Ari Sussman, Executive Chairman commented: “APC-22 is an important drill hole for the Company. Firstly, it significantly expanded the mineralized footprint of the system to the north-northeast and remains completely open for further expansion. Secondly, the near surface high-grade intercept in the hole, which was enriched by both porphyry style copper and gold and low sulphidation derived precious metals flooding the breccia matrix, opens up a new high-grade area for drilling. Drill hole APC-29, for which we do not yet have assay results and was drilled from the same pad, intersected similar style mineralization near surface at even greater intensity than APC-22. We believe that we have a “tiger by the tail” and that the system will continue to grow both in grade and scale with further drilling.”
Collective Mining Ltd. (TSX-V: CNL) (OTCQX: CNLMF) is pleased to announce assay results from two step-out holes and one shallow hole drilled into the Main Breccia discovery at the Apollo target, which is part of the Guayabales project located in Caldas, Colombia. The Main Breccia discovery is a high-grade, bulk tonnage copper-silver-gold porphyry-related system, which owes its excellent metal endowment to multiple phases of mineralization which includes older copper-silver-gold porphyry mineralization and younger, overprinting, precious metal rich sheeted carbonate base metal vein systems.
Details (See Table 1 and Figures 1–4)
Assay results for twenty-five diamond drill holes have now been announced at Apollo with results for a further six holes expected in the near term. This press release deals with results from two step out holes drilled to extend the deposit northwards and eastwards, and a shallow hole drilled on the western side of the deposit. Results and details of three drill holes are summarized below.
APC-22 is a step out hole drilled to the north-northeast from Pad 3 to a maximum depth of 734.8 metres and intercepted three mineralized zones. The two shallow zones are located directly beneath surface outcrops with the initial 47.25 metre intercept commencing at 89.25 metres downhole (60 metres vertical), and a second zone starting at 167 metres downhole with 16.80 metres of mineralization (100 metres vertical). Mineralization in these shallow zones is hosted within the matrix of angular quartz diorite breccia with sulphides consisting of chalcopyrite (1%-2.5%), pyrrhotite (1%) and pyrite (1%-1.5%). Finally, the third zone, which starts at 308.80 metres downhole (276 metres vertical) hit 424.10 metres of continuous mineralization until the end of the drillhole at 734.80 metres in length (650 metres vertical). This long and continuous zone of mineralization consists of chalcopyrite (0.5%) and pyrite (1%-2%) in the breccia matrix which is in turn overprinted by multiple zones of sheeted carbonate base metal vein material, which are predominantly sphalerite rich with minor galena. The hole bottomed in mineralization due to the limitations of the drill rig with assay results as follows:
Hole APC-23 was drilled south from pad 5 to a maximum downhole length of 454.9 metres. This step- out hole aimed to test for an eastern extension to the Main Breccia system. The hole intercepted mineralization over 71.7 metres begining at 311.4 metres downhole. Mineralization in this eastern area occurs in both angular (higher grade) and fluid breccia (lower grade) morphologies and is associated with sulphide cement containing both pyrite and pyrrhotite with some overprinting CBM veins with assay results as follows:
Hole APC-24 was a shallow hole drilled south-southwest from Pad 4 to test for western extensions to the main breccia. The hole drilled to a maximum downhole length of 349.9 metres and only intersected mineralized crackle breccia from 101 metres (85 metres vertical depth). Gold and silver mineralization relates to matrix sulphides including pyrite (1%) and pyrrhotite (0.5%) with overprinting CBM veinlets containing sphalerite and some galena. The crackle breccia locates peripherally and above the Main Breccia system. Steeper drilling is thus required in this area to intersect the Main Breccia body. Nevertheless, mineralization was observed in the crackle breccia and returned the following results:
In 2022, a total of 14,975 metres (31 holes) were drilled at the Apollo target. To date assay results have been released for 25 holes with results for the holes that remain outstanding expected in early 2023.
The Company’s 2023 drill program will begin in the coming days and will focus on targeting the high-grade subzones within the Main Breccia system while simultaneously expanding the potential size of the system. Additionally, the Company will remain aggressive in testing new targets at Apollo including the newly generated copper and molybdenum porphyry target located 150 metres south of the Main Breccia system.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 1,000 metres X 1,200 metres area. The Apollo target area hosts the Company’s Main Breccia discovery plus a vein system located above and on the eastern flank of the Main Breccia discovery. Multiple additional untested breccia, porphyry and vein targets have been generated with drilling to begin testing these targets in Q1, 2023. The overall Apollo target area also remains open for further expansion.
Table 1: Apollo Target Assays Results for Holes APC-22 to APC-24
|*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.83 x 0.95)+ (Mo (%)*9.14 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 – $24/oz Mo US$20.00/lb and Au – US$1,500/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.|
Figure 1: Plan View of the Main Breccia Discovery at Apollo Highlighting Drill Holes APC-22 & APC-23 and Outstanding Holes Which May Expand the Main Breccia Mineralized Footprint
Figure 2: Plan View of the Guayabales Project Highlighting the Apollo Target
Figure 3: Apollo Target: Main Breccia Cross Section with Core Photo Highlights from APC-22
Figure 4: Apollo Target: Core Photo Highlights from APC-23
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.
Qualified Person and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 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.
Figure 1: Plan View of the Main Breccia Discovery at Apollo Highlighting Drill Holes APC-22 & APC-23 and Outstanding Holes Which May Expand the Main Breccia Mineralized Footprint (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of the Guayabales Project Highlighting the Apollo Target (CNW Group/Collective Mining Ltd.)
Figure 3: Apollo Target: Main Breccia Cross Section with Core Photo Highlights from APC-22 (CNW Group/Collective Mining Ltd.)
Figure 4: Apollo Target: Core Photo Highlights from APC-23 (CNW Group/Collective Mining Ltd.)
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