Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF)
(“Collective” or the “Company”) is pleased
to announce the
discovery of a potentially significant broad mineralized
zone as well as
additional high-grade gold and
silver assay results from channel samples taken at the
Olympus target (“Olympus”) at the Company’s 100% owned Guayabales
project in Caldas, Colombia.
A noteworthy discovery drill
hole from the northern area of Olympus was announced by the Company
in March 2022, with OLC-3 yielding 302 metres @ 1.11 g/t AuEq from
near surface. Olympus is one of the eight porphyry-related
targets situated within a three-by-four-kilometre cluster area
generated by the Company through grassroots exploration at the
Guayabales project. As part of its fully funded 20,000+ metre drill
program for 2022, there are currently three diamond drill rigs
operating at the Apollo target, which is located approximately 800
metres south-southeast of Olympus. Furthermore, additional rigs
have been secured to begin the Phase II program at Olympus with the
first hole anticipated to commence drilling from underground in
August 2022.
Highlights (See Tables 1-2 and Figures
1-3)
- Continuous
channel sampling, where possible, were taken by the Company along a
historical crosscut covering a 182.45 metre horizontal width and
hosting multiple mineralized veins, veinlets and structures within
intensely altered porphyry and country rocks. This sampling
has outlined a broad mineralized zone (“BMZ”) with assay results as
follows:
- 182.45
metres @ 1.15 g/t gold equivalent (true horizontal
width)
Sampling from the eastern half of the crosscut
was in oxidized material, which the Company believes may be
underrepresenting the actual grade because previously announced
chip channel sample assay results within vein material at slightly
lower elevations directly below this area of the crosscut yielded
materially higher grades. (See press releases dated May 12, 2022
and June 1, 2022)
Table 1: Crosscut Channel Sampling Assay
Results
Crosscut Sampling |
From(m) |
To(m) |
Width(m) |
Au(g/t) |
Ag(g/t) |
AuEq(g/t)* |
|
0.00 |
182.45 |
182.45 |
0.89 |
23 |
1.15 |
Incl. |
7.70 |
13.20 |
5.50 |
2.62 |
56 |
3.23 |
|
113.70 |
120.00 |
6.30 |
2.73 |
29 |
2.98 |
|
130.15 |
132.15 |
2.00 |
1.83 |
196 |
4.34 |
|
162.15 |
167.05 |
4.90 |
2.44 |
58 |
3.10 |
|
177.40 |
182.45 |
5.05 |
8.03 |
69 |
8.55 |
*AuEq (g/t) is calculated as follows: (Au (g/t)
x 0.95) + (Ag g/t x 0.014 x 0.95), Ag – $21/oz and Au US$1,500/oz
and recovery rates of 95% for Au, Ag. Recovery rate assumptions are
speculative as no metallurgical work has been completed to date.
Channel samples are taken continuously along the walls of the
underground crosscuts. Approximately 8% of the total horizontal
length could not be sampled due to timber support. Assay results
are uncapped, and no cut-off grade has been applied.
- Assay results of chip channel
samples taken from veins located within historical, shallow
underground working faces at Olympus, directly west of the
BMZ zone, continue to confirm the presence of multiple, high-grade
carbonate base metal (“CBM”) sheeted vein systems
with results as follows:
Table 2: Chip Channel Sample Assay
Results from Olympus
ChannelSample |
Au(g/t) |
Ag(g/t) |
AuEq(g/t)* |
True Width(metres) |
1 |
118.79 |
2,359 |
144.23 |
0.25 |
2 |
24.62 |
160 |
25.52 |
3.00 |
3 |
3.31 |
182 |
5.57 |
1.40 |
4 |
33.23 |
328 |
35.93 |
0.50 |
5 |
23.61 |
466 |
28.63 |
0.90 |
6 |
9.71 |
66 |
10.10 |
1.30 |
7 |
9.15 |
46 |
9.31 |
1.00 |
8 |
3.17 |
90 |
4.20 |
1.55 |
9 |
6.53 |
69 |
7.12 |
1.00 |
10 |
4.02 |
145 |
5.76 |
1.70 |
* AuEq (g/t) is calculated as follows: (Au (g/t)
x 0.95) + (Ag g/t x 0.014 x 0.95), Ag – $21/oz and Au US$1,500/oz
and recovery rates of 95% for Au, Ag. Recovery rate assumptions are
speculative as no metallurgical work has been completed to date.
