The Company is set to embark on its largest drill program to date with a minimum of 40,000 metres planned for 2024. Four rigs are expected to be back in full operation in the near term and will continue operating throughout the calendar year.
- As a result of directional drill hole APC70-D5, the Apollo Porphyry System has been expanded to the southwest and at depth with maximum known dimensions now measuring 520 metres in strike x 395 metres in width x 1,070 metres vertical (previously 935 metres) with assay results as follows:
- 527.40 metres @ 1.00 g/t gold equivalent from 505.0 vertical metres below surface including:
- 107.00 metres @ 2.09 g/t gold equivalent.
- 107.00 metres @ 2.09 g/t gold equivalent.
- The system remains open to the north, west and at depth with 2024 expansion drilling at Apollo anticipated to ensue in the coming days.
- 527.40 metres @ 1.00 g/t gold equivalent from 505.0 vertical metres below surface including:
- Short drill holes have intercepted high-grade CBM vein style mineralization above and outside the brecciated porphyry in the shallow eastern flank of Apollo including:
- 31.30 metres @ 4.07 g/t gold equivalent from 35.0 metres below surface in APC-86.
- 31.30 metres @ 4.07 g/t gold equivalent from 35.0 metres below surface in APC-86.
- Directional drillhole APC90-D1 was designed to explore an untested area further west located above and outside the Apollo brecciated porphyry system and returned numerous narrow intervals of mineralization including:
- 10.65 metres @ 3.23 g/t gold equivalent from 930.0 metres below surface
- 10.70 metres @ 1.17 g/t gold equivalent from 1,005.0 metres below surface.
Table 1: Assay Results for APC70-D5, APC70-D6, APC-86, APC-89, APC-90D, and APC90-D1
Hole # | From | To | Length | Au | Ag | Cu | Mo | AuEq g/t* |
APC70-D5 | 17.10 | 116.30 | 99.20 | 0.51 | 7 | 0.02 | - | 0.62 |
Incl | 84.30 | 115.65 | 31.35 | 1.24 | 10 | 0.01 | - | 1.37 |
and | 223.60 | 751.00 | 527.40 | 0.86 | 7 | 0.03 | 0.001 | 1.00 |
Incl | 239.40 | 268.90 | 29.50 | 1.19 | 12 | 0.04 | - | 1.46 |
and incl | 278.75 | 308.00 | 29.25 | 1.23 | 14 | 0.03 | - | 1.45 |
and incl | 404.00 | 437.60 | 33.60 | 1.12 | 15 | 0.06 | - | 1.41 |
and incl | 603.60 | 710.60 | 107.00 | 2.02 | 6 | 0.02 | 0.001 | 2.09 |
APC70-D6 | 75.15 | 217.00 | 141.85 | 0.78 | 12 | 0.04 | 0.001 | 1.00 |
Incl | 75.80 | 107.55 | 31.75 | 1.20 | 13 | 0.03 | - | 1.40 |
and incl | 123.10 | 165.35 | 42.25 | 1.24 | 18 | 0.04 | 0.001 | 1.54 |
From 217.00m hole abandoned before reaching target depth | ||||||||
APC-86 | 53.00 | 143.30 | 90.30 | 1.65 | 10 | 0.03 | 0.001 | 1.81 |
Incl | 53.70 | 65.90 | 12.20 | 1.57 | 13 | 0.02 | - | 1.75 |
and incl | 73.60 | 104.90 | 31.30 | 3.86 | 18 | 0.03 | 0.001 | 4.07 |
APC-89 | 5.80 | 115.40 | 109.60 | 0.79 | 9 | 0.02 | - | 0.93 |
incl | 77.70 | 105.00 | 27.30 | 1.84 | 11 | 0.02 | - | 1.98 |
and | 146.40 | 153.00 | 6.60 | 0.92 | 12 | 0.01 | - | 1.09 |
APC-90D (Mother hole) | 86.10 | 118.30 | 32.20 | 0.77 | 49 | 0.02 | 0.001 | 1.50 |
and | 239.35 | 342.70 | 103.35 | 0.23 | 4 | 0.01 | - | 0.32 |
APC90-D1 | 242.25 | 296.00 | 53.75 | 0.58 | 9 | 0.03 | 0.002 | 0.75 |
and | 399.35 | 410.85 | 11.50 | 0.91 | 5 | 0.02 | - | 0.98 |
and | 460.65 | 471.30 | 10.65 | 3.09 | 13 | 0.03 | 0.001 | 3.23 |
and | 542.65 | 553.35 | 10.70 | 1.11 | 4 | 0.01 | 0.001 | 1.17 |
and | 582.25 | 592.35 | 10.10 | 0.79 | 2 | 0.01 | 0.001 | 0.83 |
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag g/t x 0.016 x 0.88) + (Cu (%) x 1.79 x 0.90)+ (Mo (%)*11.62 x 0.85) + (WO3 (%)*6.54 x 0.50) utilizing metal prices of Cu – |
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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 Apollo porphyry system. The Company's near-term objective is to continue to expand the overall dimensions of the system, which remains open in most directions and test earlier stage and newly generated grassroots targets.
Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSX under the trading symbol "CNL" and on the OTCQX under the trading symbol "CNLMF".
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.
Rock, soils and core samples have been prepared and analyzed at ALS laboratory facilities in
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This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information. In this news release, forward-looking information relate, among other things, to: anticipated advancement of mineral properties or programs; future operations; future recovery metal recovery rates; future growth potential of Collective; and future development plans.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others: risks related to the speculative nature of the Company's business; the Company's formative stage of development; the Company's financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; conclusions of future economic evaluations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, precious and base metals or certain other commodities; fluctuations in currency markets; change in national and local government, legislation, taxation, controls regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formation pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties, as well as those risk factors discussed or referred to in the annual information form of the Company dated
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