- Step-out hole APC-55 was drilled from Pad 6 to the northeast and intercepted continuous gold-silver-copper mineralization from surface over a significant core length as follows:
- 792.25 metres @ 1.71 g/t gold equivalent commencing from surface (consisting of 0.88 g/t gold, 39 g/t silver and 0.18% copper) including:
- 48.8 metres @ 3.23 g/t gold equivalent from surface in the oxide plus transition zone
- APC-55 returned 1,356 g/t gold equivalent on a grams X metres basis, which represents the largest grade accumulation drilled to date into the Apollo porphyry system.
- APC-55 has extended the strike length of the Apollo system to the northeast with maximum known dimensions now measuring 455 metres by 395 metres by 915 metres.
- Hole APC-49 was drilled from Pad 6 to the northwest and intersected continuous gold-silver-copper mineralization from surface over a significant core length as follows:
- 847.25 metres @ 1.09 g/t gold equivalent from surface (consisting of 0.64 g/t gold, 16 g/t silver and 0.14% copper)
- APC-49, which was drilled to depth in an area with no prior drilling, demonstrated excellent continuity of mineralization over its entire core length. The hole was terminated in mineralization due to a drilling related issue with the final 15.85 metres averaging 0.52 g/t gold equivalent.
- Four rigs are now operating at the project with nine holes currently in the lab for analysis. Additional assay results are expected in the near term.
To watch a short video of
The 2023 Phase II drilling program is advancing on schedule with 24 holes completed and results announced with an additional nine holes awaiting assay results from the lab. The objectives of the 2023 program are to define high-grade mineralization, the dimensions of the Apollo porphyry system near surface, expand the size of the system through step-out and directional drilling and drill test multiple new targets generated through grassroots exploration. Since the announcement of the discovery hole at Apollo in
This press release outlines results from two, long step out holes. APC-49 and APC-55 were drilled to test high grade, shallow mineralization, and depth extensions in previously undrilled areas. Both holes were drilled from Pad 6 with APC-49 directed steeply to the northwest and APC-55 drilled to the northeast. Results for these holes are summarized below:
APC-49 was drilled steeply to the northwest from Pad 6 to a maximum downhole depth of 852.90 metres (908 metres vertical due to topography). The hole was designed to test the northwestward continuity of the deposit at depth. The hole intercepted saprolite and oxidized sulphide material (transition zone) from 5.7 metres downhole until 28.6 metres. Below this the hole passed into fresh rock consisting of angular breccia with a sulphide cement matrix containing chalcopyrite (up to 0.8 %), pyrite (up to 1.2%) and 0.8% pyrrhotite and some areas of mineralized porphyry (without breccia). Various sheeted carbonate base metal veins ("CBM") and veinlet zones associated with higher grade gold, which overprint and flood the matrix hosting the earlier breccia-porphyry mineralization, were observed and contain carbonate associated with sphalerite and galena. The hole bottomed in mineralization due to drilling problems with the last 15.85 metres from 837.1 metres downhole returning 0.52 g/t gold equivalent. Complete assay results for the hole are summarized in Table 1 with highlights as follows:
- 847.25 metres @ 1.09 g/t gold equivalent from 5.65 metres (consisting of 0.64 g/t gold, 16 g/t silver and 0.14% copper) including:
- 22.9 metres @ 1.36 g/t gold equivalent from 5.65 metres downhole in the oxide plus transition zone,
- 42.35 metres @ 2.78 g/t gold equivalent from 491.5 metres downhole in a CBM rich zone and
- 30.95 metres @ 2.12 g/t gold equivalent from 625.6 metres downhole in a CBM rich zone.
Importantly, APC-49 confirms that the system remains wide open at depth in the northwest area of the deposit and future directional drilling will look to expand the system and tighten up drill spacing.
