- Drill hole PNC-2 was drilled in the western portion of
the Plutus Northern Corridor which forms part of the large
Plutus porphyry centre. The hole was designed to pass through the
previously drilled Donut breccia (now part of the Plutus North
Corridor) in order to drill test below a newly discovered
mineralized breccia outcrop.
- PNC-2 cut three mineralized intervals with the first and
third intersecting new zones of mineralization. Importantly,
the third zone intersected 136.45 metres @ 1.31 g/t gold equivalent
in a new porphyry related breccia discovery with an abundance of
CBM vein sulphides flooding the matrix. The hole was terminated
prematurely in an area of complicated faulting.
- The geochemical signature of the mineralization
encountered in PNC-2 is interpreted to be at the edge of a major
new porphyry system in the Plutus target area.
- Mineralization defined to date in the Plutus Northern
Corridor measures 285 metres in strike by 250 metres width by 375
metres vertical and remains open to the east, south, southwest and
at depth.
- Five drills are currently in operation at
the Guayabales project with three rigs drilling at the Apollo
porphyry system, one rig drilling at the Plutus target and the
final rig drilling initial reconnaissance holes at the Marmato
Extension target ("ME target"). Additionally, drilling is expected
to begin in Q4 2023 at the Trap target, which displays similar
mineralization styles as the Apollo porphyry system. Fourteen new
diamond drill holes have recently been completed with assays
pending in the near term.
Ari Sussman, Executive Chairman
commented: "Making a new discovery in only the second hole drilled
in the Plutus Northern Corridor as part of the 2023 exploration
program is a testament to both the tenacity of our operating team
on the ground and the robust geology of the intrusion complex at
the Guayabales project. We remain steadfast in our goal of being
aggressive with drilling to unlock as much value as we can in what
we firmly believe is an emerging mining district. The area in which
we operate has all the earmarks of evolving into a series of
important and strategic deposits for Colombia and we are honored to help push this
initiative forward for our stakeholders and shareholders."
TORONTO, Oct. 11,
2023 /CNW/ - Collective Mining Ltd. (TSX: CNL)
(OTCQX: CNLMF) ("Collective" or the "Company") is pleased to
announce assay results for two diamond holes drilled into the
Plutus Northern Corridor, which is one of a series of targets at
the Guayabales Project located in Caldas, Colombia. The Plutus Northern Corridor forms
part of the larger Plutus porphyry centre ("Plutus") and is located
approximately 1,000 metres east of the Apollo porphyry system.
Plutus measures approximately 1,000 metres by 720 metres as
outlined by a magnetic high which is coincident with copper and
molybdenum soil anomalies measuring greater than 300 ppm and 20 ppm
respectively. The Plutus Northern Corridor, situated within the
northern portion of Plutus, hosts brecciated porphyry and
overprinting CBM vein mineralization within a NE-SW trending
corridor. The Plutus Northern Corridor target zone is coincident
with the transitional area between a magnetic high and a magnetic
low as seen in magnetic susceptibility sections. It is worth noting
that the Apollo porphyry system, as well as the area currently
being drilled for the first time by the Company at the ME target,
are also located in the same magnetic transition zone.
Details (See Table 1 and Figures 1-3)
This press release outlines results from two holes designed to
test below new recently defined outcropping targets within the
Plutus Northern Corridor.
PNC-2 was drilled southwest from a new pad, PPad 1,
to a maximum downhole depth of 579.40 metres (450 meters vertical
due to topography). The hole entered a 35.10 metre mineralized zone
at 65.30 metres downhole and is hosted in diorite and quartz
diorite porphyry rocks with multiple quartz, magnetite,
chalcopyrite, and molybdenum veinlets (up to 2% veinlet density)
being observed. At a downhole depth of 143.20 metres, the hole
intercepted a continuous zone of hydrothermal breccia for 185.80
metres with the cement matrix hosting 0.1% chalcopyrite, 1% pyrite,
0.2% sphalerite, and 0.1% pyrrhotite. At 369.35 metres downhole,
the hole entered a new zone of mineralization located below a
recently identified outcrop and cut 136.45 metres of continuous
hydrothermal breccia with overprinting CBM veinlets. This new
mineralized zone hosts a sulphide cement matrix of chalcopyrite (up
to 0.3%), pyrite (up to 1.5%), sphalerite (up to 0.6%), galena (up
to 0.5%) and pyrrhotite (up to 0.7%) with assay results as
follows:
- 35.10 metres @ 0.41 g/t gold equivalent from 65.30
metres downhole (consisting of 0.20 g/t gold, 2 g/t silver and
0.10% copper) in mineralized porphyry;
- 185.80 metres @ 0.81 g/t gold equivalent from 143.20
metres downhole (consisting of 0.59 g/t gold, 13 g/t silver and
0.02% copper) in hydrothermal breccia, and;
- 136.45 metres @ 1.31 g/t gold equivalent from 369.35
metres downhole (consisting of 0.97 g/t gold, 20 g/t silver and
0.04% copper) in hydrothermal breccia including:
- 42.95 metres @ 2.39 g/t gold equivalent from 462.35
metres downhole in breccia with overprinting sheeted CBM
veinlets.
