TORONTO, Nov. 7, 2023
/CNW/ - Collective Mining Ltd. (TSXV: CNL) (OTCQX:
CNLMF) ("Collective" or the "Company") is
pleased to announce that upon receipt and review of recently
received detailed assay results on previously completed drill hole
core, a high-grade zone of tungsten mineralization has been
outlined in the shallow portion of the Guayabales project's Apollo
porphyry system ("Apollo") located in Caldas, Colombia. The porphyry system at Apollo owes
its excellent metal endowment to an older copper-silver and gold
porphyry system being overprinted by younger precious metal rich,
intermediate sulphidation porphyry veins ("CBM Veins") within a
magmatic, hydrothermal inter-mineral breccia and diorite porphyry
bodies currently measuring 520 metres x 395 metres x 915 metres and
open for expansion.
- Tungsten Tri-Oxide ("WO3") grades in the
shallow portion of the Apollo system range between approximately
0.06% and 0.59% with the weighted average grade running 0.25%.
- Assuming a conservative 50% recovery rate for WO3
and currently quoted metal pricing, the weighted average gold
equivalent ("AuEq") grade of the drill holes within the tungsten
rich area at Apollo has increased from 2.87 g/t AuEq to 3.67 g/t
AuEq (28% increase in grade). Please refer to Table 1 below for
further details.
- Using a 0.1% WO3 cut-off grade, the volume of
shallow mineralization containing tungsten measures approximately
200 metres by 100 metres by 150 metres vertical and is open to the
northeast for expansion. The tungsten mineralized area coincides
with high grades for gold, silver, and copper within a shallow
portion of the Apollo deposit.
- Tungsten mineralization is hosted within the mineral
scheelite, which is the most common source of tungsten being mined
globally.
- Metallurgical samples have been dispatched to an ALS
laboratory in Kamloops, British
Colombia to undertake detailed mineralogical and metallurgical test
work with initial results expected in Q2 2024.
Ari Sussman, Executive Chairman
commented: "Finding high-grade tungsten as part of the mineral
suite matrix in the shallow portion of the Apollo system has the
potential to significantly enhance economics of the project.
Tungsten has been officially designated as a critical mineral to
most countries in the world and we are honored to have found the
first known source of potentially economic tungsten in Colombia. We look forward to receiving and
analyzing the metallurgical test work results in Q2 2024."
Table 1: Tungsten Assay Results in Apollo
Drillholes
|
Hole
#
|
From
(m)
|
To
(m)
|
Length
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(%)
|
Mo
(%)
|
WO3
(%)
|
AuEq With
W03
(g/t*)
|
AuEq Without
W03
(g/t)**
|
AuEq
Grade
Change
(%)
|
|
APC-49
|
9.80
|
90.50
|
80.70
|
0.73
|
17
|
0.13
|
0.002
|
0.31
|
2.19
|
1.18
|
85 %
|
|
APC-44
|
9.00
|
89.00
|
80.00
|
1.00
|
16
|
0.16
|
0.001
|
0.35
|
2.61
|
1.48
|
77 %
|
|
APC-46
|
10.00
|
80.60
|
70.60
|
0.77
|
24
|
0.18
|
0.002
|
0.31
|
2.44
|
1.41
|
73 %
|
|
APC-61
|
2.80
|
62.30
|
59.50
|
0.90
|
34
|
0.25
|
0.002
|
0.31
|
2.79
|
1.78
|
57 %
|
|
APC-59
|
0.00
|
51.80
|
51.80
|
1.53
|
52
|
0.19
|
0.002
|
0.39
|
3.84
|
2.55
|
50 %
|
|
APC-55
|
23.55
|
112.00
|
88.45
|
2.49
|
24
|
0.13
|
0.002
|
0.31
|
4.00
|
2.99
|
34 %
|
|
APC-31
|
0.00
|
96.95
|
96.95
|
2.46
|
23
|
0.16
|
0.001
|
0.30
|
3.97
|
2.99
|
33 %
|
|
APC-36
|
2.80
|
77.50
|
74.70
|
1.26
|
8
|
0.12
|
0.002
|
0.15
|
2.04
|
1.56
|
31 %
|
|
APC-35
|
1.05
|
87.60
|
86.55
|
3.52
|
16
|
0.12
|
0.001
|
0.34
|
4.95
|
3.85
|
29 %
|
|
APC-58
|
39.55
|
76.00
|
36.45
|
2.64
|
20
|
0.20
|
0.002
|
0.27
|
4.07
|
3.19
|
28 %
|
|
APC-42
|
6.90
|
49.10
|
42.20
|
6.74
|
42
|
0.13
|
0.001
|
0.59
|
9.29
|
7.36
|
26 %
|
|
APC-41
|
17.00
|
53.50
|
36.50
|
3.50
|
22
|
0.14
|
0.002
|
0.31
|
4.97
|
3.94
|
26 %
|
|
APC-39
|
0.00
|
74.05
|
