.04 |
0.04 |
0.02 |
0.001 |
1.07 |
Incl |
480.15 |
631.65 |
151.50 |
0.96 |
11 |
0.04 |
0.06 |
0.03 |
0.001 |
1.20 |
|
680.10 |
690.65 |
10.55 |
4.67 |
7 |
0.05 |
0.01 |
0.00 |
0.000 |
4.64 |
APC-8 |
202.00 |
467.75 |
265.75 |
1.26 |
55 |
0.22 |
0.07 |
0.05 |
0.045 |
2.44 |
Incl |
202.00 |
215.20 |
13.20 |
3.68 |
27 |
0.03 |
0.32 |
0.24 |
0.238 |
4.29 |
|
239.05 |
257.50 |
18.45 |
3.48 |
53 |
0.12 |
0.24 |
0.22 |
0.216 |
4.55 |
|
279.40 |
307.85 |
28.45 |
3.70 |
24 |
0.16 |
0.03 |
0.02 |
0.016 |
4.18 |
|
342.60 |
358.10 |
15.50 |
2.15 |
158 |
0.47 |
0.13 |
0.10 |
0.104 |
5.21 |
*AuEq (g/t) is calculated as follows: (Au (g/t)
x 0.95) + (Ag g/t x 0.014 x 0.95) + (Cu (%) x 1.96 x 0.95) + (Mo
(%) x 7.35 x 0.95)+(Zn(%)x 0.86 x 0.95)+ (Pb(%)x 0.44 x 0.95)
utilizing metal prices of Cu – US$4.00/lb, Mo – US$15.00/lb, Zn –
US$1.75/lb, Pb – US$0.9/lb, Ag – $20/oz and Au – US$1,400/oz and
recovery rates of 95% for Au, Ag, Cu, Mo, Zn and Mo. Recovery rate
assumptions are speculative as no metallurgical work has been
completed to date.** A 0.2 g/t AuEq cut-off grade was employed with
no more than 15% internal dilution. True widths are unknown, and
grades are uncut.
Figure 1: Plan View of the Guayabales Project
Highlighting the Apollo
Targethttps://www.globenewswire.com/NewsRoom/AttachmentNg/e54d7c61-3748-431e-9231-291488bbad6d
Figure 2: Plan View of the Apollo Target Area Outlining
the Porphyry and Breccia Targets, their Related Soil Anomalies and
Drill Holes Completed or Currently
Underwayhttps://www.globenewswire.com/NewsRoom/AttachmentNg/501ecbc1-c805-46fa-a162-e54671c5292d
Figure 3: Plan View with Traces of Drill Holes Completed
to Date in the Main Breccia Discovery at Apollo with Current Holes,
APC-6 & APC-8 in
Redhttps://www.globenewswire.com/NewsRoom/AttachmentNg/168eaf9b-bd3f-41be-b6d8-bec5ccc3a866
Figure 4: Apollo Target Cross Section with Core Photo
Highlights for
APC-8https://www.globenewswire.com/NewsRoom/AttachmentNg/3968aa02-fef9-421b-8479-9793202a518f
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 on both the Guayabales and San
Antonio projects, a total of eight major targets have been defined.
The Company has made significant grassroot discoveries at both
projects with near-surface discovery holes at the Guayabales
project yielding 302 metres at 1.11 g/t AuEq at the Olympus target,
163 metres at 1.3 g/t AuEq at the Donut target and recently, at the
Apollo target, 207.15 metres at 2.68 g/t AuEq, 89.4 metres at 2.46
g/t AuEg and 87.8 metres at 2.49 g/t AuEg. 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)
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.
Contact Information
Collective Mining Ltd. Steven Gold, Vice
President, Corporate Development and Investor RelationsTel. (416)
648-4065
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.
Collective Mining (TSXV:CNL)
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Collective Mining (TSXV:CNL)
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