Channel samples are taken across the working faces of historical
and current artisanal mining drifts. Assay results are uncapped,
and no cut-off grade has been applied. Assay results for base
metals are still pending for all channel samples listed above.
- The high-grade CBM veins
outlined above are located directly west of the BMZ and
collectively both areas outline a target zone measuring greater
than 300 metres of width which remains open in all directions.
Historical workings along veins to the northwest and southeast of
the crosscut indicate a potential strike length to the systems of
at least 500 metres which is open for expansion.
- Drilling, underground sampling and
surface mapping to date have expanded Olympus to a target
area measuring more than 1,400 metres by 900 metres, which hosts
over 50 artisanal mines with over 25 veins mapped from
available exposures. The results outlined in this press release
cover only the southwest portion of this target area. Previous
drilling in the northern portion of the target area returned broad
intercepts of up to 301.9 metres @ 1.11 g/t gold
equivalent (see press release dated March 15, 2022). The
Company believes that the probability is high that additional veins
and BMZ zones will be discovered as exploration ramps up. To date
only small portions of the target area have been drill tested or
sampled and the Olympus target remains open to the east,
west, northwest, south and at depth.
- A phase II underground
drill program will commence in August 2022 and is expected to ramp
up in scale for the balance of the year as new drill chambers are
constructed and additional rigs are added.
“The presence of both broad mineralized zones
and high grade CBM veins at Olympus is exciting and highlights the
potential for a combination of both bulk and selective mining
scenarios in the future. To date we have only covered with drilling
and sampling a few small windows within this large mineralized
system. We look forward to drilling the southwest portion of the
system beginning in August as the highest-grade samples found to
date are from within this area,” commented Ari Sussman, Executive
Chairman.
“On another front, we are now drilling with
three rigs at the Apollo target and continue to intercept
potentially significant lengths of mineralized breccia with
overprinting CBM veins. We will provide further details in the
coming weeks once new holes are completed and logged. Assay results
from holes APC-1W and APC-2 at Apollo are expected shortly and will
be announced once results have been received, compiled are
interpreted by the Company.”
Figure 1: Plan View of the Guayabales Project
Highlighting the Olympus
Targethttps://www.globenewswire.com/NewsRoom/AttachmentNg/2f58ea15-a41e-4bb9-82c4-fdd5692a5322
Figure 2: Plan View of the Olympus Central Target
Outlining the BMZ Area and the Zone of Multiple, High-Grade, CBM
Veinshttps://www.globenewswire.com/NewsRoom/AttachmentNg/22aa4689-7f30-49d6-997e-81b182606357
Figure 3: Photos of High-Grade CBM Veins Reported
Hereinhttps://www.globenewswire.com/NewsRoom/AttachmentNg/00651ec9-46bd-4198-841f-e237644b06ef
About Collective Mining Ltd.
Twitter: @CollectiveMini1Instagram:
CollectiveMiningLinkedIn: Collective MiningFacebook: Collective
Mining
To see our latest corporate 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
significant new mineral discoveries and advance the projects to
production. 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 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
eight major targets have been identified. The Company is fortuitous
to have made significant grassroot discoveries at both projects
with near-surface discovery holes at the Guayabales project
yielding 302 metres at 1.1 g/t AuEq at the Olympus target, 163
metres at 1.3 g/t AuEq at the Donut target and 87.8 metres at 2.49
g/t AuEg at the Apollo target. At the San Antonio project, the
Company intersected, from surface, 710 metres at 0.53 AuEq. (See
press releases dated October 27th, 2021, November 15, 2021, March
15, 2022 and June 22, 2022 for AuEq calculations.)
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.
Contact Information
Collective Mining Ltd.Steve Gold, Vice
President, Corporate Development and Investor RelationsTel. (416)
648-4065
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.
Collective Mining (TSXV:CNL)
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