- Drill hole APC-17, a significant step-out hole to the north,
intersected two zones of mineralization within the Main Breccia
discovery at the Apollo target. The shallow zone, which was
intersected directly below where the Main Breccia daylights at
surface cut the following interval:
-
- 72.3 metres @ 2.57 g/t gold equivalent consisting of 1.00
g/t gold, 28 g/t silver and 0.63% copper (100 metres
vertical).
- The second zone encountered in hole APC-17 cut the longest
intercept of continuous mineralization within the Main Breccia
discovery drilled to date with results as follows:
-
- 547.65 metres @ 1.03 g/t gold equivalent consisting of 0.76
g/t gold, 14 g/t silver and 0.04% copper.
- Drill hole APC-17, which was terminated at 912.8 metres due
to rig capacity, bottomed in strong mineralization with the final
2.75 metres averaged 1.56 g/t gold, 9 g/t silver and 0.03%
copper.
- Drill hole APC-18 intersected near surface and high-grade
copper-silver-gold mineralization approximately 300 metres to the
north of the near surface intercept in APC-17. The mineralized
breccia in this zone is strongly overprinted by numerous zones of
carbonate, base metal veins with assay results as follows:
-
- 168.6 metres @ 2.91 g/t gold equivalent consisting of 0.98
g/t gold, 69 g/t silver and 0.5% copper (85 metres
vertical).
- With the result of step out hole APC-17 and recently
announced visuals from step out hole APC-22, the Main Breccia
discovery now measures up to 385 metres along strike by 350 metres
in width (previously 190 metres) and has been extended down to a
vertical depth of 825 metres below surface (previously 500 metres).
The discovery remains wide open for expansion and further step-out
holes are currently being designed.
- Three rigs continue to drill at Apollo with holes APC-19
through APC-26 completed and holes APC-27 through APC-29
underway. Additional assay results are anticipated in the
near term.
TORONTO, Nov. 29,
2022 /CNW/ - Collective Mining Ltd.
(TSXV: CNL) (OTCQX: CNLMF) ("Collective" or the "Company") is
pleased to announce assay results from four additional holes
drilled at the Apollo target ("Apollo") within the Company's
Guayabales project located in Caldas, Colombia. The Main Breccia discovery at Apollo
is a high-grade, bulk tonnage copper-gold-silver porphyry-related
breccia target. As part of its fully funded 23,000 metre drill
program for 2022, there are currently three diamond drill rigs
operating at the Apollo target.
"The intersection of high-grade and shallow mineralization at
Apollo demonstrates the excellent metal endowment of the Main
Breccia and most importantly, the dimensions of the system continue
to expand and clearly point to the fact that we are dealing with a
large-scale discovery. It is truly remarkable to drill a
912-metre-long hole that bottoms in mineralization. Finally, the
shallow, higher grade intercepts encountered in APC-17 and APC-18
are more than 300 metres apart and confirms that the southern
portion of the deposit is where the system comes to surface. As a
result, we are about to start construction of a new drill pad
located between the two shallow intercepts in order to start
defining the shallow portion of the Main Breccia mineralized
system," commented Ari Sussman,
Executive Chairman.
Details (See Table 1 and Figures
1–3)
Nineteen diamond drill holes with accompanying assay results
have now been announced at Apollo and a further eleven holes are
outstanding. The Company recently completed four drill holes; one
northerly directed, step out hole (APC-17), to test for mineralized
extensions to the Main Breccia discovery, a second shallow hole
drilled southwesterly to define extensions of newly discovered
mineralized breccia outcrops located in the southern portion of the
deposit and two fringe holes drilled at shallow angles to the west
of the Main Breccia discovery.
Drill hole APC-17 was drilled approximately due north to a
maximum depth of 912.60 metres. The hole intersected three
mineralized zones: 72.3 metres of mineralization beginning at
118.20 metres down hole (100m
vertical), 11.65 metres of mineralized breccia from 252.6 metres
(220m vertical) and another 547.65
metres of mineralization from 365.15 metres down hole (330m vertical) to the end of the hole at
912.80m (825m vertical). The hole terminated
while still in mineralized breccia due to limitations of the
drill rig. Total cumulative mineralization in this diamond drill
hole was 628.3 metres and is the most mineralization drilled in a
single hole to date into the Main Breccia discovery at Apollo.