PNC-1 was drilled south-southwest from PPad 1 to a
maximum downhole depth of 594.95 metres (490 meters vertical
due to topography) and encountered diorites and quartz diorite
porphyry rocks with secondary biotite alteration and veinlets of
quartz, magnetite, chalcopyrite, and molybdenum with assay results
as follows:
- 22.45 metres @ 0.32 g/t gold equivalent from surface
(consisting of 0.19 g/t gold, 1 g/t silver and 0.04% copper);
- 85.05 metres @ 0.31 g/t gold equivalent from 53.00
metres downhole (consisting of 0.18 g/t gold, 1 g/t silver and
0.06% copper);
- 39.35 metres @ 0.35 g/t gold equivalent from 169.75
metres downhole (consisting of 0.11 g/t gold, 4 g/t silver and
0.09% copper);
- 24.40 metres @ 0.35 g/t gold equivalent from 254.90
metres downhole (consisting of 0.11 g/t gold, 5 g/t silver and
0.07% copper) and;
- 31.35 metres @ 0.53 g/t gold equivalent from 312.10
metres downhole (consisting of 0.25 g/t gold, 6 g/t silver and
0.09% copper).
Based on drilling, the known mineralized dimensions of the
Plutus Northern Corridor measures 285 metres in strike by 250
metres width by 375 metres vertical and remains open in most
directions for expansion.
Exploration Drill Program and
Assay Update
The 2023 Phase II drilling program is advancing on schedule with
assay results reported for 41 holes and an additional 14 holes
awaiting assay results from the lab.
With five diamond drill rigs now operating at site, the Company
is advancing with the following objectives:
- Expanding the Apollo porphyry system both laterally and
vertically. The Company is currently advancing with directional
drilling for the first time with the initial fan of four holes now
complete. Additionally, the Company is drilling a series of short
holes from surface targeting extensions to the sheeted CBM
vein systems located above and peripheral to the Apollo brecciated
porphyry. Three drill rigs are actively drilling at Apollo.
- Drill test the Marmato Extension ("ME") porphyry centre
for the first time in search of both a high-grade sheeted CBM vein
system at shallow elevations and a potential buried porphyry system
at depth. One drill rig is currently active at ME.
- Drill test the Trap target in the northern portion on
the Guayabales project. Three widely spaced reconnaissance
holes were completed at Trap in 2022 with the discovery hole, TRC-1
assaying 102.2 metres @ 1.53 g/t gold equivalent and containing
similar mineralization to the Apollo porphyry system.
- Fly airborne geophysics on the Plutus target ahead of
first phase drilling of the large and untested coincidental copper
and molybdenum in soil anomaly covering the central and southern
portion of the target area.
Table 1: Assay Results for PNC-1 and PNC-2
Hole
#
|
From
(m)
|
To
(m)
|
Length
(m)
|
Au
g/t
|
Ag
g/t
|
Cu %
|
Mo %
|
AuEq
g/t*
|
PNC-1
|
2.90
|
25.35
|
22.45
|
0.19
|
1
|
0.04
|
0.006
|
0.32
|
and
|
53.00
|
138.05
|
85.05
|
0.18
|
1
|
0.06
|
0.003
|
0.31
|
and
|
169.75
|
209.10
|
39.35
|
0.11
|
4
|
0.09
|
0.004
|
0.35
|
and
|
254.90
|
279.30
|
24.40
|
0.11
|
5
|
0.07
|
0.006
|
0.35
|
and
|
312.10
|
343.45
|
31.35
|
0.25
|
6
|
0.09
|
0.006
|
0.53
|
PNC-2
|
65.30
|
100.40
|
35.10
|
0.20
|
2
|
0.10
|
0.002
|
0.41
|
and
|
143.20
|
329.00
|
185.80
|
0.59
|
13
|
0.02
|
0.002
|
0.81
|
and
|
369.35
|
505.80
|
136.45
|
0.97
|
20
|
0.04
|
0.002
|
1.31
|
and incl
|
462.35
|
505.30
|
42.95
|
1.90
|
28
|
0.08
|
0.002
|
2.39
|
*AuEq (g/t) is
calculated as follows: (Au (g/t) x 0.97) + (Ag g/t x 0.016 x 0.88)
+ (Cu (%) x 1.79 x 0.90)+ (Mo (%)*11.62 x 0.85) utilizing metal
prices of Cu – US$3.85/lb, Ag – $24/oz Mo - US$25/lb and Au –
US$1,475/oz and recovery rates of 97% for Au, 88% for Ag, 85% for
Mo, and 90% for Cu. Recovery rate assumptions are speculative as
limited metallurgical work has been completed to date. True widths
are unknown, and grades are uncut.
