Collective Mining's Geological Model and Drilling Outlines a Multi-Million Ounce Potential Target at Trap with Intercepts Including 40.85 Metres at 3.76 g/t AuEq Within 174.45 Metres at 1.19 AuEq
"With five drill rigs turning as part of our 40,000-metre program and a backlog of core in the lab, we are excited about the second half of the year where aggressive drilling with four rigs will take place at the Apollo and Trap systems. Additionally, reconnaissance exploration drilling will commence shortly with one rig at the X target, where we will drill test a look-a-like brecciated porphyry system to Apollo and another rig (six in total at the Guayabales project) at the southern part of the Plutus target, where we will test for a potential copper-gold porphyry system."
Highlights (see Table 1 and Figures 1-4)
- Since the discovery of Trap, which was announced in
January 2024 , the Company is pleased to announce that a geological model is now in place and has been successfully tested by TRC-11 (assay results below), TRC-12 and TRC-14 (both results pending). Trap is a fault bounded, broadMineralized Deformation Zone ("MDZ") trending from the northwest to the southeast which hosts and includes a continuous, bulk zone of mineralization on the west side of the fault consisting of overprinting northwest striking and east-west striking sheeted vein systems. The MDZ corridor has been mapped for approximately 1.4 kilometers of strike, is between 30 metres to 150 metres thick and has been intercepted up to 915 metres below surface. Importantly, the MDZ remains open along strike and at depth with strong potential for parallel zones to emerge with further drilling. - Drill-hole TRC-11, which was designed to validate the geological model for Trap, was drilled from TPad3 to the southwest and as soon as it crossed the fault it intercepted the MDZ as follows:
- 174.45 metres @ 1.19 g/t gold equivalent from 485.15 metres including:
- 40.85 metres @ 3.76 g/t gold equivalent from 485.15 metres
- 174.45 metres @ 1.19 g/t gold equivalent from 485.15 metres including:
Unfortunately, the hole was lost due to a technical challenge and bottomed in strong mineralization with the final 6.45 metres grading 1.12 g/t gold equivalent.
- Due to the positive validation of the geological model with hole TRC-11 intersecting the MDZ, a new pad (TPad-4) was constructed further along strike to the southeast. Two holes, TRC-12 and TRC-14 have been drilled from this pad and have both successfully intercepted the MDZ on the west side of the fault up to 350 metres further along strike from TRC-11. Additionally, TRC-14 cut a potentially significant new zone of mineralization east of the fault and near the collar of the pad beginning at 16 metres depth. If confirmed as a new discovery, this shallow intercept in TRC-14 would open up a new parallel target for drilling at Trap. The Company plans to continue to step out to the southeast along the MDZ corridor with new pads currently under construction. Lastly, a second rig has been mobilized to Trap with drilling anticipated to ensue in the coming days.
- TRC-8 was drilled from TPad3 to the southwest and intersected mineralization in the MDZ before being cutoff prematurely by a post mineral intrusive dyke prior to intercepting the projection of the high-grade subzone. The following assay results are highlighted:
- 51.05 metres @ 1.41 g/t gold equivalent from 187.55 metres including:
- 11.90 metres @ 2.49 g/t gold equivalent from 226.70 metres
- 51.05 metres @ 1.41 g/t gold equivalent from 187.55 metres including:
- Two additional holes, TRC-9 and TRC-10, were drilled to the east of and outside of the MDZ (prior to the geological model being established) and intersected lower grade mineralization either as narrow veins in TRC-9 or as low-grade bulk style mineralization in TRC-10. Assay results are as follows:
TRC-9
-
- 1.05 metres @ 3.37 g/t gold equivalent from 273.70 metres
- 2.15 metres @ 4.01 g/t gold equivalent from 290.65 metres
- 1.00 metres @ 6.21 g/t gold equivalent from 370.95 metres
- 3.25 metres @ 4.83 g/t gold equivalent from 459.40 metres
TRC-10
-
-
89.85 metres @ 0.73 g/t gold equivalent from 284.95 metres including:
- 13.10 metres @ 1.98 g/t gold equivalent from 344.80 metres
-
89.85 metres @ 0.73 g/t gold equivalent from 284.95 metres including:
- New assay results have been received from a series of outcrops located at the southeastern end of the MDZ bringing the known strike length of the zone to 1.4 kilometres. The MDZ remains open for further expansion in all directions. Assay results for the new surface samples can be found in Figure 1.
Table 1: Assays Results for TRC-8, TRC-9, TRC-10 and TRC-11
Hole # |
From |
To |
Length |
Au |
Ag |
Zn |
Pb |
AuEq |
Zone |
TRC-8 |
187.55 |
238.60 |
51.05 |
1.20 |
12 |
0.18 |
0.11 |
1.41 |
MDZ
(cut short |
Incl |
188.50 |
196.05 |
7.55 |
2.29 |
37 |
0.41 |
0.25 |
2.90 |
|
and incl |
226.70 |
238.60 |
11.90 |
2.11 |
20 |
0.32 |
0.20 |
2.49 |
|
TRC-9 |
273.70 |
274.75 |
1.05 |
3.47 |
0 |
0.00 |
0.00 |
3.37 |
Outside of the |
and |
290.65 |
292.80 |
2.15 |
3.45 |
42 |
0.37 |
0.08 |
4.01 |
|
and |
370.95 |
371.95 |
1.00 |
6.32 |
7 |
0.01 |
0.00 |
6.21 |
|
and |
459.40 |
462.65 |
3.25 |
4.74 |
14 |
0.06 |
0.12 |
4.83 |
|
TRC-10 |
284.95 |
374.80 |
89.85 |
0.69 |
3 |
0.04 |
0.03 |
0.73 |
Outside of the |
Incl |
344.80 |
357.90 |
13.10 |
1.91 |
7 |
0.05 |
0.07 |
1.98 |
|
TRC-11 |
240.70 |
242.20 |
1.50 |
1.20 |
2 |
0.03 |
0.02 |
1.21 |
MDZ
(hole stopped in |
and |
262.35 |
265.25 |
2.90 |
2.75 |
21 |
0.30 |
0.19 |
3.11 |
|
and |
485.15 |
659.60 |
174.45 |
0.89 |
11 |
0.29 |
0.25 |
1.19 |
|
Incl |
485.15 |
526.00 |
40.85 |
2.67 |
38 |
0.98 |
0.98 |
3.76 |
|
and Incl |
653.15 |
659.60 |
6.45 |
1.08 |
4 |
0.05 |
0.04 |
1.12 |
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.014 x 0.88) + (Zn (%) x 0.46 x 0.85) + (Pb (%) x 0.41 x 0.85) utilizing metal prices of Ag – |
About
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold
The Company's flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold-tungsten Apollo porphyry system. The Company's 2024 objective is to expand the Apollo system, step out along strike to expand the recently discovered Trap system and make a new discovery at either the Tower, X or Plutus targets.
Management, insiders, a strategic investor and close family and friends own nearly 50% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the NYSE under the trading symbol "CNL", on the TSX under the trading symbol "CNL", on the FSE under the trading symbol "GG1".
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 ("NI 43-101") and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.
Technical Information
Rock, soils and core samples have been prepared and analyzed at ALS laboratory facilities in
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