- Collective Mining (CNL) initiates drilling at the Guayabales Project, Colombia
- The Guayabales Project is situated contiguous, immediately along strike and to the northwest of Aris Gold’s Marmato gold mine
- The precious metal mineralization encountered throughout Guayabales to be related to multiple mineralized styles that include gold-copper-molybdenum porphyries
- Drilling is already underway at the target with first assay results anticipated during October 2021
- Collective Mining (CNL) is up 3.57 per cent and is trading at C$2.90 at 1:12 pm ET
Collective Mining (CNL) has started a maiden 7,500-metre diamond drilling program at its Guayabales Project, located in Caldas, Colombia.
The Guayabales Project is situated contiguous, immediately along strike and to the northwest of Aris Gold’s Marmato gold mine, which contains proven and probable reserves of 2.0 million ounces gold and 4.35 million ounces silver.
It interprets the abundant precious metal mineralization encountered throughout Guayabales to be related to multiple mineralized styles that include gold-copper-molybdenum porphyries and associated breccia as well as high grade, precious and base metal vein systems that are superimposed on and enrich the porphyry bodies.
To date, it has generated five unique grassroots targets at Guayabales named Donut, Box, Olympus, Victory and ME. Each of these targets will be systematically drill tested as part of its maiden 7,500-metre drill program at Guayabales.
The Donut target has been outlined from mapping and sampling of shallow underground tunnels which exposed mineralized breccia overprinted by a high grade, polymetallic vein stockwork hosting gold, silver, and to a lesser extent, copper mineralization.
Drilling is already underway at the target with the first assay results anticipated during October 2021.
Visual observation of early drilling already completed has intersected porphyry breccia with a pyrite matrix which is overprinted by a quartz-carbonate-sphalerite vein stockwork associated with intense sericite alteration over intersection lengths of up to 250 metres.
The mineralized breccia system at Donut has been traced along strike and to the west for at least 600 metres and remains open in all directions. Additional drill pads will be constructed in due course to allow the Company to test the strike extent of this target.
A second drill rig will be mobilized to test the Box North target in October 2021. The Box target is a gold mineralized porphyry system with a high-grade vein overprint. Previous channel sampling outlined multiple +1 g/t gold grades from small and limited outcrop exposures.
Collective is an exploration and development company focused on identifying and exploring prospective gold projects in South America with insider ownership of approximately sixty-five percent.
Collective currently holds an option to earn up to a 100 per cent interest in two projects located in Colombia: (i) the San Antonio project; and (ii) the Guayabales project.
Collective Mining (CNL) is up 3.57 per cent and is trading at C$2.90 at 1:12 pm ET.