Collective Mining Announces Reconnaissance Drilling is Underway at Trap, a Newly Defined Bulk Tonnage Target Characterized by Multiple, High-Grade Vein Systems

·9 min read
Collective Mining Ltd.
Collective Mining Ltd.

Figure 1

Plan View of the Guayabales Project Highlighting the Trap Target
Plan View of the Guayabales Project Highlighting the Trap Target

Figure 2

Trap Target has a 1.25 km Strike Length and is Open in Both Directions Along Strike
Trap Target has a 1.25 km Strike Length and is Open in Both Directions Along Strike

TORONTO, May 26, 2022 (GLOBE NEWSWIRE) -- Collective Mining Ltd. (TSXV: CNL) (“Collective” or the “Company”) is pleased to announce high-grade gold and silver channel sample assay results from its recently discovered Trap target (“Trap”) within the Guayabales project (“Guayabales”), Colombia. Trap is located within the northern portion of the 4 kilometre x 4 kilometre porphyry cluster within which the Company has generated eight drill targets through grassroots prospecting to date. Four of these targets have been drill tested (excluding Trap) yielding three significant discoveries including the Olympus target where the Company recently announced near surface discovery holes of 302 metres @ 1.11 g/t gold equivalent and 216.7 metres @ 1.08 g/t gold equivalent (refer to press release dated March 15, 2022 and May 9, 2022, respectively). Collective presently has three diamond drill rigs operating at Guayabales with drills turning at the Trap and Apollo targets with a fourth rig expected to kick off a phase II drilling program at the Olympus target in late June 2022.

Highlights (Table 1 and Figures 1 and 2)

  • Assay results of 33 reconnaissance chip channel samples taken from porphyry related, carbonate-base metal (“CBM”) veins within the Trap target confirm the presence of multiple, high grade, polymetallic veins. Channel sample assay highlights are as follows:

    • 28.41 g/t AuEq over 0.30 metres

    • 15.50 g/t AuEq over 0.25 metres

    • 7.19 g/t AuEq over 2.2 metres

    • 5.07 g/t AuEq over 1.7 metres

  • The CBM veins hosted within the Trap target are all located within a north-to-south trending corridor that has been mapped for a strike length of 1.2 kilometres and is open in both directions along strike. The veins occur within a zone up to 100 metres in width and are hosted within a quartz diorite porphyry which has been bleached white by intense sericite alteration and contains multiple discrete shear planes. The CBM veins are sulphide-rich (pyrite, chalcopyrite, sphalerite and galena) and are associated with quartz carbonate veins within this structural corridor.

  • The Company is presently drilling the first reconnaissance diamond hole, TRC-1, into the central portion of the target area where the vein density is highest. Up to five widely spaced diamond holes covering 600 metres of strike length will be drilled to understand the grade tenor and continuity of the target.

“The discovery of a new, high grade vein system at Trap reconfirms just how prospective the Guayabales project is and to date we have outlined multiple styles of potentially economic mineralization within eight precious and base metal targets. Although exploration at the Trap target is in its infancy, we have already outlined a mineralized corridor consisting of multiple CBM vein systems with a strike length of at least 1.2 kilometres. First assay results from this program are expected in late Q3, 2022,” commented Ari Sussman, Executive Chairman.

Table 1: Chip Channel Sample Assay Results

Sample ID

Length (m)

Au (g/t)

Ag (g/t)

Zn %

Pb%

Cu%

Mo%

AuEq (g/t)*

CM3294

0.30

3.46

687

13.06

1.54

1.86

0.001

28.41

R5024

0.25

8.94

227

0.27

0.06

1.63

0.002

15.50

CM3419

0.14

10.61

283

0.02

0.42

0.01

0.001

14.79

R5002

0.70

8.53

12

0.09

0.13

0.02

0.002

8.47

R5559

0.60

8.08

1

 

 

 

 

7.69

R5026

0.60

0.49

172

3.82

1.39

0.30

0.001

7.30

R5025

2.20

3.90

38

3.23

0.28

0.15

0.001

7.19

R5561

0.30

5.69

10

 

 

 

 

