Collective Mining drills 2.68 g/t AuEq over 207.15 metres at Guayabales, Colombia
Collective Mining Ltd. [CNL-TSXV; CLNMF-OTCQX] reported assay results from two additional holes completed at the Apollo target at the company’s Guayabales project located in Caldas, Colombia.
Apollo is a newly discovered high-grade copper-gold-silver porphyry-related breccia and is one of eight porphyry-related targets situated within a 3 by 4-km cluster area generated by the company through grassroots exploration at the project. 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 being mobilized to site to begin the Phase II program at the Olympus target in August, 2022.
“With assay results in hand for three drill holes and visual observations from additional holes either recently completed or underway, it is becoming abundantly clear that we are dealing with a large mineralized system. Importantly, Apollo appears to be blessed with multiple pulses of fluids depositing metal into the system resulting in high-grade bulk drilling intervals. Our reconnaissance work in and around Apollo suggests we may only be on the tip of the iceberg in terms of understanding this system as our technical team believes that the main breccia discovery at Apollo may be the first in a series of porphyry and breccia discoveries in this area,” commented Ari Sussman, executive chairman.
Drill hole APC-2 intersected a broad zone of high-grade breccia mineralization with overprinting carbonate base metal veins beginning at 100 metres below surface returning: 207.15 metres with 2.68 g/t AuEq (gold equivalent).
APC-1W also intersected the main breccia structure with overprinting veining but was stopped short of the final target depth in a post mineral dyke due to rig capacity limits yet still yielded: 89.40 metres with 2.46 g/t AuEq.
Drilled dimensions of the Apollo target now measure 300 metres along strike by up to 100 metres across by 400 metres vertical and remains open in all directions. Assay results for drill holes APC-3 and APC-5 are expected in the near term. Both holes cut more than 200 metres of continuous mineralization in the main breccia body
Three diamond drill holes with accompanying assay results confirm that the Apollo target has the potential to evolve into a significant high-grade, bulk tonnage mineralized system. Assay results and visual observation from all holes completed to date confirm that the main mineralized breccia has a minimum strike length of 300 metres in a northeast-southwest direction, is up to 100 metres thick and extends to at least 400 metres vertically below surface. The target remains open in all directions for expansion.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 800-metre by 700-metre area. The Apollo target area hosts the Company’s new grassroots main breccia discovery plus additional yet untested breccia, porphyry and vein targets. The Apollo target area also remains open for further expansion.
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 holds an option to earn up to a 100% interest in two projects 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.