Collective Mining drills 3.10 g/t AuEq over 329.75 metres at Guayabales, Colombia
Collective Mining Ltd. [CNL-TSXV; CNLMF-OTCQX] reported assay results for the first four holes drilled from newly constructed Pads 9 and 10 within the Apollo porphyry system at the Guayabales project located in Caldas, Colombia.
Apollo is a high-grade, bulk-tonnage copper-silver-gold system 435 metres by 395 metres by 915 metres and open for expansion.
Ari Sussman, Executive Chairman commented: “Hole APC-53 is very significant for the Company. Firstly, we have discovered a high-grade and bulk tonnage sheeted vein system located above the Apollo porphyry system. The vein system has potential to be traced over significant distances to both the northwest and to the southeast and if drilling corroborates this potential, the overall footprint of the shallow mineralization at Apollo would expand significantly. Follow up drilling is underway from Pad 10 with hole APC-63 stepping out at a shallow angle further to the northeast.
“Secondly, the thick intercept in APC-53 testing the contact zone cut remarkably high grades and displayed excellent continuity over a long interval. This interval is the second highest grade intercept (grams x metres) ever drilled at the project and has more than doubled the known strike length of the high-grade Contact Zone.
“With drilling now fully transitioned into expansion mode for the Apollo porphyry system and the testing of newly generated targets, we are truly excited to see what other potential may lie ahead.”
The objectives of the 2023 program are to define high-grade mineralization and the dimensions of the Apollo porphyry system near surface, expand the overall size of the system through step-out and directional drilling and drill test multiple new targets generated through grassroots exploration.
APC-50 was the first hole ever drilled from Pad 9 and was completed at a maximum downhole depth of 264.20 metres. The hole was designed to test the eastward extension of the shallow portion of the central high-grade core of the deposit where no drilling had yet to be completed. Highlights as follows: 137.70 metres of 2.60 g/t AuEq (gold equivalent) from 53.30 metres downhole (consisting of 0.74 g/t gold, 52 g/t silver and 0.66% copper) including 28.55 metres of 0.93% copper, 0.87 g/t gold and 79 g/t silver from 64.95 metres downhole.
APC-51 was drilled to the south from Pad 9 and was designed to test the extension of high-grade mineralization at depth within the southern portion of the Apollo system with assay results as follows: 112.55 metres of 2.26 g/t AuEq from 163.30 metres downhole (consisting of 1.27 g/t gold, 22 g/t silver and 0.41% copper) including 21.10 metres of 3.25 g/t AuEq from 198.25 metres downhole which includes 0.72% copper.
The hole confirms the continuity of the high-grade zone in the south part of the Apollo Porphyry System and again adds volume to the mineralization block model as the area had not been previously drill tested.
APC-52 was the first shallow hole drilled to the west from Pad 10 and was designed to test for shallow mineralization in an untested area of the current mineralization block model. Assay results as follows: 190.30 metres of 2.46 g/t AuEq from 1.9 metres downhole (consisting of 1.19 g/t gold, 43 g/t silver and 0.41% copper), including 34.05 metres of 5.16 g/t AuEq from 56.95 metres downhole; 25.80 metres of 3.76 g/t AuEq from 157 metres downhole which includes 0.75% copper.
APC-53 was drilled from Pad 10 to a final downhole depth of 602.45 metres and was designed to test the high-grade Contact Zone at depth to the northeast of previously announced Contact Zone holes APC-41, APC-42 and APC45. Assay results for APC-53 are as follows: 145.0 metres of 2.11 g/t AuEq commencing from surface in the newly discovered vein system; 329.75 metres of 3.10 g/t AuEq from 233 metres downhole (consisting of 2.30 g/t gold, 42 g/t silver and 0.16% copper) in the Contact Zone, including 56.60 metres of 10.05 g/t AuEq.
APC-53 is an important exploration hole in the context of the Apollo system as it has expanded the footprint of the shallow mineralization with the discovery of the new outcropping vein system; more than doubled the length of the high-grade Contact Zone, which now measures 370 metres and is open along strike to the northeast. Two additional holes testing the Contact Zone have been completed with a third hole currently being drilled.
Collective Mining 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 target, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system.