5.56

R5059

1.70

5.07

14

0.01

0.00

0.06

0.002

5.19

CM3431

0.08

3.88

69

0.00

0.14

0.00

0.002

4.85

R5039

0.70

4.63

18

0.01

0.02

0.02

0.000

4.74

R5557

0.20

4.19

3

 

 

 

 

4.03

R5057

1.00

1.91

76

0.07

0.00

0.11

0.012

3.36

R5063

1.40

2.14

55

0.04

0.04

0.14

0.005

3.27

R5153

1.00

0.66

133

0.03

0.00

0.20

0.007

3.19

R5154

1.50

2.35

18

0.03

0.00

0.22

0.022

3.13

R5047

2.00

2.11

22

0.68

0.25

0.02

0.001

3.02

R5064

1.20

0.89

80

0.03

0.00

0.39

0.014

3.00

CM3424

0.60

2.53

11

0.40

0.07

0.02

0.000

2.95

R5156

2.00

1.59

43

0.06

0.01

0.25

0.003

2.75

R5058

0.30

1.39

4

0.02

0.00

0.52

0.002

2.44

R5135

1.00

1.57

46

0.02

0.02

0.05

0.002

2.36

R5061

2.00

1.73

17

0.02

0.01

0.14

0.001

2.22

CM00388

2.00

1.97

4

0.01

0.00

0.01

0.006

2.00

R5137

0.90

1.43

23

0.07

0.01

0.03

0.006

1.87

CM00329

1.50

1.54

20

0.02

0.05

0.01

0.003

1.86

CM00347

1.80

1.89

1

0.04

0.01

0.00

0.000

1.86

R5138

0.25

1.08

20

0.05

0.01

0.21

0.002

1.81

R5558

0.40

1.88

1

 

 

 

 

1.80

R5136

2.00

1.09

19

0.02

0.01

0.14

0.002

1.64

R5569

0.70

1.44

1

0.00

0.00

0.00

0.000

1.38

CM00347

1.00

1.11

0

0.05

0.14

0.02

0.000

1.21

R5003

0.40

1.01

5

0.06

0.02

0.03

0.001

1.15

*Channel chip samples reported above are over true horizontal sampling widths. Sample grades are uncapped. Channel samples are representative of 2-dimensional space and as a result, should not be relied upon as being representative of average grades anticipated in any future resource estimate or mining scenario. AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.017 x 0.95) + (Cu (%) x 2.06 x 0.95) + (Mo (%) x 6.86 x 0.95) +(Zn(%)*0.80*0.95)+(Pb(%)*0.46*0.95), utilizing metal prices of Cu – US$4.50/lb, Mo – US$15.00/lb, Zn – 1.75 US$15.00/lb, Pb – US$1.00/lb, Ag – $25/oz and Au – US$1,500/oz and recovery rates of 95% for Au, Ag, Cu; Zn; Pb and Mo. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.

Figure 1: Plan View of the Guayabales Project Highlighting the Trap Target
https://www.globenewswire.com/NewsRoom/AttachmentNg/6cc9303d-28d4-4748-85eb-19a3c5891571

Figure 2: Trap Target has a 1.25 km Strike Length and is Open in Both Directions Along Strike
https://www.globenewswire.com/NewsRoom/AttachmentNg/6c6532b9-0f1a-40b4-95d4-1fb21bfa5764

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 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.

About Collective Mining Ltd.

To view the Company’s most recent investor presentation, please visit www.collectivemining.com

Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making a significant new mineral discovery and advancing the projection to production. Management, insiders and close family and friends own approximately 40% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. Collective currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program at both the Guayabales and San Antonio projects a total of eleven major targets have been defined. The Company is fortuitous to have made significant grassroots discoveries on both projects with discovery holes of 302 metres 1.1 g/t AuEq and 104 metres @ 1.3 g/t AuEq at the Guayabales project and 710 metres @ 0.53 AuEq at the San Antonio project. (See press releases dated October 18th and 27th, 2021 and March 15, 2022, for AuEq calculations.)

Contact Information

Collective Mining Ltd.
Steve Gold, Vice President, Corporate Development and Investor Relations
Tel. (416) 648-4065

To schedule a one-on-one meeting with management please use the following link:
https://calendly.com/collectivemining/30min?month=2021-11

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.


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