TORONTO, July 12, 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 a series of copper-gold porphyry intrusions hosted within the project tenements which could be partially responsible for the mineral endowment of the Marmato gold mine.
Highlights (Table 1 and Figures 1-3)
The Company´s initial channel sampling campaign at the Donut target (“Donut”) within the Guayabales Project has returned high-grade gold and silver assay results from a shallow underground tunnel. Mapping of this tunnel has exposed a gold-copper porphyry stockwork of veinlets with overprinting polymetallic vein systems. Additionally, the mineralized zone outlined by channel sampling results announced herein displays excellent grade continuity with results as follows:
Table 1: Channel Sampling Results*
|Length (m)||Gold (g/t)||Silver (g/t)||Copper (%)|
*The Company’s channel sampling program consists of continuous two metre samples taken along the exposed walls of the underground historical mine workings
Further channel sampling is in progress to cover all areas of the underground workings and the target remains open to the north, north-west, east and at depth. The Company is planning to drill test the Donut target beginning in late August 2021.
“We are off to a very exciting start at the Guayabales project. The robust and continuous high-grade channel sampling results validate our geological model for the property. We look forward to initiating a first-ever drill program at the Donut target,” commented Ari Sussman, Executive Chairman.
Geological Description of the Donut Target
The Donut target is located in the south-east portion of a major north-west trending structural corridor hosting a cluster of mineralized outcropping copper-gold-molybdenum porphyry intrusions. Shallow underground workings have exposed large zones of porphyry veining hosting various copper sulfides including chalcopyrite, chalcocite and lesser bornite associated with occasional molybdenite and abundant pyrite. This zone extends for over one kilometre to the Olympus target where gold-silver (base-metal) vein systems are extensive.
Donut displays a graduation from sericite-chlorite to an inner zone of intense potassic alteration (secondary biotite and lesser magnetite) with abundant porphyry style B-veins noted. This porphyry body is enveloped by a large scale (+1.5 km) and continuous anomalous zone of in-situ and coincidental gold, copper and molybdenum soil anomalism. The veinlet and stockwork system overprint displays a distinct Au-Ag (base metal) association. Historical artisanal mining has targeted both porphyry and vein/stockwork systems.
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 Donut Target
Figure 2: Plan View of the Donut Mine Showing the Grade Ranges for Channel Sampling Assay Results
Figure 3: Donut Target porphyry style mineralization in underground workings showing abundant copper mineralization as chalcocite with pyrite.
Figure 4: Donut Target porphyry style mineralization in underground workings showing abundant copper mineralization as chalcocite with pyrite.