TORONTO, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Collective Mining Ltd. (TSXV: CNL) (“Collective” or the “Company”) is pleased to announce that the high resolution and deep penetrating Induced Polarization (“IP”) survey over the previously announced (October 27, 2021, press release) grassroot discovery at the Pound target (“Pound”) within its San Antonio project, Colombia is advancing on schedule and is expected to be completed in March 2022.
Highlights (Figures 1 and 2)
- The primary objective of the survey is to define the size and shape of the pyrite bearing, mineralised breccia body at Pound. The target has been mapped over a strike length of 1.3 kilometres and is open in all directions.
- Previous reconnaissance drilling from two holes returned broad intercepts as follows:
- 710 metres at 0.53 g/t gold equivalent from surface including 133 metres at 0.92 g/t gold equivalent from 470 metre depth (SAC-8); and
- 750 metres at 0.41 g/t gold equivalent from surface including 187 metres at 0.59 g/t gold equivalent from 60 metre depth (SAC-6).
(Please refer to the press release dated October 27, 2021 for further details including how the AuEq calculation was estimated).
- The IP survey will cover two blocks totalling an area of 2.4 km2 and will also include the COP and Dollar targets. Previous drilling at Dollar returned an intercept 74 metres at 0.62 g/t gold equivalent from 547 metre downhole within a porphyry hosting a stockwork of quartz-magnetite veins which can be drill tested starting at elevations of 600 metres below the previous hole from a valley floor at the base of a mountain slope.
- The COP target has not yet been drilled and is defined by highly anomalous molybdenum (8 ppm to 108 ppm) and gold (up to 2.74 g/t) in soils in association with altered diorite porphyry and quartz veinlets.
- The deep penetrating IP 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 and breccia systems. This IP system has previously been successful in delineating large, mineralized porphyry alteration systems and high-grade veins at the Olympus target within the Guayabales project where three diamond drill rigs are currently operating with first assay results anticipated in March 2022.
“Our San Antonio project has the potential to yield multiple mineralized porphyry and breccia systems. Following on from the exciting grassroots discovery at Pound, we are focused on defining the morphology of this sulphide rich breccia body and other potential porphyry systems. Once the IP results have been interpreted and incorporated with all newly generated data, the Company will provide details on the next phase of drilling for the project in 2022,” commented Ari Sussman, Executive Chairman.
Reconnaissance Drilling at the Box Target, Guayabales Project
The Company recently completed a small reconnaissance drilling program (three holes totaling 1,011 metres) at the Box target, which is located on the western portion of the Guayabales project. The Box target is hosted within multiple porphyritic diorites which intrude into carbonaceous schist and siltstone country rocks. Surface mapping, rock and soil sampling had outlined soil anomalies associated with polymetallic carbonate base-metal veins (“CBM”) in diorite porphyries and at the contact with schist country rocks. Field work was followed up with a hi-resolution and deep penetrating IP survey which outlined three shallow chargeability anomalies referred to as central, west and east. Drilling tested each anomaly with a reconnaissance hole with results as follows:
- BOC001 was drilled northwards into the central chargeability anomaly and intersected a broad sericite-pyrite zone with occasional CBM veins in hydrothermal breccia and diorite porphyry returning an intercept of 93 metres grading 0.3 g/t gold, 4 g/t silver and 20 ppm of molybdenum from 127 metres downhole. Further downhole, a CBM vein was intersected at 307 metres depth with a 1.2 metre intersection length yielding 8.7 g/t gold, 47 g/t silver, 7.1% zinc and 5.7% lead.
- BOC002 was drilled to test the western chargeability anomaly and intersected relatively unaltered porphyritic diorite with disseminated sulphides and one quartz-carbonate vein returning 3.1 g/t gold over 70 cm from a downhole depth of 99 metres.
- BOC003 drill tested the eastern chargeability anomaly associated with a northerly trending fault zone and intersected diorite porphyry in faulted contact with schist country rock.
- The area North of BOC001 demonstrates the best potential for follow up exploration. BOC001 is interpreted to represent the peripheral, phyllic alteration zone (pyrite-sericite-quartz) to a gold bearing (grades of 0.5 to 2 g/t gold), fine grained, porphyry diorite located approximately 200 metres north of the hole intercept. This porphyry body is coincident with a hi magnetic anomaly and requires a follow up IP survey and drill testing.
European Investor Relations Consultant
The Company has retained Westlake Capital ("Westlake"), a sole proprietorship of Roland Eschle, to provide investor relations services. Westlake, based in Zurich, Switzerland, will provide investor relations and business development services to increase the Company's profile within the European investment community. In consideration for providing these services, Westlake is entitled to a monthly fee of GBP 4,000 and 30,000 stock options (the "Options"). Westlake has been engaged for an initial term of six months, which may be extended by mutual agreement, subject to earlier termination by either party on 30 days’ written notice. Other than the options, Westlake does not hold any securities of, or have any other interest in the Company, or currently has any right or intent to acquire such an interest. The Options will be granted in accordance with the Company’s stock option plan and the policies of the TSX Venture Exchange and have an exercise price equal to tomorrow’s closing price, be exercisable for a period of two years, and vest 25% each quarter over the initial 12-month period.
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).
Technical Information
Rock and core 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 Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making a significant new mineral discovery and advancing the projection to production. Management, insiders and close family and friends own approximately 40% of the outstanding shares of the Company and as a result are fully aligned with shareholders. Collective currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects a total of eight major targets have been defined. The Company is fortuitous to have made significant grass root discoveries on both projects with discovery holes of 104 metres @ 1.3 g/t AuEq and 710 metres @ 0.53 AuEq at the Guayabales and San Antonio projects, respectively. (See press releases dated October 18th and 27th for AuEq calculation.)
Contact Information
Collective Mining Ltd.
Steve Gold, Vice President, Corporate Development and Investor Relations
Tel. (416) 648-4065
To schedule a one-on-one meeting with management please use the following link:
https://calendly.com/collectivemining/30min?month=2021-11
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, 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 Area Being Covered by IP at the San Antonio Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/dc12f19f-bf30-4e5b-b257-d34b254a0656
Figure 2: Plan View of the Pound Target - 1.3 km of Strike and Open
https://www.globenewswire.com/NewsRoom/AttachmentNg/08bdb681-7ab2-4a21-9e46-c8eddeba421b
