Collective
Mining Ltd. (TSXV: CNL) (“Collective”
or the “Company”) is pleased to announce assay results
for four additional diamond drill holes at the Olympus Target
(“Olympus”) within the Guayabales project (“Guayabales”), Colombia.
Additionally, revised geological modeling based on the most current
data has significantly expanded the target area for follow up
exploration. The Company currently has three diamond drill rigs
operating at various targets at the Guayabales project as part of
its fully-financed, minimum 20,000 metre program for 2022.
“The Olympus target is advancing rapidly due to
our exploration work and geological understanding and this has
resulted in a 125 percent expansion of the target area. We are
extremely excited about the precious metal potential of the system
given the broad intercepts of gold and silver mineralization
encountered in early drilling, the sheer size of the alteration
system and the plethora of high-grade gold and silver-bearing,
porphyry related, CBM veins. All the ingredients are in place for
Olympus to evolve into a multi-million-ounce precious metal
deposit. As our team understands full-well from our prior
experience of exploring and developing the Buriticá project in
Colombia, porphyry-related CBM veins can demonstrate robust
continuity over significant vertical and lateral dimensions.
Analogous to Olympus are both the multi-million-ounce high-grade
Marmato and Buriticá systems, with each deposit measuring more than
1.5 vertical kilometres. The Marmato project is located
approximately 3 kilometres to the southeast of Olympus and is
situated within the same structurally controlled, porphyry
intrusion – CBM vein, corridor,” commented Ari Sussman, Executive
Chairman.
Highlights (See Table 1 and Figures 1 -
4)
- As a result of geological
modelling, drilling, underground sampling and detailed mapping, the
Company now interprets Olympus Central and Olympus South to
be one large interconnected mineralized system measuring up to 1.4
kilometres north-south by 900 metres east-west. The area,
which will now be referred to simply as “Olympus,”
remains open for expansion to the northwest, west, south and
east.
- Olympus hole OLCC-4 was drilled
westward at a 60-degree angle and intersected both the
mineralized Eastern and Western zones. The Eastern Zone is
hosted primarily within porphyry diorite and has carbonate base
metal (“CBM”) veins overprinting it while the Western Zone is
hosted predominately within schist country rock impregnated by
multiple zones of sheeted CBM veins with results as follow:
- 216.7 metres @ 1.08 g/t
gold equivalent from 73 metres down-hole (Eastern Zone,
drill hole OLCC-4)
- 110.1 metres @ 0.82 g/t
gold equivalent from 480.3 metres down-hole (Western Zone,
drill hole OLCC-4)
- Olympus hole OLCC-5 was drilled to
the northwest at 70-degree angle and intercepted the Eastern Zone
as follows:
- 59.6 metres @ 1.02 g/t gold
equivalent from 11 metres down-hole before crossing into a
late phase intrusion which appears to have eliminated the
mineralization in this location. Additional patchy mineralization
in the Eastern Zone was encountered further down-hole including
25.3 metres @ 0.86 g/t gold equivalent. The Company will focus
future drilling in the Eastern Zone along strike to the south where
it remains wide open for expansion. Lastly, this hole was not
drilled far enough to intersect the projection of the Western
Zone.
- Recent surface mapping and
interpretation of drill data has led to a refinement of the
Company’s model for the Western Zone. The
schist-intrusive contact is shallow dipping and daylights
at surface in the west for at least 200 metres of strike.
Future drilling will target the untested, shallow projection of the
Western Zone. Holes OLCC-6 and OLCC-7 were unfortunately, not
drilled deep enough to intersect this Western Zone projection at
depth (see Figure 3).
- Exploration work to date within
both historical and current artisanal mines has outlined more than
25 veins. Previously announced chip channel sampling assay
results have confirmed the high-grade nature of the veins with
precious and base metal grades assaying up to 485 g/t gold, 1,919
g/t silver, 2.86% copper and combined zinc and lead grades in
excess of 25 percent. Drilling completed thus far by the
Company has been principally focused on the northern portion of the
eastern zone and has not therefore tested below these high grade,
artisanal mines. An extensive chip channel sampling
campaign has been undertaken within the old mines with assay
results anticipated in the near term.
