TORONTO, June 21, 2021 (GLOBE NEWSWIRE) --
Collective Mining Ltd. (TSXV: CNL)
(“Collective” or the “Company”) is pleased to provide an activity update on it’s Guayabales project (“Guayabales”) located in Caldas, Colombia. The project is situated contiguous and immediately along strike to the northwest from Aris Gold’s Marmato Gold Mine (“Marmato”), 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). Supporting images for this release can be found in Figures 1-4.
The Company’s interpretation of the Guayabales project is that the precious metal mineralization encountered throughout the property is related to a series of copper-gold-molybdenum porphyry intrusions. It is also likely that these porphyry intrusions are at least partially responsible for the robust mineral endowment of the area (including Marmato). Importantly, Collective Mining is the first company to ever consolidate the prospective land package along strike to the northwest and adjacent to Marmato.
Over the past nine months, the Company has rapidly advanced the project with intense geological mapping, soil and rock sampling programs and has completed and interpreted a high resolution, airborne geophysical survey. Work to date has highlighted a major NW-trending and mineralized structural corridor that incorporates both porphyry style copper-gold-molybdenum mineralization and associated high-grade gold-silver (base metal) vein systems. Guayabales is located immediately along strike, and at higher elevation, to the Marmato orebodies preserving vertically larger zones of the highly prospective Miocene intrusive related mineralized systems. Current surface exploration activity has covered less than 20% of the project area and has already identified four initial targets referred to as Donut, Tower, Olympus and Victory which are described as follows:
The Donut target is part of a northwest trending and outcropping cluster of mineralized 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 with molybdenite and abundant pyrite. The Donut target displays intense zones of both potassic alteration and overprinting vein and stockwork systems. The porphyry zone is enveloped by a large scale (+1.5 km) and continuous anomalous zone of in-situ and coincidental gold, copper and molybdenum soil anomalism.
Assay results are anticipated within the next 30 days from preliminary channel sampling program performed in existing underground workings and a maiden drill program is planned for September 2021.
The Tower target, located in the western portion of the project area at the deformed contact between graphitic schists and diorite intrusives, incorporates a similar geological setting to the prominent Marmato gold-silver orebodies that are immediately to the south-east of this zone along strike. The north-south trending contact zone, recently exposed by a landslide, has exposed a 50 m x 50 m area of intense sericite-silica alteration with disseminated sulfides. This structure is exposed in old artisanal working located more than 1 kilometre to the NNW of the Tower outcrop. Detailed mapping and soil auger sampling of the entire target area is in progress to determine the dimensions of the target.
Assays results from an extensive channel sampling campaign are expected within the next 30 days and will be followed shortly thereafter by a maiden drill program
The Olympus target hosts a large-scale sheeted vein and breccia, quartz-(carbonate) sulfide system, currently measuring over 400 metre true-width with an interpreted strike length of greater than 1 kilometre that trends to the Donut target. These late-stage porphyry-associated NW structures overprint a larger-scale porphyry style stockwork veinlet system within potassic altered quartz diorite porphyries and country rocks. Numerous artisanal workings have followed individual vein and breccia structures for +400 metres in strike length and reconnaissance grab samples have returned values of up to 72.4 g/t gold and 1,098 g/t silver. The exploration team is currently undertaking geological mapping and systematic soil and channel sampling in order to define the overall size of the target.
A maiden drill program to test the Olympus target is anticipated to ensue in Q4, 2021.
The Victory target is located in the north of the project area and consists of a stockwork of porphyry magnetite veinlets with disseminated sulfides hosted within altered diorite intrusive host-rocks. The large target area is outlined well by the airborne magnetics which illustrates a horseshoe shaped zone of high magnetic bodies enveloping a magnetic low. Multiple phases of altered and unaltered diorite intrusive were observed during reconnaissance fieldwork. Soil sampling mapping and rock channel sampling is in progress in this area with drilling planned for Q1, 2022.
Ari Sussman, Executive Chairman of Collective Mining stated, “This is the first time that any mining company has consolidated a commanding land package encompassing the northwest projection of the historically significant Marmato mine, which has been in continuous production for more than 500 years. Results to date from our Guayabales project are astounding, with multiple styles of precious and base-metal mineralization having been discovered covering more than 5 kilometres. The potential for discovering overprinting high-grade and bulk tonnage mineralized systems is excellent.”
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).
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 September, 2021.
All information contained in this news release with respect to Collective was supplied by the parties respectively, for inclusion herein, and each party and its directors and officers have relied on the other party for any information concerning the other party. For further information regarding the Qualifying Transaction, please contact:
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: Guayabales Project is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b65dddab-14b4-4459-b36c-c0e9acca93e0
Figure 2: Guayabales Project – Targets is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b20dab42-3701-49a6-960f-93309dab3db7
Figure 3: Olympus Target breccia veining is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ae2ddff2-0d22-48ac-83a1-1feae50d7acb
Figure 4: Donut Target is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bf7a6602-4ec7-44e4-8f69-d232012c9c22