The shallow intercept is hosted within angular porphyry related
breccia containing chalcopyrite (1-2%) with pyrite and
pyrrhotite and is located directly beneath recently discovered
mineralization outcropping at surface. The deeper and longer
intercept is also hosted within angular porphyry related breccia
with the matrix filled with pyrite, some chalcopyrite and
overprinting carbonate base metal veins ("CBM"). The
following results are highlighted:
- 72.3 metres @ 2.57 g/t gold equivalent consisting of 1.00
g/t gold, 28 g/t silver and 0.63% copper (100 metres
vertical).
- 11.65 metres @ 1.88 g/t gold equivalent consisting of 1.80
g/t gold, 4 g/t silver and 0.05% copper (220m vertical).
- 547.65 metres @ 1.03 g/t gold equivalent consisting of 0.76
g/t gold, 14 g/t silver and 0.04% copper (330m vertical).
Drill hole APC-18 was drilled in a southwest direction and
intersected shallow, copper-silver-gold mineralization from 136.05
metres to 304.65 metres with the hole terminating at a final depth
of 499.05 metres. The mineralized breccia contains a matrix of
chalcopyrite and pyrite is strongly overprinted by numerous zones
of CBM veins hosting sphalerite and galena. The hole was drilled
below outcrops of breccia mineralization in the south-central
portion of the deposit with assay results as follows:
- 168.6 metres @ 2.91 g/t gold equivalent consisting of 0.98
g/t gold, 69 g/t silver and 0.5% copper (85 metres
vertical).
With the result of APC-17 and recently announced visuals from
APC-22, the potential total volume of rock hosting the Main Breccia
discovery within it has approximately tripled in size with the
dimensions now measuring 385 metres along strike by 350 metres
width by 825 metres depth versus prior dimensions of 385 metres x
190 metres x 500 metres. The discovery remains wide open for
expansion and further step-out holes are currently being
designed.
Holes APC-15 and APC-16 were drilled at shallow angles on the
western periphery of the main breccia body. APC-15 was drilled to
the northwest and intersected mineralized crackle breccia returning
56.05 metres @ 0.57 g/t gold equivalent from 68.6 metres (55 metres
vertical). This is a new mineralized area outside of the Main
Breccia discovery at Apollo. APC-16 was also drilled outside the
Main Breccia discovery to the southwest and intersected 500 parts
per million copper in crackle breccia from 200 metres and until the
end of the hole at 303.35 metres. The Company believes that
both APC-15 and APC-16 may have drilled over the top of the Main
Breccia discovery in these locations.
Three rigs continue to drill at Apollo with additional assay
results anticipated in the near term.
The Apollo target area, as defined to date by surface mapping,
rock sampling and copper and molybdenum soil geochemistry, covers
an 800 metres X 700 metres area. The Apollo target area hosts the
Company's new Main Breccia discovery plus a vein system located
above and on the eastern flank of the Main Breccia discovery and
the Northern Breccia discovery located 250 metres to the north of
the Main Breccia. Multiple additional untested breccia,
porphyry and vein targets have been generated and will be drilled
in due course. The overall Apollo target area also remains open for
further expansion.
