Collective Mining (TSXV:CNL) has announced today new high-grade gold and silver channel sample assay results from the Trap target at its Guayabales project in Colombia. The Trap target is in the northern portion of the 4 x 4 kilometre porphyry cluster where Collective has already generated eight drill targets through grassroots prospecting. The company has three diamond drill rigs running at Guayabales at the Trap and Apollo targets and expects a fourth rig to begin a phase II drill program for the Olympus target in late June 2022.
Drill testing has been completed for four of the targets, not including the Trap target, with three significant discoveries including the Olympus target. The company announced near-surface discovery holes of 302 metres @ 1.11 g/t gold equivalent and 216.7 metres @ 1.08 g/t gold equivalent from the Olympus target on March 15, 2022, and May 9, 2022..
Ari Sussman, Executive Chairman, Collective Mining, commented in a press release: “The discovery of a new, high-grade vein system at Trap reconfirms just how prospective the Guayabales project is and to date we have outlined multiple styles of potentially economic mineralization within eight precious and base metal targets. Although exploration at the Trap target is in its infancy, we have already outlined a mineralized corridor consisting of multiple CBM vein systems with a strike length of at least 1.2 kilometres. First assay results from this program are expected in late Q3, 2022.”
Highlights of the results are as follows:
Highlights (Table 1 and Figures 1 and 2)
- Assay results of 33 reconnaissance chip channel samples taken from porphyry related, carbonate-base metal (“CBM”) veins within the Trap target confirm the presence of multiple, high grade, polymetallic veins. Channel sample assay highlights are as follows:
- 28.41 g/t AuEq over 0.30 metres
- 15.50 g/t AuEq over 0.25 metres
- 7.19 g/t AuEq over 2.2 metres
- 5.07 g/t AuEq over 1.7 metres
- The CBM veins hosted within the Trap target are all located within a north-to-south trending corridor that has been mapped for a strike length of 1.2 kilometres and is open in both directions along strike. The veins occur within a zone up to 100 metres in width and are hosted within a quartz diorite porphyry which has been bleached white by intense sericite alteration and contains multiple discrete shear planes. The CBM veins are sulphide-rich (pyrite, chalcopyrite, sphalerite and galena) and are associated with quartz carbonate veins within this structural corridor.
- The Company is presently drilling the first reconnaissance diamond hole, TRC-1, into the central portion of the target area where the vein density is highest. Up to five widely spaced diamond holes covering 600 metres of strike length will be drilled to understand the grade tenor and continuity of the target.
Table 1: Chip Channel Sample Assay Results
Sample IDLength (m)Au (g/t)Ag (g/t)Zn %Pb%Cu%Mo%AuEq (g/t)*CM32940.303.4668713.061.541.860.00128.41R50240.258.942270.270.061.630.00215.50CM34190.1410.612830.020.420.010.00114.79R50020.708.53120.090.130.020.0028.47R55590.608.081 7.69R50260.600.491723.821.390.300.0017.30R50252.203.90383.230.280.150.0017.19R55610.305.6910 5.56R50591.705.07140.010.000.060.0025.19CM34310.083.88690.000.140.000.0024.85R50390.704.63180.010.020.020.0004.74R55570.204.193 4.03R50571.001.91760.070.000.110.0123.36R50631.402.14550.040.040.140.0053.27R51531.000.661330.030.000.200.0073.19R51541.502.35180.030.000.220.0223.13R50472.002.11220.680.250.020.0013.02R50641.200.89800.030.000.390.0143.00CM34240.602.53110.400.070.020.0002.95R51562.001.59430.060.010.250.0032.75R50580.301.3940.020.000.520.0022.44R51351.001.57460.020.020.050.0022.36R50612.001.73170.020.010.140.0012.22CM003882.001.9740.010.000.010.0062.00R51370.901.43230.070.010.030.0061.87CM003291.501.54200.020.050.010.0031.86CM003471.801.8910.040.010.000.0001.86R51380.251.08200.050.010.210.0021.81R55580.401.881 1.80R51362.001.09190.020.010.140.0021.64R55690.701.4410.000.000.000.0001.38CM003471.001.1100.050.140.020.0001.21R50030.401.0150.060.020.030.0011.15
*Channel chip samples reported above are over true horizontal sampling widths. Sample grades are uncapped. Channel samples are representative of 2-dimensional space and as a result, should not be relied upon as being representative of average grades anticipated in any future resource estimate or mining scenario. AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.017 x 0.95) + (Cu (%) x 2.06 x 0.95) + (Mo (%) x 6.86 x 0.95) +(Zn(%)*0.80*0.95)+(Pb(%)*0.46*0.95), utilizing metal prices of Cu – US$4.50/lb, Mo – US$15.00/lb, Zn – 1.75 US$15.00/lb, Pb – US$1.00/lb, Ag – $25/oz and Au – US$1,500/oz and recovery rates of 95% for Au, Ag, Cu; Zn; Pb and Mo. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
Source: Collective Mining
Figure 1: Plan View of the Guayabales Project Highlighting the Trap Target
Figure 2: Trap Target has a 1.25 km Strike Length and is Open in Both Directions Along Strike