Collective Mining Ltd. [TSX-CNL; OTCQX-CNLMF; FSE-GG1] reported assay results for three drill holes into the Apollo porphyry system at the Guayabales project in Caldas, Colombia. The company presently has five drill rigs operating at the project as part of its fully financed 40,000-metre drill program for 2024.
Presently, drill rigs are operating at the Apollo, Box, Olympus and Trap targets. Drill cores from multiple holes are currently being assayed at ALS Laboratory in Lima, Peru, with further results expected in short order.
Ari Sussman, executive chairman, commented: “Our 2024 exploration program continues to yield positive surprises with Apollo now materially expanding and widening to the northwest. Drilling over the balance of the year at Apollo will remain aggressive as we continue to push the limits of the system while simultaneously targeting high-grade subzones within the known mineralization envelope. Elsewhere on the Guayabales project, we have completed the first two shallow drill holes at the Box target with core logging indicating there is a very large hydrothermal fluid system in place with deeper drilling required from the next set of holes (now under way). At the Trap target, we have refined the geological model and now interpret that mineralization is related to a wide deformation zone on the west side of a northwest trending fault. The current hole under way (TRC-11) was planned on this basis and visually has cut significant mineralization over 175 metres in length and counting (still drilling). Lastly, at the Olympus target, steeply dipping veins have been intersected at a shallow elevation and if assays are favourable, would connect Apollo with Olympus in the northeast corner of Apollo. We remain committed to our goal of outlining a series of closely spaced porphyry and porphyry-related systems capable of producing at more than 400,000 gold equivalent ounces on an annual basis.”
Highlights: Drill hole APC-95 was drilled northerly from pad 14 and encountered outstanding continuous mineralization while expanding the Apollo system locally to the north by 50 metres. On a gram-by-metre basis, APC-95 is the sixth-highest grade intercept at Apollo yielding 1,128 g/t AuEq (gold equivalent). Additionally, APC-95 is the 11th gram-by-metre intercept at more than 1,000 g/t AuEq drilled to date at Apollo. Assay results for APC-95 are as follows: 513.70 metres at 2.20 g/t AuEq from 207.20 metres including 116.95 metres at 4.88 g/t AuEq from 295.40 metres.
Drill hole APC-97, which was drilled to the northwest from pad 14, cut the second-longest intercept drilled to date at Apollo (825.70 metres) while materially expanding the dimensions of the Apollo system to the northwest by 150 metres and encountering high-grade near the bottom of the hole. Apollo remains completely open in this direction for further growth with future stepout holes planned in this regard. Assay results for APC-97 are as follows: 825.70 metres at 1.11 g/t AuEqfrom 192.00 metres including 105.25 metres at 2.02 g/t AuEq from 205.30 metres; 74.90 metres at 2.06 g/t AuEq from 479.10 metres; 54.55 metres at 1.97 g/t AuEq from 825.05 metres; and 18.05 metres at 2.46 g/t AuEq from 909.30 metres.
Partial results for the shallow portion of drill hole APC-93 were previously released where the company drilled a long and continuous high-grade intercept through Apollo. Final results for hole APC-93 are now in hand with the company intersecting Olympus Deep mineralization approximately 125 metres east of discovery hole APC88-D1 (202.35 metres at 2.16 g/t AuEq with results as follows: 560.05 metres at 1.83 g/t AuEq from 127.25 metres (Apollo; previously released); 34.90 metres at 1.10 g/t AuEq from 788.10 metres (Olympus); 42.00 metres at 0.79 g/t AuEq from 898.00 metres (Olympus); 66.50 metres at 1.18 g/t AuEq from 1,036.75 metres (Olympus) including 16.75 metres at 2.48 g/t AuEq from 1,049.15 metres.
The robustness of the Guayabales project is exemplified by drill results at the Apollo system which show extraordinarily consistent and continuous high-grade mineralization beginning at surface and continuing to depths of more than 1,000 metres. in the attached table.
Collective is a copper, silver, gold and tungsten 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 10 fully permitted and operating mines.
The company’s flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold-tungsten Apollo porphyry system. The company’s 2024 objective is to expand the Apollo system, prove that the recent discoveries at the Olympus and Trap targets evolve into large-scale systems, and make a new discovery at either the Box, Tower or X targets.
Management, insiders, a strategic investor and close family and friends own nearly 50% of the outstanding shares of the company.
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