TORONTO, Sept. 16, 2021 (GLOBE NEWSWIRE) --
Collective Mining Ltd. (TSXV: CNL)
(“Collective” or the “Company”) is pleased to provide an exploration update on its Victory target (“Victory”). Victory, which is the fifth major target identified through grassroots prospecting by the Company, is in the northern area of the Guayabales Project (“Guayabales”) in Caldas, Colombia. Guayabales is situated contiguous and immediately along strike and to the northwest of Aris Gold’s multi-million ounce deposit. The Company interprets the abundant precious metal mineralization encountered throughout the Guayabales Project to be related to multiple mineralized styles that include gold-copper-molybdenum porphyries and associated breccia as well as high grade, precious and base metal vein systems that are superimposed on and enrich the porphyry bodies.
Highlights (Table 1 and Figures 1-4)
Victory is a coincidental robust gold, silver, copper and molybdenum soil anomaly with abundant high-grade gold rock chip samples overprinting a magnetic high anomaly.
The Victory target is large, measuring 1,000 metres east-west by 600 metres north-south by at least 250 metres vertically (exposed outcrop over different elevations) and is open for expansion in all directions.
- 22 rock channel and chip samples returned values above 0.5 g/t gold over widths of 1 to 3 metres including 12 samples above 1 g/t gold and a maximum of 6 g/t gold. These samples were obtained from very small outcrop exposures in streams due to Victory being 95% covered by colluvium and landslides. Gold mineralization is related to porphyry veinlets (A, B and Magnetite veins), hydrothermal breccia and a late polymetallic vein overprint with results as follows:
Table 1 Rock and channel sampling at the Victory Target
|Sample ID||Length (m)||Au g/t||Ag g/t|
An initial drilling program is currently being planned for Victory as part of the Company’s maiden 7,500 metres program currently under way at the Donut target. Drilling at Victory is expected to commence in Q4, 2021.
“Victory is a target area with potential to yield a large, mineralized porphyry system and I congratulate the exploration team for their endeavours in a region with very limited outcrop exposure. Once the Induced Polarization (“IP”) survey is finished, we plan to model all the data and drill test this target in Q4, 2021. The Company has now outlined five targets with porphyry and high-grade vein potential within the Guayabales project in less than six months of exploration work. I am confident that our recently initiated maiden drilling program at the Guayabales project will yield significant discoveries in the near future,” commented Ari Sussman, Executive Chairman.
Victory is located within the northern portion of the Guayabales project and is hosted within fine grained diorites which display potassic and sericite, porphyry alteration. Quartz-magnetite vein stockwork and sheeted vein systems have been identified with vein sets trending NNW and EW. Veins are associated with disseminated pyrite and occasional molybdenite and chalcopyrite. Late-stage veining includes sphalerite and galena sulphides.
Rock chip and soil anomalies at Victory are located directly above a magnetic anomaly as outlined by magnetic inversion modelling of airborne magnetic data. The anomaly has a circular diameter of 500 metres and extends to depth for 900 metres below surface. A clear structural corridor for emplacement of a porphyry system was identified in the field and confirmed with the modelling of the airborne magnetic data.
Field work is continuing at the Victory target and a deep penetrating IP survey is currently being undertaken by Arce Geofisicos using their proprietary AGDAS technology. The survey will generate 3D chargeability and resistivity data for minimum vertical depths of 800 metres and has been designed to search for disseminated sulphide porphyry systems and resistive vein clusters and stockwork.
An NI-43-101 technical report for the Guayabales project is nearing completion and is expected to be filed on SEDAR prior to the end of September 2021.
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).
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.
Collective is an exploration and development company focused on identifying and exploring prospective gold projects in South America with insider ownership of approximately sixty-five percent. Collective currently holds an option to earn up to a 100% interest in two projects located in Colombia: (i) the San Antonio project; and (ii) the Guayabales project. The 3,780-hectare San Antonio Project is located in a historical gold district in the Caldas department of Colombia. With recent geophysical and LIDAR surveys completed, an initial 5,000 metre drill program is underway at the project with initial assay results anticipated in early Q4, 2021. The 3,333-hectare Guayabales Project is also located in the mining-friendly Caldas department of Colombia. A maiden 7,500 metre drilling program is under way with initial assay results expected in Q4, 2021.
Collective Mining Ltd.
Paul Begin, Chief Financial Officer
Tel. (416) 451-2727
This news release contains certain forward-looking statements, including, but not limited to, statements about the maiden drill program, 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.
Figure 1: Plan View of the Guayabales Project and the Victory Target
Figure 2: Plan View of the Victory Target Area
Figure 3 (1&2): Magnetic Inversion Section and Plan View Across the Victory Target
Figure 4 (1-4): Victory: Porphyry Style Mineralization in Outcrop Samples