Table 1: Apollo Target Assays Results
HoleID
|
From
(m)
|
To
(m)
|
Intercept
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
%
|
Mo
%
|
AuEq
(g/t)*
|
CuEq
(%)*
|
APC-18
|
136.05
|
304.65
|
168.60
|
0.98
|
69
|
0.50
|
0.002
|
2.91
|
1.48
|
Incl
|
149.20
|
157.00
|
7.80
|
5.08
|
35
|
0.52
|
0.002
|
6.34
|
3.23
|
|
193.20
|
205.10
|
11.90
|
2.18
|
154
|
0.77
|
0.001
|
5.81
|
2.97
|
|
233.90
|
251.50
|
17.60
|
1.49
|
56
|
0.74
|
0.002
|
3.63
|
1.85
|
|
291.65
|
297.00
|
5.35
|
3.26
|
10
|
0.11
|
0.001
|
3.47
|
1.77
|
APC-17
|
118.20
|
190.50
|
72.30
|
1.00
|
28
|
0.63
|
0.004
|
2.57
|
1.31
|
Incl
|
121.90
|
130.40
|
8.50
|
2.42
|
30
|
0.61
|
0.005
|
3.91
|
2.00
|
APC-17
|
252.60
|
264.25
|
11.65
|
1.80
|
4
|
0.05
|
0.002
|
1.88
|
-
|
and
|
365.15
|
912.80
|
547.65
|
0.76
|
14
|
0.04
|
0.001
|
1.03
|
-
|
Incl
|
527.80
|
561.10
|
33.30
|
3.01
|
19
|
0.05
|
0.002
|
3.23
|
-
|
|
579.20
|
596.80
|
17.60
|
2.37
|
25
|
0.06
|
0.001
|
2.74
|
-
|
|
816.00
|
837.50
|
21.50
|
1.53
|
28
|
0.09
|
0.001
|
2.04
|
-
|
APC-16
|
|
|
|
NSV*
|
|
|
|
|
|
APC-15
|
54.20
|
110.25
|
56.05
|
0.37
|
5
|
-
|
-
|
0.57
|
-
|
Incl
|
68.60
|
69.10
|
0.50
|
6.26
|
15
|
-
|
-
|
6.27
|
-
|
|
77.85
|
79.20
|
1.35
|
4.17
|
20
|
-
|
-
|
4.41
|
-
|
and
|
180.95
|
181.65
|
0.70
|
13.29
|
9
|
-
|
-
|
12.81
|
-
|
|
206.95
|
207.50
|
0.55
|
7.87
|
5
|
-
|
-
|
7.61
|
-
|
|
*AuEq (g/t) is
calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95)
+ (Cu (%) x 1.96 x 0.95)+ (Mo (%)*7.35 x 0.95) and CuEq (%) is
calculated as follows: (Cu (%) x 0.95) + (Au (g/t) x 0.51 x
0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 3.75 x 0.95) utilizing
metal prices of Cu – US$4.00/lb, Ag – $22/oz Mo US$15.00/lb and Au
– US$1,400/oz and recovery rates of 95% for Au, Ag, Mo and Cu.
Recovery rate assumptions are speculative as no metallurgical work
has been completed to date.
|
** A 0.2 g/t AuEq
cut-off grade was employed with no more than 15% internal dilution.
True widths are unknown, and grades are uncut.
|
*** NSV: No
significant values
|
|
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 based in
Canada, 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 and gold Main Breccia discovery. The
Company's near-term objective is to continue with expansion
drilling of the Main Breccia discovery while increasing confidence
in the highest-grade portions of the system.
Management, insiders and close family and friends own nearly 35%
of the outstanding shares of the Company and as a result, are fully
aligned with shareholders. The Company is listed on the TSXV 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 and core samples have been prepared and analyzed at 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.
FORWARD-LOOKING
STATEMENTS
This news release contains certain forward-looking statements,
including, but not limited to, statements about the drill programs,
including timing of results, and Collective's future and
intentions. Wherever possible, words such as "may", "will",
"should", "could", "expect", "plan", "intend", "anticipate",
"believe", "estimate", "predict" or "potential" or the negative or
other variations of these words, or similar words or phrases, have
been used to identify these forward-looking statements. These
statements reflect management's current beliefs and are based on
information currently available to management as at the date
hereof.
Forward-looking statements involve significant
risk, uncertainties, and assumptions. Many factors could
cause actual results, performance, or achievements to
differ materially from the results discussed or implied in the
forward-looking statements. These factors should be
considered carefully, and readers should not place undue
reliance on the forward-looking statements. Although the
forward-looking statements contained in this news release are based
upon what management believes to be reasonable assumptions,
Collective cannot assure readers that actual results will be
consistent with these forward-looking statements. These
forward-looking statements are made as of the date of this news
release, and Collective assumes no obligation to update or revise
them to reflect new events or circumstances, except as required by
law.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this news release.
SOURCE Collective Mining Ltd.