74.05
|
2.64
|
24
|
0.15
|
0.001
|
0.24
|
3.93
|
3.16
|
24 %
|
|
APC-33
|
6.65
|
108.10
|
101.45
|
2.12
|
29
|
0.14
|
0.002
|
0.19
|
3.35
|
2.72
|
23 %
|
|
APC-18
|
150.35
|
170.40
|
20.05
|
2.20
|
40
|
0.72
|
0.002
|
0.23
|
4.64
|
3.89
|
20 %
|
|
APC-38
|
0.00
|
52.40
|
52.40
|
2.91
|
11
|
0.11
|
0.002
|
0.19
|
3.79
|
3.19
|
19 %
|
|
APC-25
|
73.00
|
138.65
|
65.65
|
1.12
|
33
|
0.66
|
0.003
|
0.07
|
2.89
|
2.66
|
9 %
|
|
APC-48
|
0.00
|
47.70
|
47.70
|
3.10
|
11
|
0.15
|
0.002
|
0.07
|
3.67
|
3.44
|
7 %
|
|
APC-40
|
1.50
|
128.30
|
126.80
|
2.42
|
19
|
0.35
|
0.003
|
0.06
|
3.42
|
3.21
|
6 %
|
|
APC-43
|
11.20
|
47.60
|
36.40
|
4.78
|
9
|
0.17
|
0.003
|
0.08
|
5.33
|
5.07
|
5 %
|
|
Weighted
Averages
|
0.25
|
3.67
|
2.87
|
28 %
|
|
|
*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 –
US$3.85/lb, Ag – US$24/oz Mo - US$25/lb, WO3 -
US$31,000/t and Au – US$1,475/oz and recovery rates of 97% for Au,
88% for Ag, 85% for Mo, 50% for WO3 and 90% for Cu. Recovery
rate assumptions for gold are based on metallurgical results
announced on October 17, 2023. Recovery rates for copper,
molybdenum, tungsten and silver are speculative as limited
metallurgical work has been completed to date on these metals. True
widths are unknown, and grades are uncut.
|
|
** Previously
reported gold equivalent grades excluded
WO3. See press releases dated November 19,
2022, January 31, 2023, January 31, 2023, February 23, 2023, March
15, 2023, March 30, 2023, April 11, 2023, April 25, 2023, May 16,
2023, May 30, 2023, June 27, 2023, July 25, 2023 and August 15,
2023 for AuEq calculations.
|
About Collective Mining
Ltd.
To see our latest corporate presentation and related
information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold
Inc. to Zijin Mining for approximately $2
billion in enterprise value, Collective Mining is a copper,
silver, and gold exploration company with projects in Caldas,
Colombia. The Company has options
to acquire 100% interests in two projects located directly within
an established mining camp with ten fully permitted and operating
mines.
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 drill the shallow portions of the Apollo
system, continue to expand the overall dimensions of the system,
which remains open in most directions and test 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".
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. Mr. Reading has an MSc in Economic
Geology and is a Fellow of the Institute of Materials, Minerals and
Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock, soils and core samples have been prepared and analyzed at
SGS laboratory facilities in Medellin,
Colombia and Lima, Peru.
Blanks, duplicates, and certified reference standards are inserted
into the sample stream to monitor laboratory performance. Crush
rejects and pulps are kept and stored in a secured storage facility
for future assay verification. No capping has been applied to
sample composites. The Company utilizes a rigorous,
industry-standard QA/QC program.
Information Contact:
Follow Executive Chairman
Ari Sussman (@Ariski73)
and Collective Mining (@CollectiveMini1) on Twitter.
FORWARD-LOOKING
STATEMENTS
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 April 7,
2022. Forward-looking information contained herein are made
as of the date of this news release and the Company disclaims any
obligation to update any forward-looking statements, whether as a
result of new information, future events or results, except as may
be required by applicable securities laws. There can be no
assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements and there may
be other factors that cause results not to be anticipated,
estimated or intended. Accordingly, readers should not place undue
reliance on forward-looking information.
SOURCE Collective Mining Ltd.