Table 1: Assay Results
Hole ID |
From (m) |
To (m) |
Intercept (m) |
Au (g/t) |
Ag (g/t) |
Cu% |
Mo % |
AuEq (g/t)* |
Notes |
OLCC-4 |
73.0 |
289.7 |
216.7 |
0.79 |
14 |
0.04 |
0.004 |
1.08 |
Eastern Zone |
Incl |
73.0 |
83.3 |
10.3 |
8.89 |
142 |
0.02 |
0.007 |
10.83 |
|
|
288.6 |
289.7 |
1.1 |
38.54 |
263 |
2.86 |
0.004 |
46.48 |
Visible Gold |
and |
427.1 |
427.8 |
0.7 |
9.11 |
1 |
0.01 |
0.001 |
8.70 |
|
and |
449.2 |
449.8 |
0.6 |
5.84 |
16 |
0.02 |
0.001 |
5.84 |
|
and |
480.3 |
590.4 |
110.1 |
0.69 |
7 |
0.02 |
0.001 |
0.82 |
Western Zone |
Incl |
526.4 |
528.4 |
2.0 |
4.25 |
62 |
0.04 |
0.001 |
5.13 |
|
|
539.2 |
542.3 |
3.1 |
3.42 |
43 |
0.03 |
0.001 |
4.00 |
|
OLCC-5 |
11.0 |
70.6 |
59.6 |
0.60 |
23 |
0.03 |
0.004 |
1.02 |
Eastern Zone |
Incl |
38.8 |
40.1 |
1.3 |
7.07 |
4 |
0.05 |
0.003 |
6.90 |
|
|
43.1 |
43.8 |
0.7 |
4.30 |
215 |
0.08 |
0.002 |
7.72 |
|
and |
196.4 |
221.7 |
25.3 |
0.42 |
22 |
0.04 |
0.005 |
0.86 |
Eastern Zone |
and |
360.4 |
361.7 |
1.3 |
4.35 |
80 |
0.09 |
0.001 |
5.60 |
|
OLCC-6 |
|
|
|
|
|
|
|
|
NSV*** |
OLCC-7 |
225.2 |
227.0 |
1.8 |
1.54 |
32 |
0.03 |
0.000 |
2.04 |
|
*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), utilizing metal prices of Cu – US$4.50/lb, Mo – US$15.00/lb,
Ag – $25/oz and Au – US$1,500/oz and recovery rates of 95% for Au,
Ag, Cu and Mo. Recovery rate assumptions are speculative as no
metallurgical work has been completed to date.
** A 0.1 g/t AuEq cut-off grade was employed with no more than
10% internal dilution. True widths are unknown, and grades are
uncut.
*** No significant values reported in this intercept
Figure 1: Map of the Guayabales Project Highlighting the
Olympus
Targethttps://www.globenewswire.com/NewsRoom/AttachmentNg/a3c52f06-9080-4e84-96bc-85f365f19d0c
Figure 2: Plan View of the Olympus
Targethttps://www.globenewswire.com/NewsRoom/AttachmentNg/abe0bce0-37c7-4f44-a18d-0ea160db9dea
Figure 3: Cross Section W-E as Outlined on the Olympus
Plan View
Imagehttps://www.globenewswire.com/NewsRoom/AttachmentNg/e7ab2427-dd2c-464b-8213-f7c19846ed48
Figure 4: Drill Hole OLCC-4 Core
Photoshttps://www.globenewswire.com/NewsRoom/AttachmentNg/b9af17fc-e255-4f17-8237-bd458f53ceb5Mineralized
veins with Pyrite, galena, sphalerite and chalcopyrite accompanied
by calcium carbonate crosscutting the schist foliation
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.
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 on both the Guayabales and San Antonio projects, a total of
nine targets are defined. The Company is fortuitous to have made
significant grass root 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 RelationsTel. (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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