- Hole APC-43, cut the longest continuous interval drilled to date of high-grade copper-silver-gold mineralization beginning at surface from Pad 7 at the Apollo system with results as follows:
- 271.30 metres @ 3.35 g/t gold equivalent (consisting of 2.37 g/t gold, 23 g/t silver and 0.42% copper) in drill hole APC-43 including:
- 19.30 metres @ 4.28 g/t gold equivalent from surface in oxides, and
- 32.30 metres @ 4.65 g/t gold equivalent from 19.30 metres downhole, and
- 42.05 metres @ 5.29 g/t gold equivalent from 214.7 metres downhole.
- As a result, the hole has extended the vertical dimension of the system in the southernmost part of the deposit to 270 metres (an increase of 100 metres).
- Step out drill hole APC-40 also intercepted high-grade copper-silver-gold mineralization beginning from surface as follows:
- 169.25 metres @ 2.81 g/t gold equivalent (consisting of 1.93 g/t gold, 19 g/t silver and 0.38% copper) in drill hole APC-40 including:
- 16.75 metres @ 3.37 g/t gold equivalent from surface in oxides, and
- 11.95 metres @ 9.57 g/t gold equivalent from 18.25 metres downhole, and
- 44.85 metres @ 3.99 g/t gold equivalent from 87.85 metres downhole.
- APC-40 successfully extended the strike length of the shallow mineralization to the west of the previously known mineralization envelope and as a result has expanded the maximum known area of shallow mineralization to 150 metres X 130 metres (previously 130m X 130m).
- The grade tenor and continuity of the intersections in APC-40 and APC-43 reflect an increased understanding of the dip and geometry of the southernmost, high-grade portion of the Apollo system. The surface dimensions of the shallow mineralization remain open for further expansion with drill holes from newly completed Pad 9 and Pad 10 now underway.
- Five additional holes have been completed from Pad 6 and Pad 7 with assay results expected in the near term. APC-44 is the longest hole drilled to date as part of the shallow drilling program and cut more than 425 metres of continuous visual mineralization beginning at surface. APC-41 and APC-42 were shorter holes designed to test the contact between the breccia and the quartz diorite porphyry with very intense late-stage porphyry veining observed in APC-42. Assay results are expected in the near term.
- The Company has commenced a long step out drill hole of up to 1,000 metres to the northwest from Pad 6. Presently, the hole (APC-49) is cutting mineralization, which began at surface, to its current depth of 783 metres.
Details (See Table 1 and Figures 1-5)
The Phase II drilling program of 2023 is advancing on schedule with eleven holes completed and a further five holes in the lab awaiting assay results. Since the discovery of the Apollo porphyry system was announced in
APC-40 was drilled to the southwest from Pad 7 to a maximum downhole depth of 214.55 metres and was targeted to intersect the contact zone between the mineralized breccia and the adjacent porphyry mineralization to the southwest. The hole intersected continuous and strong copper, silver and gold mineralization from surface bedrock to a depth of 169.25 metres (188 metres vertical due to topography) with the following assay results highlighted below:
- 169.25 metres @ 2.81 g/t gold equivalent (consisting of 1.93 g/t gold, 19 g/t silver and 0.38% copper) including:
- 16.75 metres @ 3.37 g/t gold equivalent from bedrock in oxides, and
- 11.95 metres @ 9.57 g/t gold equivalent from 18.25 metres, and
- 44.85 metres @ 3.99 g/t gold equivalent from 87.85 metres.
The mineralized interval starts from 1.5 metres depth with saprolite material followed by saprock and then continues with iron oxides and sulphides until a downhole depth of 18.25 metres. Below the oxide transition zone, the intercept passes into fresh rock consisting of quartz diorite breccia with a matrix of chalcopyrite (0.5% to 1.2%), pyrite (up to 1.5%) and 1% pyrrhotite. Higher-grade zones encountered from 18.25 metres and 87.85 metres downhole reflect zones with a higher percentage of sulphides plus quartz and carbonate in the matrix and reflect areas of higher permeability within the porphyry system.
APC-43 was drilled to the northwest from Pad 7 to a maximum downhole depth of 293 metres. The hole targeted the steeply dipping, southern high-grade zone as outlined by previous drilling from Pad 7 (Holes APC-36 and APC-38). The hole intersected continuous mineralization from surface outcrop to a downhole depth of 271.30 metres (282 metres vertical due to topography) with assay results as follows:
- 271.30 metres @ 3.35 g/t gold equivalent (consisting of 2.37 g/t gold, 23 g/t silver and 0.42% copper) including:
- 19.30 metres @ 4.28 g/t gold equivalent from surface in oxides, and
- 32.30 metres @ 4.65 g/t gold equivalent from 19.30 metres, and
- 16.90 metres @ 4.71 g/t gold equivalent from 127.80 metres, and
- 42.05 metres @ 5.29 g/t gold equivalent from 214.7 metres.
