Collective Mining Intercepts over 200 Meters Of Mineralized Breccia At Its Apollo Gold Mining Target
Canadian / Colombian gold mining firm Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) has announced visual observations from the third completed drill hole at its Apollo target. Apollo is a newly discovered high-grade copper-gold-silver porphyry-related breccia and the company recently announced the assay results for the discovery hole (APC-1), which intersected 87.8 meters @ 2.49 g/t AuEq. Apollo is one of eight porphyry-related targets situated within a three-by-four-kilometer cluster area generated by the company through grassroots exploration at the Guayabales project, located in Caldas, Colombia. 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.
Highlights (See Figures 1 – 4)
- APC-2, which was drilled to the southwest from a drill pad located 200 meters southeast of the collars for APC-1 and APC-1W, intercepted over 200 meters of mineralized breccia from 154.7 meters downhole (100 meters vertical). Core from this hole and APC-1W have been sent to the lab as a batch and assay results are expected shortly.
- Mineralization is remarkably continuous along the axis of the intercept of interest in APC-2 and is hosted within a breccia sulphide matrix consisting of chalcopyrite (Cu), pyrite and pyrrhotite. Additionally, overprinting carbonate base metal (“CBM”) veins flood the breccia matrix in various locations along the mineralized interval in APC-2 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. The mineralization in APC-2 is remarkably consistent with the mineralization observed in APC-1 and APC-1W (refer to press releases dated April 27, 2022 and June 22, 2022 for further details).
- APC-2 extends this mineralized system at least 200 meters to the northeast and 100 meters to the southwest and is located centrally within the 800 meter X 700 meter Apollo target area. The Company is currently drilling two additional holes, APC-3 and APC-4, which aims to expand the mineralized system and better understand the morphology of this new discovery.
- Apollo remains open to the east, west, south and at depth for further expansion. Due to the size of the target area and success in early drilling, a fourth drill pad is now under construction.
- The Apollo target area consists of newly generated porphyry and porphyry related breccia and vein 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.
“At more than 200 meters in length and with at least three distinct overprinting types of mineralization observed, APC-2 is a nice surprise and has the potential to provide another high-grade intercept of bulk-style mineralization. Although we are at an early stage in understanding Apollo, the target is clearly demonstrating excellent potential to ultimately evolve into a large mineralized system. We will continue to be aggressive in drilling Apollo at various orientations and dips in order to learn the geometry of the system and unlock the potential of this very exciting new discovery,” said Ari Sussman, Executive Chairman.
The company also announced that at the annual special meeting of shareholders of the Company held on June 29, 2022, the company’s 10% “rolling” stock option plan was re-approved by shareholders in accordance with the policies of the TSX Venture Exchange. The newly approved plan also reflected certain housekeeping amendments to ensure compliance with the new Policy 4.4 of the TSXV which came into effect on November 24, 2021.
Headline photo courtesy Collective Mining: Mineralized-breccia-at-208m-with-chalcopyrite-galena-sphalerite-calcite-and-quartz.