Collective Mining (TSXV:CNL) has provided an exploration update on its Victory target. Victory is the fifth major target identified by the company at its flagship project, Guayabales, in the Caldas area of Colombia. The project is located on a continuous strip northwest of the million-ounce deposit of Aris Gold’s Marmato mine. The Company has interpreted that the abundant precious metal mineralization encountered at the project is related to several mineralized styles, including gold, copper, and molybdenum porphyry associated with breccias, high-grade precious metals, and base metal loading systems, and superimposed enriched porphyry bodies. Victory is located to the north of the project and hosts fine-grained diorites showing porphyry alteration of potassium sericite.
Executive Chairman of Collective, Ari Sussman, commented on the update, “Victory is a target area with potential to yield a large, mineralized porphyry system and I congratulate the exploration team for their endeavours in a region with very limited outcrop exposure. Once the Induced Polarization (“IP”) survey is finished, we plan to model all the data and drill test this target in Q4, 2021. The Company has now outlined five targets with porphyry and high-grade vein potential within the Guayabales project in less than six months of exploration work. I am confident that our recently initiated maiden drilling program at the Guayabales project will yield significant discoveries in the near future.”
These veins are associated with widespread pyrite and occasional molybdenum and chalcopyrite. The late vein formation includes sphalerite and galenasulphides. Quartz and magnetite veins as well as stockwork sheets within the vein system have been identified and these veins set the trend for the NNW.
Rock fragments and soil anomalies at Victory were located near a magnetic anomaly outlined by magnetic inversion modeling and airborne magnetic data. The anomaly has a circular diameter and is about 500 meters long and extends to a depth of 900 meters below the surface. Clear structural corridors and deposits of the porphyry system were identified in the field and confirmed by magnetic anomaly modelling and aerial data.
Field work continues at Victory Target, with ARCE Geofisicos conducting an in-depth IP survey using its own AGDA technology. The study will generate 3D data of chargeability and resistance at a minimum vertical depth of 800 meters and is designed to search for common sulphide porphyry systems and resistive vein clusters within the floor. The highly anticipated NI 43-101 Technical Report on the Guayabales Project is approaching completion and is expected to be filed with SEDAR by September 2021.
Highlights (Table 1 and Figures 1-4)
- Victory is a coincidental robust gold, silver, copper and molybdenum soil anomaly with abundant high-grade gold rock chip samples overprinting a magnetic high anomaly.
- The Victory target is large, measuring 1,000 metres east-west by 600 metres north-south by at least 250 metres vertically (exposed outcrop over different elevations) and is open for expansion in all directions.
- 22 rock channel and chip samples returned values above 0.5 g/t gold over widths of 1 to 3 metres including 12 samples above 1 g/t gold and a maximum of 6 g/t gold. These samples were obtained from very small outcrop exposures in streams due to Victory being 95% covered by colluvium and landslides. Gold mineralization is related to porphyry veinlets (A, B and Magnetite veins), hydrothermal breccia and a late polymetallic vein overprint with results as follows:
Table 1 Rock and channel sampling at the Victory Target
|Sample ID||Length (m)||Au g/t||Ag g/t|
An initial drilling program is currently being planned for Victory as part of the Company’s maiden 7,500 metres program currently under way at the Donut target. Drilling at Victory is expected to commence in Q4, 2021.
Source: Collective Mining
Figure 1: Plan View of the Guayabales Project and the Victory Target
Figure 2: Plan View of the Victory Target Area
Figure 3 (1&2): Magnetic Inversion Section and Plan View Across the Victory Target
Figure 4 (1-4): Victory: Porphyry Style Mineralization in Outcrop Samples