TORONTO, Feb. 6, 2024
/CNW/ - Collective Mining Ltd. (TSX: CNL) (OTCQX: CNLMF)
(FWB: GG1) ("Collective" or the "Company") is pleased to
announce that a second rig has been mobilized to the Trap target
("Trap") due to strong visual mineralization observed in follow up
drilling currently underway. Trap is one of a series of porphyry
targets within the Company's Guayabales Project located in Caldas
Colombia. The Company's 2024 exploration plan includes up to 40,000
metres of diamond drilling with three rigs currently operating and
a fourth rig anticipated to start drilling by the middle of
February 2024.
Trap Highlights (see Figures 1-4)
- The Company recently announced the discovery of a gold rich
porphyry system at Trap which is located approximately 3.5
kilometres to the northeast of the flagship Apollo system. The Trap
target covers a large surface area measuring approximately 2
kilometres by 2 kilometres with assay results previously announced
on January 18, 2024 for the initial
three drill holes as follows:
- 102.2 metres @ 1.53 g/t AuEq (TRC-1)
- 646.0 metres @ 0.81 g/t AuEq (TRC-2, bottomed in
mineralization) including;
- 301.5 metres @ 1.01 g/t AuEq from 19.5 metres depth
- 159.75 metres @ 1.04 g/t AuEq (TRC-3)
- Geological inspection of the initial three discovery holes plus
interpretation of precious and base metal assay data suggests that
the Company has only drill tested the upper levels of a porphyry
system consisting of overprinting early and late-stage porphyry
veins associated with a pervasive phyllic (sericite - chlorite -
sulphide) alteration assemblage. On January
19, 2024 a follow up drill hole was initiated from Pad 2 to
test the mineralized system at depth and is currently coring in a
southeast direction at approximately 745 metres in length.
- Visual observation of the current drill hole is showing a
noticeable increase in total sulphide content and alteration in
comparison to the prior holes with three overprinting
styles of mineralization being observed as follows:
- Porphyry quartz veins containing pyrite and minor
chalcopyrite
- Late crosscutting sheeted carbonate base metal ("CBM") veinlets
enriched in sphalerite and galena
- Dark polymetallic sheeted veinlets
- Sufficiently encouraged by the deeper drill hole visuals,
the Company is mobilizing a second drill to Trap with drilling
anticipated to commence in the coming days. Additional assay
results from Trap are expected in Q1 2024.
David Reading, Special Advisor to
the Company commented: "The current drill hole at Trap is very
exciting as it highlights the presence of stockwork and sheeted
porphyry veins which relates to pulses of mineralized fluids
typical of large systems. Additionally, based on core inspection of
this hole, there is a noticeable increase in total sulphide content
relative to the discovery holes previously announced by the
Company."
Richard Tosdal, Special Advisor
to the Company added: "The current drill hole appears to start at
the margin of a porphyry system and then enters porphyry quartz
diorite with sheeted quartz veins surrounded by pervasive phyllic
alteration assemblages composed of sericite (probably muscovite),
chlorite and sulphides typical of the upper parts of porphyry
copper-gold systems."
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, 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 ten 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 near-term objective is to drill the shallow portions of
the Apollo 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", on the OTCQX under the trading symbol
"CNLMF" and on the FWB under the trading symbol "GG1".
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 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.
Information Contact:
Follow Executive Chairman
Ari Sussman
(@Ariski73) on X
Follow Collective Mining (@CollectiveMini1) on
X, (Collective Mining) on LinkedIn, and
(@collectivemining) on Instagram
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 recovery metal
recovery rates; 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.
