TORONTO, Aug. 04, 2021 (GLOBE NEWSWIRE) --
Collective Mining Ltd. (TSXV: CNL)
(“Collective” or the “Company”) is pleased to provide an exploration update from its Olympus target (“Olympus”) within the Guayabales Project, located in Caldas, Colombia. The Guayabales project is situated contiguous, immediately along strike and to the northwest of Aris Gold’s Marmato gold mine, which contains proven and probable reserves of 2.0 million ounces gold and 4.35 million ounces silver (19.7 Mt grading 3.2 g/t gold and 6.9 g/t silver). 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.
“We are very excited about the Olympus target due to its multiple mineralization styles and enrichment of porphyry mineralization by a high-grade vein overprint. Although underground exposures to channel sample were limited due to extensive small-scale mining-related historical timber support, significant high-grades of both gold and silver were encountered over an area measuring 600 x 600 metres with mineralization remaining open in all directions. Work to date at Olympus clearly indicates that there will be multiple targets ready for drill testing in the near future,” commented Ari Sussman, Executive Chairman.
Highlights (Table 1 and Figures 1-4)
The Company has received results from shallow underground channel sampling at its Olympus target within the Guayabales Project. The Olympus target is a NW trending mineralized corridor located in a porphyry intrusive. Gold and silver mineralization is hosted within multiple styles that include high grade vein, porphyry veinlet, breccia and disseminated systems.
Ten old mine adits have been sampled to date with assay results for the initial six adits reported herein. In all cases, channel sampling was limited to infrequent underground exposures which were not covered by historical post-mining timber support with highlight results as follows:
46.5 g/t gold equivalent over 1 metre (19.1 g/t Au and 1,919 g/t Ag);
- 39.0 g/t gold equivalent over 2.7 metres (33 g/t Au and 421 g/t Ag);
- 16.3 g/t gold equivalent over 1 metre (9.7 g/t Au and 464 g/t Ag);
- 20.8 g/t gold equivalent over 0.9 metre (20.7 g/t Au and 9 g/t Ag);
- 13.8 g/t gold equivalent over 1.7 metres (9.3 g/t Au and 314 g/t Ag) and;
- 11.8 g/t gold equivalent over 1 metre (6.1 g/t Au and 399 g/t Ag).
- 46.5 g/t gold equivalent over 1 metre (19.1 g/t Au and 1,919 g/t Ag);
Porphyry A and B veinlets in sheeted and stockwork zones and associated with disseminated sulphides returned 19 values ranging from 4.7 g/t AuEq to 1.1 g/t AuEq from widths of 2.0 metres to 0.3 metres in available underground exposures. This lower grade mineralization has been overprinted by the high-grade veins.
The southernmost workings in the target area returned 8.6 g/t AuEq and 8.2 g/t AuEq from a mineralized breccia zone with clasts and matrix of massive sulphide material.
The Olympus mineralized corridor has been mapped over a width of 600 metres and a NW strike of 600 metres. The target is open in all directions. The 600 metres wide corridor hosts 41 shallow underground adits.
Underground sampling and surface mapping continues at the Olympus target area.
Table 1: Underground Channel Sampling at the Olympus Target
|Zone||Length||Au g/t||Ag g/t||AuEq g/t*||Mineralization Style|
||2.70||33.0||421||39.0||Polymetallic vein hosted in Diorite|
|1.00||9.7||464||16.3||Polymetallic vein hosted in Diorite|
|1.00||6.1||400||11.8||Polymetallic vein hosted in Diorite|
|1.00||4.6||462||11.3||Polymetallic vein hosted in Diorite|
|1.00||4.2||360||9.4||Polymetallic vein hosted in Diorite|
|1.50||0.9||54||1.7||Veinlets hosted in Porphyry Diorite|
|1.00||1.0||38||1.5||Veinlets hosted in Porphyry Diorite|
||1.00||19.1||1,919||46.5||Polymetallic vein in Breccia|
|1.50||1.3||164||3.7||Veinlets hosted in Porphyry Diorite|
|2.00||2.0||64||2.9||Veinlets hosted in Porphyry Diorite|
|1.96||0.7||23||1.1||Veinlets hosted in Porphyry Diorite|
||1.70||9.3||314||13.8||Polymetallic vein hosted in Diorite|
|1.50||4.1||28||4.5||Veinlets hosted in Porphyry Diorite|
||0.90||20.7||9||20.8||Polymetallic vein hosted in Diorite|
|0.34||2.5||3||2.5||Disseminated with veins|
|0.40||0.8||31||1.2||Disseminated with veins|
|0.40||1.0||11||1.2||Disseminated with veins|
|1.30||1.8||46||2.4||Veinlets hosted in Porphyry Diorite|
|2.00||1.4||32||1.9||Veinlets hosted in Porphyry Diorite|
|2.00||1.2||31||1.6||Veinlets hosted in Porphyry Diorite|
|2.00||0.9||15||1.2||Veinlets hosted in Porphyry Diorite|
|1.92||0.8||21||1.1||Veinlets hosted in Porphyry Diorite|
||0.50||3.4||23||3.8||Veinlets hosted in Porphyry Diorite|
|0.65||0.5||52||1.3||Veinlets hosted in Porphyry Diorite|
|0.35||2.2||2||2.2||Veinlets hosted in Porphyry Diorite|
|0.50||1.1||2||1.1||Veinlets hosted in Porphyry Diorite|
*a silver/gold ratio of 70:1 has been used to calculate gold equivalent grades.
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 Actlabs laboratory facilities in Medellin, Colombia and Toronto, Canada. 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. 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 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 Q3, 2021. The 3,333-hectare Guayabales Project is also located in the mining friendly Caldas department of Colombia. The Guayabales Project is currently undergoing aggressive surface exploration and is expected to begin a maiden drill program in late August 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 Olympus Target
Figure 2: Plan View of the Olympus Mineralized Corridor with Underground Sample Zones 1-6
Figure 3: Photo of Polymetallic Vein Overprinting a Hydrothermal Breccia. Samples grades 19.1 g/t gold and 1,919 g/t silver Over One Meter
Figure 4: Porphyry Style Mineralization with Quartz-Sulphide Veins in Sericite Altered Quartz Diorite from Olympus Mineralized Corridor. Sample Grades
1.63 g/t gold and 60 g/t Silver and 11 ppm Molybdenum