Collective hits mineralized porphyry system in Colombia
Collective Mining Ltd. [CNL-TSXV, CNL-NYSE] on Monday said drilling results at the San Antonio project in Colombia has resulted in the discovery of a mineralized gold-silver-copper-molybdenum porphyry system.
In its latest press release, the company has also reported additional assay results from the 2024 drilling program at the Trap Target (Guayabales Project). Both the San Antonio and Guayabales projects are situated near to each other and to the famous Marmato Mine within the Caldas Department in Colombia.
The company said drilling at the Pound target at San Antonio has returned evidence of a gold and copper porphyry vein stockwork system that assayed at 0.84 g/t gold equivalent (AuEq) (0.58 g/t gold, 0.17% Cu, 3 g/t Ag, 70 ppm Mo) over 290.2 metres from 549 downhole, including a section of 1.44 g/t AuEq over 40.9 metres. The company said two drill rigs are currently being mobilized to the Pound target to immediately begin following up on the discovery hole. It said the Pound target is located within a 2.5-kilometre mineralized gold and copper corridor hosting four porphyry targets (Pound, Real, COP, and Euro), which the company plans to drill gest in 2025.
On Monday, Collective shares rose 1.30% or 17 cents to $13.25. The shares trade in a 52-week range of 16.06 and $3.02.
Collective is an exploration and development company focused on identifying and exploring mineral projects in South America. It is funded by the team that developed and sold Continental Gold Inc. to Zijin Mining for $2 billion.
The company has said its mission is to repeat its past success in Colombia by making a significant new mineral discovery and advancing projects to production
The company was in the news recently when it announced the discovery of a significant new gold system named “Olympus Deeps’’ at the company’s Guayabales Gold Project.
It said the result from Olympus Deeps is interpreted to be the initial intercept into a gold related brecciated porphyry intrusion system located approximately 500 metres to the north of the company’s flagship Apollo porphyry system,’’ the company said in a press release.
It said the Olympus target is similar to the multi-million-ounce Marmato mine located 2.5 kilometres to the southeast, which spans more than a vertical kilometre and is characterized by an upper-level sheeted vein system with a porphyry at depth.
The company released assay results from four drill holes, including the Olympus Deeps discovery hole and two holes at Apollo which cut long intercepts of high-grade mineralization and extend the footprint of the system to the northeast.
On Monday, Collective said it currently has nine drill rigs operating as part of its fully funded 70,000-metre drill program for 2025 with two rigs at San Antonio and seven at Guayabales. It said two additional deep capacity rigs are being mobilized to the Guayabales Project and will begin testing the high-grade Ramp Zone located at the bottom of the Apollo system early in the third quarter of 2025.