Collective Mining (TSXV:CNL) announced that it had received $13.5 million from the exercise of of common share purchase warrants on August 10 at an exercise price of $2.00. The warrant were originally issued on May 20 after the company’s qualifying transaction on the TSX Venture Exchange.
The inflows from the warrant exercise gives Collective Mining (TSXV:CNL) a larger cash balance to fund its flagship Guayabales project, of which exploration is already underway, with a recent high grade silver discovery further cementing the company’s vision for the project.
Recent channel sampling from the Box target showed a significant discovery for the company and revealed a new porphyry-vein system. The company’s flagship Guayabales project is returning good results with recent exploration efforts, and the injection of fresh capital will give the company a long runway to continue its efforts at the site.
The project, located in the the Caldas region of Colombia, is situated northwest of the Marmato gold mine owned by Aris Gold, which contains proven and probable reserves of 2.0 million ounces gold and 4.35 million ounces silver.
The mineral-rich area positions Collective’s Guayabales project right in the centre of many gold-copper-molybdenum porphyries and associated breccias. The site includes high-grade precious and base metal vein systems superimposed on the systems and which enrich those porphyry bodies.
“The Box discovery demonstrates the excellent potential of the Guayabales project which now hosts at least three mineralized porphyry bodies, gold bearing breccia and multiple zones of high grade, gold and silver veins. Our exploration continues to discover new mineralized zones and our reconnaissance work to date has only covered about fifty-percent of the concession. The future looks bright for Collective and we are planning a lot of target drill testing in the near future,” commented Ari Sussman, Executive Chairman.