Last week, Collective Mining Ltd. (TSXV: CNL) announced the discovery of a new high-grade copper-gold-silver porphyry-related breccia at the mining company’s Guayabales project, located in Caldas, Colombia. APC-1, which is the first ever diamond drill hole to test the Apollo target, was collared approximately 600 meters southeast of the previously announced Olympus discovery hole that assayed 302 meters @ 1.11 g/t gold equivalent. Apollo is one of eight porphyry-related targets situated within a three-by-four-kilometer cluster area generated by Collective through grassroots exploration. As part of its fully funded 20,000 meter drill program for 2022, there are currently three diamond drill rigs operating at Guayabales, with two turning at Apollo and one turning at the Trap target.
Collective Mining is led by Ari Sussman and much of the leadership team that developed Continental Gold in Buriticá, Colombia, before a 2 billion sale to Zijin Mining of China. Sussman and his team were widely recognized not only for their successful mining, but their strong social commitment and relationships with the surrounding communities, including creating opportunities for women in mining, and collaborating with nearby artisanal miners.
APC-1 intercepted the mineralized breccia from 291.6 meters downhole (170 meters vertical) with results as follows:
- 8 meters @ 2.49 g/t AuEq including:
- 9 meters @ 4.55 g/t AuEq from 291.6 meters down hole; and
- 3 meters @ 3.67 g/t AuEq from 352 meters down hole
Collective says that mineralization is remarkably continuous along the axis of the discovery intercept and is hosted within a breccia sulphide matrix consisting of chalcopyrite (Cu) and pyrite. Additionally, overprinting carbonate base metal porphyry veins flood the breccia matrix in various locations along the mineralized interval in APC-1 with visible sphalerite (Zn) and Galena (Pb) observed. The breccia clasts are all quartz diorite in composition and this hydrothermal system is clearly linked to a porphyry system.
APC-1 was drilled to the south from Pad 1 on the northern fringe of an 800 meter X 700 meter target area as defined by rock sampling, soil geochemistry and geology mapping. Apollo remains open to the east, west, south and at depth for further expansion. Due to the size of the target area at Apollo, the company has completed the construction of two additional drill pads. Drill holes APC-1W and APC-2 have already been completed with APC-3 and APC-4 currently underway. Future assay results for Apollo will be reported in batch format once received and interpreted by the company.
The Apollo target area consists of newly generated porphyry and porphyry related targets with coincidental high-grade copper and molybdenum soil anomalies in places measuring greater than 500 parts per million (“ppm”) in copper and 30 ppm in molybdenum. Additionally, surface sampling at Apollo has uncovered a series of high-grade gold outcrops with numerous rock samples assaying greater than 3 g/t gold.
Apollo is road accessible all year-round and is situated within an elevation range of 1,800 to 2,000 meters above sea level. Additionally, an electrical substation is located less than one kilometer from the target area.
“The discovery at Apollo opens a new and very exciting front for the company. Firstly, it is the first time that the company has discovered a significant amount of copper. Secondly, large mineralized systems generally have multiple styles of overprinting mineralization and in the case of Apollo, we have already observed three different mineralization types, namely two types of porphyry related CBM veins and of course the mineralized breccia. Our technical team also believes that the Apollo discovery may be the first in a series of porphyry and breccia discoveries at the Apollo target,” said Ari Sussman, Collective’s Executive Chairman. “With a second rig recently commissioned and now coring, we have made the decision to soon add a third rig to the program in order to aggressively unlock the potential value of this discovery.”
Table 1: Assay Results
|HoleID||From (m)||To (m)||Intercept (m)**||Au (g/t)||Ag (g/t)||Cu %||Zn %||Pb %||Mo %||AuEq (g/t)*|
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) + (Cu (%) x 2.06 x 0.95) + (Mo (%) x 6.86 x 0.95+(Zn(%)x 0.80 x 0.95)+ (Pb(%)x 0.45 x 0.95) utilizing metal prices of Cu – US$4.50/lb, Mo – US$15.00/lb, Zn – US$1.75/lb, Pb – US$1.0/lb, Ag – $21/oz and Au – US$1,500/oz and recovery rates of 95% for Au, Ag, Cu, Mo, Zn and Mo. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** A 0.4 g/t AuEq cut-off grade was employed with no more than 10% internal dilution. True widths are unknown, and grades are uncut.