|
About Collective Mining
Ltd.
To see our latest corporate presentation and related
information, please visit www.collectivemining.com.
Founded by the team that developed and sold Continental Gold
Inc. to Zijin Mining for approximately $2
billion in enterprise value, 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 target, 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 portion of the porphyry
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 and as a result, are fully
aligned with shareholders. The Company is listed on the TSX under
the trading symbol "CNL" and on the OTCQX under the trading symbol
"CNLMF".
Qualified Person (QP) and NI43-101
Disclosure
David J Reading is the designated Qualified Person for this news
release within the meaning of National Instrument 43-101 ("NI
43-101") and has reviewed and verified that the technical
information contained herein is accurate and approves of the
written disclosure of same. Mr. Reading has an MSc in Economic
Geology and is a Fellow of the Institute of Materials, Minerals and
Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock, soils and core samples have been prepared and analyzed at
ALS and SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified
reference standards are inserted into the sample stream to monitor
laboratory performance. Crush rejects and pulps are kept and stored
in a secured storage facility for future assay verification. No
capping has been applied to sample composites. The Company utilizes
a rigorous, industry-standard QA/QC program.
Social Media:
Follow Executive Chairman Ari
Sussman (@Ariski73) and Collective Mining
(@CollectiveMini1) on Twitter.
FORWARD-LOOKING
STATEMENTS
This news release contains "forward-looking information" within
the meaning of the applicable Canadian securities legislation. All
statements, other than statements of historical fact, are
forward-looking information and are based on expectations,
estimates and projections as at the date of this news release. Any
statement that involves discussion with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions,
future events or performance (often, but not always using phrases
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "believes"
or variations (including negative variations) of such words and
phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved)
are not statements of historical fact and may be forward-looking
information. In this news release, forward-looking information
relate, among other things, to: anticipated advancement of mineral
properties or programs; future operations; future growth potential
of Collective; and future development plans.
These forward-looking statements, and any assumptions upon which
they are based, are made in good faith and reflect our current
judgment regarding the direction of our business. Management
believes that these assumptions are reasonable. Forward-looking
information involves known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking information. Such factors include, among
others: risks related to the speculative nature of the Company's
business; the Company's formative stage of development; the
Company's financial position; possible variations in
mineralization, grade or recovery rates; actual results of current
exploration activities; conclusions of future economic evaluations;
fluctuations in general macroeconomic conditions; fluctuations in
securities markets; fluctuations in spot and forward prices of
gold, precious and base metals or certain other commodities;
fluctuations in currency markets; change in national and local
government, legislation, taxation, controls regulations and
political or economic developments; risks and hazards associated
with the business of mineral exploration, development and mining
(including environmental hazards, industrial accidents, unusual or
unexpected formation pressures, cave-ins and flooding); inability
to obtain adequate insurance to cover risks and hazards; the
presence of laws and regulations that may impose restrictions on
mining; employee relations; relationships with and claims by local
communities and indigenous populations; availability of increasing
costs associated with mining inputs and labour; the speculative
nature of mineral exploration and development (including the risks
of obtaining necessary licenses, permits and approvals from
government authorities); and title to properties, as well as those
risk factors discussed or referred to in the annual information
form of the Company dated April 7,
2022. Forward-looking information contained herein are made
as of the date of this news release and the Company disclaims any
obligation to update any forward-looking statements, whether as a
result of new information, future events or results, except as may
be required by applicable securities laws. There can be no
assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements and there may
be other factors that cause results not to be anticipated,
estimated or intended. Accordingly, readers should not place undue
reliance on forward-looking information.
SOURCE Collective Mining Ltd.