Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF)
(“Collective” or the “Company”) is pleased to announce that
drilling has recommenced at the Olympus target
(“Olympus”), one of eight newly generated porphyry related
targets at the Guayabales project, located in Caldas, Colombia. The
phase II drill program, which will be executed exclusively from
underground chambers, will follow up on the
Phase I program
which yielded an important grassroots discovery for the Company
highlighted by hole OLCC-3 which averaged 301.9
metres @ 1.11 g/t AuEq (see press release dated March 15,
2022)
. There are currently four rigs operating at
the project as part of the Company’s fully financed minimum 20,000
metre drill program for 2022 with one rig drilling at Olympus and
three rigs
following up on the recent significant discovery
at the Apollo target highlighted by hole APC-2 which averaged
207.15 metres @ 2.68 g/t AuEq (see press release dated
August 10, 2022).
Highlights (See Figures
1-3)
- Olympus
is a large-scale target area measuring up to 1,400 metres
north-south by 900 metres east-west and hosts over 50
ancestral mines with over 25 veins mapped from available exposures.
The Phase I drill program was focused on the northern portion of
this target area and intersected multiple broad zones of
mineralization beginning near surface highlighted by:
- 301.9
metres @ 1.11 g/t AuEq (OLCC-3) and
- 216.7
metres @ 1.08 g/t AuEq (OLCC-4) (see press release dated
May 9, 2022)
- The phase II
drill program, which is now underway, will step out up to 500
metres along strike to the southwest from drill hole OLCC-3 into an
area where most of the historical and current ancestral mines are
located. It is within this southwest area that the Company has
reported multiple high-grade chip channel samples taken from
underground working faces with grades as high as 485 g/t gold and
2,359 g/t silver (see press releases dated December 1, 2021, and
July 19, 2022). Additionally, systematic channel sampling from a
crosscut developed within an ancestral mine orthogonal to the
strike of the main mineralized system yielded the following assay
result:
- 182.45
metres @ 1.15 g/t gold equivalent (true horizontal width)
(see press release dated July 19, 2022)
- The phase II underground
drill program is expected to ramp up in scale for the balance of
the year as new drill chambers are constructed and additional rigs
are added.
- Even though the target is at an
early stage of exploration, the Company believes that the decision
to construct chambers and drill from underground for its phase II
program is an innovative approach to work with the ancestral miners
operating at the Olympus target for the following reasons:
- Working underground with the
ancestral miners will increase cooperation amongst the stakeholders
resulting in ever increasing trust and transparency.
- The Company will promote the best
health and safety practices and mine-planning and in return the
Company gains an understanding of the challenges the ancestral
miners face and underground access to new working faces and veins
as they are discovered.
- Drilling from underground will
eliminate the challenges associated with lack of drilling angles
from surface due to the steep topography resulting in an
accelerated timeline to evaluate and advance the Olympus
target.
- Mineralization
at Olympus is characterized by high-grade, late-stage carbonate
base metal (“CBM”) sheeted veins impregnating either porphyry
diorite host rock or schist host rock, with the former offering
potential to produce a bulk tonnage mineralized systems and the
latter offering potential to produce high-grade vein systems.“We
are excited to have initiated the phase II drill program at Olympus
as we are now targeting what the Company interprets to be the heart
of the mineralized system,” commented Ari Sussman, Executive
Chairman. “Olympus offers potential for both bulk tonnage and
high-grade vein mineralization and we are looking forward to
reporting assay results from the new program in due course.”
Figure 1: Plan View of the Guayabales Project
Highlighting the Olympus Target
https://www.globenewswire.com/NewsRoom/AttachmentNg/6f9d5006-c691-4716-8b79-c825b54a903a
Figure 2: Plan View of the Olympus Target Outlining the
Phase II Drilling Location (red circle) and Highlighting Previously
Announced Drilling and Channel Sampling Assay Results
https://www.globenewswire.com/NewsRoom/AttachmentNg/a954ee6d-b120-4f2d-ba72-dc78d30a1fa8
Figure 3: Photo of the Underground Drill Chamber and
Rig
https://www.globenewswire.com/NewsRoom/AttachmentNg/5d5f0535-e925-473c-bc0f-37a8f769b0ac
About Collective Mining Ltd.
Twitter: @CollectiveMini1Instagram:
CollectiveMiningLinkedIn: Collective MiningFacebook: Collective
Mining Colombia
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 at both the Guayabales and San
Antonio projects, a total of eleven major targets have been
identified. The Company has made significant grassroot discoveries
at both projects with near-surface discovery holes at the
Guayabales project yielding 302 metres at 1.11 g/t AuEq at the
Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target and
recently, at the Apollo target, 207.15 metres at 2.68 g/t AuEq. At
the San Antonio project, the Company intersected, from surface, 710
metres at 0.53 AuEq. (See related press releases on our website 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)
過去 株価チャート
から 11 2024 まで 12 2024
Collective Mining (TSXV:CNL)
過去 株価チャート
から 12 2023 まで 12 2024