Collective Mining Ltd. [CNL-TSXV] has made a significant discovery at the Donut target, the first of five outcropping and grassroot targets generated by the company to be drilled at the Guayabales project, Colombia. The company presently has one diamond drill rig testing Donut with a second rig expected to arrive at site shortly and begin drilling the Box target prior to the end of October 2021.
Highlights included a broad and continuous gold and silver mineralization that was intersected from surface in the first two diamond drill holes at the Donut target as follows: 104 metres at 1.3 g/t gold equivalent from surface including 18 metres at 4.7 g/t gold equivalent from 16 metre depth (DOC-2); 106 metres at 0.5 g/t gold equivalent from surface (DOC-1).
Donut is located at the NW end of a SW trending zone hosting clusters of mineralized breccia bodies which can be traced along strike to the SW for 550 metres and remain open for further expansion. Drilling continues at Donut with holes DOC-3 through DOC-5 now complete and DOC-6 currently under way.
DOC-3 and DOC-4 were drilled to the southwest and deeper within the mineralized system. Preliminary logging of both holes highlights continuity of the mineralized breccia and polymetallic vein system overprint with longer intercepts of mineralized breccia than was intersected in DOC-1 and DOC-2.
DOC-05, which was drilled to the southeast, intersected a narrower interval of mineralized breccia before passing through a fault. Upon exiting the fault at approximately 80 metres down-hole, porphyry style alteration was encountered until the end of the hole at 327 metres. Assay results for DOC-3 to DOC-5 are anticipated in the near term and will be reported shortly thereafter.
“As a result of our team’s diligence and geological modelling prowess, we have accomplished the exceedingly arduous task of making a brand-new discovery on the very first drill hole into a grassroot target at the Guayabales project. We look forward to announcing additional drill hole assay results in the near term,” commented Ari Sussman, Executive Chairman. “As a result of this early success, we are increasing our initial drill program from 7,500 to 10,000 metres and are also accelerating our plans to drill the Olympus target to November 2021 from Q1, 2022.”
Collective holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive grassroots exploration program on the flagship Guayabales project, five major targets have been defined.
In early trading on October 18, Collective Mining shares gained $0.05 to $2.85 on a volume of 34,900.