Collective Mining’s (TSXV:CNL) Maiden Drill Program Advances: Initiation of Drilling at the Box Target

Figure 1: Plan View of the Guayabales Project and the Box Target. Source: Collective Mining

Collective Mining’s (TSXV:CNL) maiden drilling program is advancing with the Box Target. The company has announced that it is mobilizing a second diamond drill rig to the Guayabales Project in Caldas, Colombia. This is a key part of its 7,500-metre maiden drill program that was recently started.

Collective is aiming to begin operating the new drill rig before the end of October, to target a grass-root generated large-scale and mineralized outcropping gold-rich porphyry system with the Box target area. 

Collective Mining (TSXV:CNL) has identified five major grass-root drill-ready target areas at the Guayabales Project in 2021. Box is one of the five targets at the flagship project for the junior exploration company headed by the former team at Continental Gold.

Executive Chairman of Collective Mining, Ari Sussman, commented on the news, “The deep penetrating, high resolution IP work when combined with our exploration data has been an effective targeting tool in defining multiple targets consisting of different mineralization styles at the Guayabales Project. As a result, the Company is now beginning a robust drill program to test our initial five targets over the balance of the year and into 2022. Importantly, we expect that initial assay results from drilling at the Donut target, which commenced in September, will be available prior to the end of October.”

Highlights (Table 1 and Figures 1 to 5)

  • The porphyry zone (“CPZ”) within the Box is a coincidental strong gold, silver, copper and molybdenum soil anomaly characterized by high-grade veins overprinting porphyry mineralization. In turn, the mineralization is situated directly within coincidental magnetic chargeability and resistivity geophysical anomalies typical of a porphyry system. 
  • The surface area for the CPZ at Box measures 500 metres by 400 metres and is open in all directions for expansion. 
  • The CPZ has returned channel and grab sampling from three different styles of mineralization; polymetallic veins, porphyry stockwork and disseminated sulphide. Samples for the high-grade veins returned a range of intercepts grading up to 14.8 g/t gold and 276 g/t silver. These high-grade veins are superimposed on porphyry veinlets, stockwork and disseminated sulphide mineralized systems with grades ranging from 0.4 g/t to 1 g/t gold with select results as follows:

Table 1 Rock and Channel Sample Results at the Box Target

Sample ID Au g/t Ag g/t Length Mineralization
CM000068 14.80 176 * Polymetallic Shear zone
CM000077 9.62 254 * Polymetallic Fault
CM000112 5.14 239 1.0 Polymetallic Fault
CM000382 4.96 73 * Polymetallic Stockwork
CM000384 2.31 71 * Polymetallic Fault
CM000070 2.22 65 * Polymetallic Vein
CM002397 1.68 101 0.9 Polymetallic Fault
CM000300 1.62 24 * Polymetallic Vein
CM000984 0.94 9 2.0 Porphyry Stockwork
CM001148 0.89 2 2.0 Porphyry Stockwork
CM000985 0.87 6 2.0 Porphyry Disseminated
CM002440 0.79 1 0.5 Shear Zone Contact
CM000987 0.78 10 2.0 Porphyry Disseminated
CM000982 0.56 20 2.0 Porphyry Disseminated
CM002358 0.51 4 2.0 Porphyry Stockwork
CM002395 0.47 47 2.0 Polymetallic Disseminated
CM002394 0.45 22 2.0 Porphyry Disseminated
CM002160 0.44 4 2.0 Porphyry Disseminated + Stockwork
CM000298 0.44 17 0.7 Porphyry Disseminated
CM002396 0.43 75 1.7 Polymetallic Disseminated
CM000383 0.42 19 * Porphyry Stockwork
CM002405 0.41 0 2.0 Porphyry Disseminated

*Grab sample

Source: Collective Mining

Figure 1: Plan View of the Guayabales Project and the Box Target is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9493f7a1-50ad-433a-b8c1-e3a07a448764

Figure 2: Plan View of the Box Target Area (Gold Values (g/t)) is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bbaca844-6d72-4a4d-a42d-2e2ce28635e0

