Toronto, March 29, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (“Collective” or “Company”) announces the completion of guided polarization, terrestrial geophysical research as part of the San Antonio Project in Caldas, Colombia. The study area covers 2.75 square kilometers and covers previously defined priorities named pounds and dollars. We have previously announced that we have made significant grassroots drilling discoveries at the Pound Target as part of our Phase I program in San Antonio (see press release dated October 27, 2021).
Highlights (Figs. 1 to 3)
- The pound target exists at a shallow depth and coincides with a circular charge anomaly covering a diameter of 600 meters... Previous reconnaissance excavations of the two holes 710 meters grading 0.53 g / t AuEq (SAC-6) and 750 meters @ 0.41 g / t AuEq (SAC-8). Pound sections are associated with mineralization hosted within breccia, porphyry, and schist. IP work clearly shows that the contact zone and mineralized schist bodies are open to the north, south and east and can be tested from relatively shallow elevations.
- The important thing is Both drill holes to the pound target ended with mineralization In the schist body, copper and molybdenum grades increase in depth, with SAC-6 containing 70 meters of 0.12% copper and SAC-8 containing 133 meters of 0.15% copper.
- Rechargeability IP data in pounds also show that the mineralized breccia body could extend to at least 800 meters NNW.
- Dollar-targeted IP data highlights anomalies in billing potential directly west and east of areas previously drill-tested in Phase I campaigns.
- The western anomaly is located about 300 meters below the surface of the earth and covers the measured area. 600 meters wide x 500 meters high.. Previous drills only clipd the ends of this body into two holes. Both increasingly show porphyry-related potassium alterations within the quartz diorite porphyry near the ends of each hole. Peripheral excavation in dollars previously intersected 74 meters, equivalent to 0.62 g / t of gold, from the quartz magnetite stockwork of quartz diorite porphyry.
- The more subtle porphyry-shaped eastern anomalies are about 75 meters below the surface. 250 meters wide x 900 meters high.. No previous drill tests were performed within this anomaly, but modeling of grade shells from previous holes shows an eastern slope towards the highest grade mineralization towards the anomaly.
- Target expansion in sterling and new targets in dollars will be followed up in the diamond drilling program in late 2022.
“The IP survey in San Antonio underscores the exciting goals of follow-up drilling. The Pound Target expands a wide and continuous mineral zone that previously intersected from the surface, with mineralized debris and breccia. There is a clear opportunity to drill further along the northern extension of the gravel rock. At the dollar target, previous drilling only cut off the edges of the high-charge western anomaly, inside the grade shell by drilling. Modeling directly points to untested eastern anomalies. The drilling program is already underway for a follow-up program that will begin in late 2022, “commented Executive Chairman Alisasman. ..
About Collective Mining Co., Ltd.
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Collective Mining is an exploration and development company focused on identifying and exploring future mineral projects in South America. Founded by a team that developed Continental Gold Inc. and sold it to Zijin Mining for a corporate value of approximately $ 2 billion, the company’s mission is to discover important new minerals and advance production forecasts in Colombia. It’s about repeating past successes. Management, insiders, close family and friends own approximately 40% of the company’s outstanding shares and, as a result, are fully affiliated with shareholders. Collective currently has the option to earn up to 100% interest on two projects in Colombia. A total of 12 key goals have been defined as a result of aggressive exploration programs in both Guayavales and San Antonio projects. The company has a discovery hole near the surface of the Guayavales project, producing 302 meters 1.11 g / t AuEq for the Olympus target and 104 meters @ 1.3 g / t AuEq for the donut target, which are important grassroots in both projects. I was fortunate to make the discovery. In the San Antonio project, the company crossed from a surface of 710 meters @ 0.53AuEq. ((((See press release dated October 18ththAnd 27th, 2021 and March 15, 2022 for AuEq calculations. )
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is a Qualified Person for this News Release in the sense of National Instrument 43-101 (“NI 43-101”), confirming and verifying that the technical information contained therein is accurate and in writing. Approve the disclosure. .. Mr. Reading holds a master’s degree in economic geology and is a Fellow of the Institute for Materials, Minerals and Mining and the Association of Economic Geology (SEG).
Rock and core samples are being prepared and analyzed at the SGS laboratory in Medellín, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor lab performance. Crushed waste and pulp are stored and stored in a safe storage facility for future analysis and verification. No capping is applied to the sample composite. We use a strict industry standard QA / QC program.
Collective Mining Co., Ltd.
Steve Gold, Vice President of Corporate Development and Investor Relations
phone. (416) 648-4065
This news release contains specific forward-looking statements, including, but not limited to, statements about the drill program, such as timing of results, future and intent of Collective, and so on. As much as possible, “may”, “do”, “should”, “done”, “expect”, “plan”, “intention”, “expect”, “believe”, “estimate” “To do”, “to predict”, these words, or “potential” or negative or other variations of similar words or phrases are used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as of today.
Forward-looking statements include significant risks, uncertainties, and assumptions. Many factors can cause actual results, performance, or outcomes to differ materially from those described or implied in forward-looking statements. These factors should be considered carefully and the reader should not place excessive reliance on forward-looking statements. The forward-looking statements contained in this news release are based on management’s belief that they are reasonable assumptions, but Collective says that the actual results are consistent with these forward-looking statements. We cannot guarantee that to our readers. These forward-looking statements have been prepared as of the date of this news release and Collective will update or revise them to reflect new events or circumstances, except as required by law. We shall not be obliged.
Neither TSXV nor its regulatory service provider (the term is defined in TSXV’s policy) is responsible for the validity or accuracy of this news release.
Figure 1: Floor plan of the San Antonio project highlighting the pound and dollar goals
Figure 2: Cross section of a pound target outlining a significant recharge anomaly directly adjacent to the bottom of two previous discovery drill holes.
Figure 3: Cross section of anomalous billability in dollars.The western anomaly has been clipped at the top by prior drilling, but the eastern anomaly has not yet been drill tested.
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Mass Mining Polarization Survey in San Antonio Outlines Key Goals for Follow-up Drilling, Canadian Business Journal
Source link Mass Mining Polarization Survey in San Antonio Outlines Key Goals for Follow-up Drilling, Canadian Business Journal