The mineralized interval starts from surface to 3.9 metres depth within saprolite material followed by an additional 8.1 metres of saprock with iron oxides to 12 metres before transitioning into a zone with an oxidized sulphide matrix. From 19.30 metres the intercept passes into fresh rock with a sulphide composition of 0.5% to 1.3% chalcopyrite, 1.8% pyrite and pyrrhotite (up to 1.3%). The higher-grade zones commencing at 19.30 metres and 214.70 metres downhole relate to zones with a higher percentage of sulphides plus quartz and carbonate in the matrix and reflect areas of higher permeability within the porphyry system.
The grade tenor and continuity of the intersections in APC-40 and APC-43 reflect an increased understanding of the dip and geometry of the southern, high grade portion of the Apollo porphyry as gained from previous initial drilling in this area (holes APC-36 and APC-38, see press release dated
Outcrop mapping and sampling in the south and central portions of the system has outlined a 150 metre-by-130 metre area of known surface mineralization, which is open in all directions. Pads 6 and 7 have been designed with the objective of understanding the styles and tenor of the shallow, high-grade mineralization from surface down to depths of up to 400 metres and Pad 6 is ideally situated for further step out holes to understand grade continuity at depth. In particular, short holes from Pad 6 (APC-41 and APC-42) have been targeted to intersect high grades at the contact zone between breccia and porphyry as previously announced in APC-29 which intersected 32 metres @ 10.48 g/t gold equivalent from a downhole depth of 112.10 metres below surface. (see press release dated
Deep drilling (APC-49) has recently commenced from Pad 6 with visuals highlighting continuous porphyry and breccia style mineralization from surface to its current depth of 783 metres. Drilling of APC-49 continues as of publication of this release and represents the longest mineralized intercept drilled to date into the Apollo system.
Five additional shallow drill holes have been completed from drill Pads 6 and 7 with fan drilling in various directions extending the outcropping mineralization to the west and northeast. Visual observations indicate continuous mineralization from surface over core lengths ranging from more than 80 metres to more than 425 metres. The Company presently has three diamond drill rigs operating at the Apollo project and additional assay results are expected in the near term.
Two new pads have recently been completed (Pad 9 and Pad 10) with drilling underway from both pads. The pad locations were chosen in order to provide more drilling options to test the potential for westerly and easterly extensions of the shallow portion of the Apollo system.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area and represents a large and unusually high-grade Cu-Ag-Au porphyry system. Mineralization styles include early-stage porphyry veins, inter-mineral breccia mineralization and multiple zones of porphyry related late stage, sheeted, carbonate-base metal veins with high gold and silver grades. The Apollo target area is still expanding as the Company's geologists have found multiple additional outcrop areas with porphyry veining, breccia, and late stage, sheeted, carbonate base metal veins.
Hole # | From | To | Intercept (m) | Au | Ag | Cu | Mo | AuEq | CuEq |
APC-40 | 1.50 | 170.75 | 169.25 | 1.93 | 19 | 0.38 | 0.003 | 2.81 | 1.50 |
Incl** | 1.50 | 18.25 | 16.75 | 2.90 | 16 | 0.18 | 0.002 | 3.37 | |
18.25 | 30.20 | 11.95 | 9.45 | 8 | 0.16 | 0.002 | 9.57 | ||
87.85 | 132.70 | 44.85 | 2.58 | 30 | 0.61 | 0.005 | 3.99 | ||
APC-43 | - | 271.30 | 271.30 | 2.37 | 23 | 0.42 | 0.002 | 3.35 | 1.79 |
Incl** | - | 19.30 | 19.30 | 4.02 | 6 | 0.16 | 0.002 | 4.28 | |
19.30 | 51.60 | 32.30 | 4.39 | 9 | 0.14 | 0.004 | 4.65 | ||
127.80 | 144.70 | 16.90 | 4.02 | 17 | 0.32 | 0.002 | 4.71 | ||
214.70 | 256.75 | 42.05 | 5.07 | 12 | 0.11 | 0.002 | 5.29 |
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag g/t x 0.016 x 0.88) + (Cu (%) x 1.87 x 0.90)+ (Mo (%)*11.43 x 0.85) and CuEq (%) is calculated as follows: (Cu (%) x 0.90) + (Au (g/t) x 0.51 x 0.97) + (Ag (g/t) x 0.009 x 0.88)+ (Mo(%)x 6.10 x 0.85) utilizing metal prices of Cu – |
(**) Zone of Oxidation |
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Founded by the team that developed and sold
The Company's flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The Company's near-term objective is to drill the shallow portion of the porphyry system while continuing to expansion the overall dimensions of the system, which remains open in all directions.
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 TSXV 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 and core samples have been prepared and analyzed at SGS laboratory facilities in
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This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective's future and intentions. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
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