Figure 3: Molybdenum Rock Geochemistry of the CPZ (Porphyry Zone) is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/85891bd7-ed3b-481d-bb4e-3398f06ee36b

Figure 4: Plan View and North-South IP Section Over the CPZ Highlighting Chargeability and Resistivity is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eff70626-3997-412d-a89d-2804e2f324ed

Figure 5: Box: Porphyry Style Stockwork Mineralization and Veinlets in Outcrop Samples is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/34b8901f-40c8-4e4d-b515-148288cc7e25 and https://www.globenewswire.com/NewsRoom/AttachmentNg/e9410fdb-a8cd-43ea-bee0-598cafd1d9d0 and https://www.globenewswire.com/NewsRoom/AttachmentNg/dac3b0b7-a683-494b-bfa6-8ca218d69b36

Source: Collective Mining

The Guayabales Project is situated contiguous and immediately along strike and to the northwest of Aris Gold’s multi-million-ounce deposit. 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 breccia as well as high grade, precious and base metal vein systems that are superimposed on and enrich the porphyry bodies.

Details

The CPZ within the Box is in the western portion of the Guayabales Project and is hosted within multiple porphyritic diorites which intrude into carbonaceous schist and siltstone country rocks. Previously, the Company announced channel and rock sample results from small porphyry and polymetallic vein outcrops within the Box target (see press release dated July 29, 2021). The Company has now undertaken extensive additional surface work and geophysical surveys at the Box target which define a central, mineralized porphyry zone, referred to as the impregnated zone and enveloped by high grade, polymetallic veins to the north, west and south of the porphyry body (see Figure 1).

The CPZ contains gold mineralized stockwork and sheeted vein systems hosting quartz-pyrite-molybdenite-magnetite-chalcopyrite assemblages that are associated with potassic alteration. The mineralized vein systems are coincident with soil anomalies for copper (>500ppm), molybdenum (>3ppm) and gold (>100 ppb) and cover an area of 500 meters by 400 meters. The mineralized porphyry system is impregnated by late stage polymetallic veins which host gold, silver, sphalerite, and galena sulphides. Located to the North and South of the porphyry zone are additional zones of polymetallic veins which fringe the main porphyry bodies and are associated with extensive sericite-chlorite alteration. The polymetallic veins locate within intersecting structures and have northeast, northwest and east-west orientations.

Outcrop exposure within Box is limited due to extensive landslides and colluvium cover. Geophysical surveys were therefore undertaken to assist in target definition and included airborne magnetics and a deep penetrating, ground IP survey. Three-dimensional modelling of all this data has highlighted the presence of a zone of chargeability highs associated with intermediate resistive bodies which are coincident with an intermediate magnetic anomaly. The geophysical anomalies demonstrate an excellent coincidence with the CPZ as defined by geological mapping, soil and rock sampling. The magnetic survey also highlights a clear, NE-SW trending structural corridor which is interpreted to have facilitated emplacement of the CPZ and vein systems in between the various country rocks.

Source: Collective Mining
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

By Matthew Evanoff

I cover the mining industry and the best mining stocks around the world. I write about industry news, individual companies, projects, management, and profiles on industry leaders.

If you would like to receive our free newsletter via email, simply enter your email address below & click subscribe.

MOST ACTIVE MINING STOCKS

 Daily Gainers

 Minsud Resources Corp. MSR.V +65.71%
 Hudson Resources Inc. HUD.V +56.25%
 Audalia Resources Limited ACP.AX +45.45%
 Ironbark Zinc Ltd. IBG.AX +23.91%
 Enterprise Metals Limited ENT.AX +23.08%
 Helix Resources Ltd. HLX.AX +22.22%
 Peabody Energy Corp. BTU +20.08%
 Hannans Reward Ltd. HNR.AX +20.00%
 Golden Queen Mining Co. Ltd. GQM.TO +20.00%
 Barra Resources Ltd. BAR.AX +19.23%

Download the latest Solaris Resources (SLSSF) Investor Kit

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

MiningFeeds will use the information you provide on this form to be in touch with you and to provide updates and marketing.