Collective Mining drills 2.74 g/t AuEq over 519.1 metres at Guayabales, Colombia, shares up
Collective Mining Ltd. [TSX-CNL; OTCQX-CNLMF] reported assay results for four holes drilled in the Apollo target area, which is part of the Guayabales project located in Caldas, Colombia. The Apollo target area, which covers an area measuring 1.2 km x 1 km, already hosts an outcropping high-grade, bulk tonnage copper-silver-gold porphyry system and additional yet untested or lightly tested porphyry targets. The porphyry system at Apollo owes its excellent metal endowment to an older copper-silver and gold porphyry system being overprinted by younger precious metal rich, carbonate base metal veins (intermediate sulphidation porphyry veins) within a magmatic, hydrothermal inter-mineral breccia and diorite porphyry bodies currently measuring 520 metres x 395 metres x 915 metres and open for expansion.
APC-72 intersected 519.10 metres grading 2.74 g/t AuEq (gold equivalent) from surface including 290.80 metres grading 3.45 g/t AuEq in a remarkably continuous and newly discovered high-grade subzone within the eastern portion of the Apollo porphyry system.
At 1,424 g/t AuEq on a gram x metre basis, APC-72 represents the largest grade accumulation drilled to date at Apollo.
APC-74 was drilled perpendicular to the Apollo brecciated porphyry and returned a near to true width intercept of 222.35 metres grading 2.07 g/t AuEq commencing at a vertical depth of 260 metres below surface. The hole also cut a near surface extension of the system in the northeast near the drill hole collar where no prior shallow drilling has taken place.
Exploration drilling for the remainder of 2023 has two principal objectives: Expansion of the Apollo porphyry system to the north, west and depth through directional drilling. Five directional holes have been completed with two additional holes underway with assays pending.
Exploration drilling at the ME and Trap targets. Three holes have been completed at ME with assay results pending and drilling at Trap is expected to commence in November. Three widely spaced reconnaissance holes were drilled at Trap in 2022 with the discovery hole intersecting copper-silver-gold mineralization yielding 102.3 metres of 1.53 g/t AuEq.
Ari Sussman, Executive Chairman commented: “Our team continues to unlock value at Apollo with an intelligent approach to geological targeting resulting in the identification of a significant new subzone of cross cutting mineralization, which has now been validated by the amazing drill hole APC-72. Additionally, the directional drilling program is progressing very well with potential lateral and vertical visual extensions to the Apollo system in hand. We anticipate results from the first fan of directional holes in November.”
The 2023 Phase II drilling program is advancing on schedule with assay results reported for 43 holes and an additional 10 holes awaiting assay results from the lab. Since the announcement of the discovery hole at Apollo in June 2022, a total of 74 drill holes (approximately 32,536 metres) have been completed and assayed.
Collective Mining is a copper, silver, and gold 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 Apollo porphyry system. The company’s near-term objective is to drill the shallow portions of the Apollo system, continue to expand the overall dimensions of the system, which remains open in most directions and test newly generated grassroots targets.
Management, insiders and close family and friends own nearly 45% of the outstanding shares of the company.
In early trading on 30Oct23, shares of Collective Mining gained $0.39 to $4.85.