TORONTO, July 29, 2021 (GLOBE NEWSWIRE) --
Collective Mining Ltd. (TSXV: CNL)
(“Collective” or the “Company”) is pleased to provide an exploration update on its Guayabales Project located in Caldas, Colombia. The 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 breccias 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)
The Company´s initial channel and rock sampling at the recently discovered target area called the Box within the Guayabales Project returned promising gold and silver assay results from both vein and porphyry mineralized systems. Surface mapping has demonstrated the presence of two mineralized systems along a stream traverse over a 600 metre horizontal distance. The northern portion of the Box target (“Box North”) hosts porphyry mineralization with a vein overprint and the southern portion of the Box target (“Box South”) contains vein mineralization and occurs 300 metres higher in elevation than Box North. The following results are highlighted:
Box South is a gossan of weathered sulphides and quartz veining located in a quartz diorite dyke at the faulted contact with carbonaceous schists. The fault zone can be traced for several kilometres and is an important structure for porphyry and vein emplacement. Exposure is related to a landslide surface and outcrop is limited to an area measuring approximately 35 metres X 50 metres. Gold and Silver mineralization is associated with anomalous lead and antimony in the sericite and chlorite altered porphyry and is related to extensive pyrite and quartz veining. Channel sampling returned the following intercepts:
Table 1: Channel Sampling Results*
|Channel||Interval (m)||Au g/t||Ag g/t|
*The Company’s channel sampling program consists of continuous two metre samples taken along the exposed rock at surface.
- The Box North target is hosted within diorite and quart diorite intrusive. Mineralization relates to sheeted quartz and sulphide veinlets hosting pyrite, chalcopyrite and occasional molybdenum in association with disseminated sulphides. There is also a higher grade vein polymetallic vein overprint. The intrusive bodies display secondary biotite, magnetite and sericite which are typical porphyry alteration assemblages. Exposure is limited to outcrops in streams, nevertheless rock samples returned seven values above 1 g/t gold (gold values of 14.8 g/t, 9.6 g/t, 5.1 g/t, 5.0 g/t, 2.3 g/t, 2.2 g/t and 1.6 g/t) and fifty per cent of the samples are anomalous in gold. All of these samples locate within an anomalous Au, Mo and Ag soil area covering a 400m diameter. Silver and base metal results for the rock samples are still pending.
- The Box target highlights both porphyry and vein style mineralization and a vertical zonation in alteration assemblages from Box South to Box North over an elevation difference of 300 metres. Further follow up work is in progress involving detailed soil and rock sampling. An induced polarization (“IP”) survey is planned to cover this area and other zones with porphyry potential in the near future.
“The Box discovery demonstrates the excellent potential of the Guayabales project which now hosts at least three mineralized porphyry bodies, gold bearing breccia and multiple zones of high grade, gold and silver veins. Our exploration continues to discover new mineralized zones and our reconnaissance work to date has only covered about fifty-percent of the concession. The future looks bright for Collective and we are planning a lot of target drill testing in the near future,” commented Ari Sussman, Executive Chairman.
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 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 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 plans 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 Box Target
Figure 2: Plan View of the Box Target Highlighting North and South Targets
Figure 3: Plan View of the Box South Channel Sampling Results Illustrating all 2 Metre Sample Interval Values
Figure 4: Box North Porphyry Style Mineralization in Stream Outcrop Illustrating Porphyry Alteration, Silicification, Quartz Veining and Pyrite-Chalcopyrite Veins