Collective Mining Mobilizes Sixth Rig to Guayabales Project and Announces Upcoming Geophysical Survey

Collective Mining Ltd. (TSX: CNL), a Canada-based mining company, recently announced that it has mobilized a sixth drill rig to its Guayabales Project in Caldas to contribute to the 40,000-meter drill program at the site for 2024.

This adds to the drill rigs that are currently operating at the Apollo, Box, Olympus and Trap targets, “with the sixth rig to commence drilling for the first time at the grassroot generated X target located in the southern portion of the project area,” according to the Toronto-based company.  “Drill cores from multiple holes are currently being assayed at ALS Laboratory in Lima, Peru, with results expected in short order.”

Collective Mining noted that it will also soon begin an airborne geophysical survey covering the company’s Guayabales Project in Caldas.

“The primary objective of the program is to detect conductive sulphide bearing ore bodies, similar to the Apollo system, at depths beginning directly below the surficial cover to up to 2,000 metres depth,” noted Collective Mining.

This survey will be conducted by Geotech Ltd., which will carry out helicopter borne Versatile Time-domain Electromagnetic (VTEM) and Z-Axis Tipper Electromagnetic system (ZTEM) surveys, and cover a total area of 74 square kilometers with 1,449 flight line kilometers.

The company expects the surveys to be completed in July 2024, with full results ready by the end of the third quarter. Depending on the outcome, drilling on new targets generated from the survey could begin as soon as the fourth quarter of this year, noted Collective Mining.

“The enormous potential of our Guayabales Project has already been proven based on the number of discoveries that we have made by drilling within the confines of areas defined by limited outcrop exposure,” said Ari Sussman, executive chairman, in a statement.

“Since over 90% of the project remains under cover,” added Sussman, “commissioning an airborne VTEM and ZTEM survey makes a lot of sense to assist us in outlining new targets in areas with no outcrop. In particular, we are excited to use the results to refine planned future drilling at the Plutus target given its sheer scale and lack of outcropping rock to sample.”

Photo: One of Collective Mining’s sites in Colombia. (Photo credit: Loren Moss)