APC-55 was drilled to the northeast from Pad 6 and was designed to test for an extension of shallow high-grade mineralization to depth within the northeast portion of the Apollo system. The hole was drilled to a maximum downhole depth of 909.45 metres (855 metres vertical) with mineralization beginning at surface. The hole intercepted saprolite and oxidized sulphide material (transition zone) from surface until 48.80 metres down hole. Below this depth, the hole passed into fresh rock consisting of angular breccia with a sulphide cement matrix containing chalcopyrite (up to 1.0 %), pyrite (up to 2.0%) and pyrrhotite (up to 1.2%) with some interfingering areas of mineralized porphyry (without breccia). Four sheeted CBM vein and veinlet zones at 184.7 metres, 364.2 metres, 431.8 metres and 591.5 metres downhole were observed with vein sulphides (sphalerite and galena) overprinting the earlier porphyry mineralization in the breccia matrix. Complete assay results for the hole are summarized in Table 1 with highlights as follows:
- 792.25 metres @ 1.71 g/t gold equivalent from surface (consisting of 0.88 g/t gold, 39 g/t silver and 0.18% copper) including:
- 48.8 metres @ 3.23 g/t gold equivalent from surface in an oxide plus transition zone,
- 21.55 metres @ 3.66 g/t gold equivalent from 184.7 metres downhole in a CBM rich zone,
- 31.05 metres @ 2.37 g/t gold equivalent from 364.2 metres downhole in a CBM rich zone,
- 21.65 metres @ 2.36 g/t gold equivalent from 431.75 metres downhole in a CBM rich zone and
- 16.50 metres @ 2.34 g/t gold equivalent from 591.5 metres downhole in a CBM rich zone.
APC-55 returned 1,356 g/t gold equivalent on a grams X metres basis, which represents the largest grade accumulation drilled to date into the Apollo porphyry system. APC-55 has also extended the strike length of the mineralized system to the northeast with maximum know overall dimensions now measuring 455 metres by 395 metres by 915 metres. The multiple north-west and east-west trending CBM vein systems intersected along the hole at both shallow and deeper elevations highlight an excellent opportunity for high grade mineralization to be found over significant vertical dimensions.
Nine additional holes have been completed at the Apollo system with assay results expected in the near term with all holes except one intersecting bulk tonnage mineralization over significant core lengths.
With four diamond drill rigs now operating at site, the Company is focused on:
- Expanding the Apollo porphyry system and the recently discovered high-grade Contact Zone
- Stepping-out along the newly discovered high-grade
Vein Zone situated above the Apollo porphyry system along a northwest to southeast corridor (where it does not come to surface) - Testing the six newly generated targets surrounding the Apollo porphyry system
- Testing a new porphyry target named Plutus, which is located approximately one kilometre east of Apollo. Further details on Plutus will be announced shortly once all surface geochemistry assay results have been delivered, verified, and compiled.
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. (See press release dated
Hole # | From (m) | To (m) | Length (m) | Au g/t | Ag g/t | Cu % | Mo % | AuEq g/t* |
APC-49 | 5.65 | 852.90 | 847.25 | 0.64 | 16 | 0.14 | 0.001 | 1.09 |
incl | 5.65 | 28.55 | 22.90 | 1.13 | 11 | 0.06 | 0.001 | 1.36 |
and incl | 76.60 | 240.60 | 164.00 | 0.44 | 40 | 0.47 | 0.002 | 1.77 |
and incl | 253.80 | 293.85 | 40.05 | 0.25 | 32 | 0.46 | 0.001 | 1.46 |
and incl | 443.85 | 466.10 | 22.25 | 1.14 | 12 | 0.03 | 0.002 | 1.36 |
and incl | 491.45 | 533.80 | 42.35 | 2.65 | 11 | 0.03 | 0.001 | 2.78 |
and incl | 559.10 | 585.20 | 26.10 | 1.49 | 12 | 0.04 | 0.000 | 1.68 |
and incl | 625.60 | 656.55 | 30.95 | 1.80 | 20 | 0.04 | 0.001 | 2.12 |
and incl | 837.05 | 852.90 | 15.85 | 0.44 | 3 | 0.01 | 0.002 | 0.52 |
APC-55 | 0.00 | 792.25 | 792.25 | 0.88 | 39 | 0.18 | 0.001 | 1.71 |
incl | 0.00 | 48.80 | 48.80 | 2.93 | 15 | 0.10 | 0.002 | 3.23 |
and incl | 49.55 | 80.45 | 30.90 | 1.99 | 14 | 0.13 | 0.001 | 2.35 |
and incl | 96.00 | 145.55 | 49.55 | 1.79 | 65 | 0.15 | 0.002 | 2.93 |
and incl | 184.70 | 206.25 | 21.55 | 2.97 | 38 | 0.14 | 0.001 | 3.66 |
and incl | 364.15 | 395.20 | 31.05 | 1.56 | 47 | 0.12 | 0.000 | 2.37 |
and incl | 431.75 | 453.40 | 21.65 | 1.75 | 36 | 0.09 | 0.001 | 2.36 |
and incl | 591.50 | 608.00 | 16.50 | 1.99 | 22 | 0.05 | 0.001 | 2.34 |
*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 –
True widths are unknown, and grades are uncut.
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 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 expand the overall dimensions of the system, which remains open in most 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, soils 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.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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