Toronto, February 23, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (“Collective” or “Company”) has previously published (October 27, 2021, press release) a high-resolution, deeply penetrating inductive polarization (“IP”) study of grassroots discovery in Pound targets. Announced (“Within the San Antonio Project, Colombia is on track and is expected to be completed in March 2022.
Highlights (Figures 1 and 2)
- The main purpose of the study is to define the size and shape of the mineralized breccia of the pound, including pyrite.The goal Mapped over a strike length of 1.3 kilometers and open in all directions..
- Previous reconnaissance excavations from the two holes returned a wide section as follows:
- 710 meters equivalent to 0.53 g / t gold from the surface (including 133 meters (SAC-8) equivalent to 0.92 g / t gold from a depth of 470 meters).When
- 750 meters equivalent to 0.41 g / t gold from the surface (including 187 meters (SAC-6) equivalent to 0.59 g / t gold from a depth of 60 meters).(Refer to the press release dated October 27, 2021 for details such as how to calculate AuEq).
- The IP survey covers two blocks totaling 2.4 km2 and also includes COP and dollar targets. Previous drilling in the dollar was 0.62 g / t from a 547 m downhole in the slab that hosts the stockwork of quartz magnetite veins that can be drill tested starting from an altitude of 600 meters below the previous hole from the valley bottom. A 74 meter section equivalent to gold was returned. At the foot of the mountain slope.
- The COP target has not yet been excavated and is defined by highly abnormal molybdenum (8 ppm to 108 ppm) and gold (up to 2.74 g / t) in the soil associated with altered diorite porphyry and quartz veins. ..
- The Deep Penetration IP Survey is designed to generate 3D charge and resistivity data at a minimum vertical depth of 800 meters and search for disseminated sulfide, porphyry, and breccia systems. The IP system has been successfully portrayed to a large-scale mineralized plaque alteration system and high-grade veins at the Olympus target within the Guayavales project, where three diamond drill rigs are currently in operation. The first analysis is expected in March 2022.
“Our San Antonio project has the potential to produce multiple mineralized porphyry and breccia systems. Following the discovery of exciting grassroots in the pound, this sulfide-rich breccia and others The focus is on defining the morphology of the potential conglomerate system of the company. Once the IP results have been interpreted and incorporated into all newly generated data, the company will follow the excavation of the 2022 project. We will provide the details of the stage, “commented Executive Chairman Ari Sussman.
Reconnaissance excavation at box target, Guayavales project
We recently completed a small reconnaissance drilling program (3 holes totaling 1,011 meters) at a box target located in the western part of the Guayavales project. Box targets are hosted within multiple porphyrite flashes that invade the country rocks of carbonaceous schist and siltstone. Surface mapping, rock and soil sampling provided an overview of soil anomalies associated with polymetallic carbonate base metal veins (“CBM”) in contact with diorite plaques and country rocks. Fieldwork was followed up in a high-resolution, deep-penetration IP survey outlining three shallow rechargeable anomalies called central, west, and east. In the excavation, reconnaissance holes were used to test each anomaly with the following results:
- BOC001 is excavated northward with a central charge anomaly, intersecting a wide sericite-pyrite zone with occasional CBM veins of hydrothermal breccia and diorite porphyry, gold 0.3 g / t, silver 4 A 93 meter section of g / t, 20 ppm molybdenum was returned. From a 127 meter downhole. In addition, in the downhaul, CBM veins intersect at a depth of 307 meters, crossing 1.2 meters in length, yielding 8.7 g / t gold, 47 g / t silver, 7.1% zinc and 5.7% lead. Was done.
- BOC002 is excavated to test western chargeability and returns 3.1 g / t of gold over 70 cm from relatively unchanged porphyrite diorite and disseminated sulfide and 99 m downhole depth. Crossed one quartz-carbonate vein.
- The BOC003 drill tested eastern charge anomalies associated with diorite porphyry that intersected the northward fault zone and schist country rock fault contact.
- The area north of BOC001 shows the best potential for follow-up exploration. BOC001 is a gold bearing (grade 0.5-2 g / t gold) located about 200 meters north of the hole section, a surrounding Phyllic alteration zone to fine-grained porphyry diorite (pyrite-sericite-quartz). Is interpreted as representing. This porphyry body is consistent with a high magnetic anomaly and requires follow-up IP investigation and drill testing.
Public Relations Consultant for European Investors
We hold Westlake Capital (“Westlake”), a sole proprietor of Roland Eschle, to provide public relations services to investors. Based in Zurich, Switzerland, Westlake provides investor relations and business development services to increase our profile in the European investment community. Considering the provision of these services, Westlake is entitled to £ 4,000 and 30,000 stock options (“options”) per month. Westlake has been engaged for the first 6 months and may be extended by mutual agreement, subject to early dismissal by either party, with written notice 30 days in advance. With the exception of options, Westlake does not hold our securities, has no other interests in us, and currently has no right or intent to obtain such interests. Options are granted in accordance with our stock options plan and TSX Venture Exchange policy, the strike price is equal to tomorrow’s closing price, can be exercised for two years, and the initial 25% vest is vested quarterly. 12 months period.
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 Labs 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 strict industry standard QA / QC programs.
About Collective Mining Co., Ltd.
Collective Mining is an exploration and development company focused on identifying and exploring future mineral projects in South America. Continental Gold Inc. Founded by a team that developed and sold to Zijin Mining for a corporate value of approximately $ 2 billion, the company’s mission is to make significant new mineral discoveries and advance predictions for production, with past successes in Colombia. Is to repeat. 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 profit up to 100% on two projects in Colombia. A total of eight key goals have been defined as a result of aggressive exploration programs in both Guayavales and San Antonio projects. We had discovery holes at 104m @ 1.3g / tAuEq and 710m @ 0.53 AuEq respectively in the Guayavales and San Antonio projects, and we were fortunate to have made important grassroots discoveries in both projects. ((((See press release dated October 18ththAnd 27thFor AuEq calculation. )
Collective Mining Co., Ltd.
Steve Gold, Vice President of Corporate Development and Investor Relations
phone. (416) 648-4065
Use the following links to schedule a one-on-one meeting with management.
Description of future prospects
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: Top view of the area covered by the IP in the San Antonio project
Figure 2: Floor plan of the pound target – 1.3km strike and open
CBJ News Maker
The Canadian Business Journal, where the guided polarization study of collective mining in the San Antonio project is proceeding as planned
Source link The Canadian Business Journal, where the guided polarization study of collective mining in the San Antonio project is proceeding as planned