TORONTO, June 03, 2021 (GLOBE NEWSWIRE) --
Collective Mining Ltd. (TSXV: CNL)
(“Collective” or the “Company”) is pleased to announce that a maiden 5,000 metre drill program is advancing on its 100% owned San Antonio project in Caldas, Colombia. The aim of the program is to initially determine the near surface geometry of three targets and once defined, begin testing the potential for multiple, concealed, mineralized porphyry and breccia bodies within an area measuring approximately 2 x 1 kilometres (“km”). Surface work in this area has outlined anomalous gold and molybdenum soil values in association with altered porphyry intrusive bodies, porphyry-related stockwork quartz veining, hydrothermal breccias and polymetallic veins.
The San Antonio project covers an area of 3,780 hectares and is located approximately 6 km northeast of Aris Gold Corporation’s multi-million-ounce, development stage Marmato gold project. San Antonio is situated within the Middle Cauca Belt; a +250 km, north-south trending gold and base-metal belt hosting multiple porphyry and epithermal discoveries which include Zijin’s multi-million-ounce, high-grade Buriticá gold mine and the Anglogold-Ashanti porphyry deposits of La Colosa and Nuevo Chaquiro.
Assay results from the maiden drilling program are anticipated to be available in early Q4, 2021.
Details (Referenced in Figures 1-4)
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Three specific grassroots exploration targets have been outlined by surface mapping, sampling, soil geochemistry, geophysical modelling and shallow scout drilling. These are referred to as the Dollar, COP and Pound targets.
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Two diamond drill rigs are operating at the project. To date, 1,857 metres of scout drilling, to define the geometry of the Dollar target, has been completed.
Two deeper penetrating drill-holes to test for the potential metalliferous portions of the Dollar and Pound targets are currently in progress
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The San Antonio project benefits from favorable topography with approximately 600 vertical metres of elevation change from the mountain peaks to the various flat lying valleys. Additionally, the topography is not overly steep, lending itself to multiple potential infrastructure development scenarios should an economic deposit be discovered in the future.
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The Dollar target is defined by outcrops of quartz-magnetite stockwork and sheeted veins emplaced within quartz diorite porphyry bodies in an area of 500 x 500 metres. The vein systems are associated with sericitic alteration. Shallow scout drilling has just been completed to define the geometry of the stockwork bearing porphyry and identified a strong overprint of yellow clay alteration, probably responsible for partial metal leaching. This accounts for the sporadic gold and molybdenum values encountered in surface outcrops. Deeper drilling is now in progress from a high elevation at a local mountain peak to test the porphyry system at 600 metres vertically below surface. This hole is expected to intersect a strong magnetic anomaly outlined by geophysical modelling, interpreted as being part of the potassic metal bearing porphyry centre.
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The Pound target, located 1.2 km north of Dollar, is defined by hydrothermal breccias and polymetallic veins hosted within diorite intrusive over an area of 600 x 350 metres. Outcrop exposures on the southern border of this target area include epithermal vein systems within a preserved lithocap of advanced argillic alteration which is superimposed on hydrothermal breccia bodies. These rocks are interpreted to reflect preservation of the shallow levels of the porphyry system. Additionally, a strong circular magnetic anomaly (MVI) is located approximately 600-900 metres below surface and is interpreted to be the potential porphyry source for the hydrothermal breccias located directly above. The initial drill hole, currently coring into Pound, will test the potential of both the hydrothermal breccias and the porphyry at depth.
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The COP target is located 400 metres north-northwest of Dollar and is defined by highly anomalous molybdenum (8ppm to 108ppm) and gold (up to 2.74 g/t) in soils in association with altered diorite porphyry and quartz veinlets over an area of 650 x 350 metres. The surface expression of the COP target is coincident with geophysical anomalies at 200-300 metres depth which include a positive magnetic anomaly and IP chargeability and resistivity highs. COP has not been tested, other than a single historical borehole drilled just south of the target area, returned an intercept of 99 metres at 0.42 g/t gold and 4.9 g/t silver within unmineralized country rocks partially intruded by mineralized porphyry quartz veins at a depth of 608 metre downhole. The mineralization encountered in the drill-hole is interpreted to be leakage from the COP target directly to the north.
Qualified Person (QP) and NI 43-101 Disclosure
David J. Reading is a Qualified Person within the meaning of National Instrument 43-101 and has reviewed and approved the scientific and technical information in this news release. 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 being advanced to a drill ready decision for Q4, 2021.
Further Information
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
Telephone: (416) 451-2727
FORWARD-LOOKING STATEMENTS
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 San Antonio Project Outlining Drill Targets
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Figure 2: Schematic Cross Section Outlining the Geological Model of the Dollar and Pound Targets
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Figure 3: Sheeted Porphyry Veining in Drill Core with Leached Overprint at the Dollar Target
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Figure 4: Sulphide-Rich Breccia in Drill Core at the Pound Target
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