Collective Mining (TSXV:CNL) Discovers High Grade Silver at New Porphyry-Vein Target

Plan view of the Guayabales project. Source: Collective Mining

Earlier today Collective Mining Ltd. (TSXV:CNL) announced results for its exploration campaign. The Guayabales project is on the border with Aris Gold’s Marmato gold mine, another profitable mining area with 2.0 million ounces of gold and 4.35 ounces of silver. According to the newest reports, the metal mineralization in the Guayabales mining site includes gold-copper-molybdenum porphyries and high grade precious and base metal vein systems.  

Ari Sussman, the company’s CEO, commented on the recent results:

“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”

Highlights (Table 1 and Figures 1-4)

The Company’s initial channel and rock sampling at the recently discovered target area called the Box within the Guayabales Project returned promising gold and silver assay results from both vein and porphyry mineralized systems. Surface mapping has demonstrated the presence of two mineralized systems along a stream traverse over a 600 metre horizontal distance. The northern portion of the Box target (“Box North”) hosts porphyry mineralization with a vein overprint and the southern portion of the Box target (“Box South”) contains vein mineralization and occurs 300 metres higher in elevation than Box North. The following results are highlighted:

  • Box South is a gossan of weathered sulphides and quartz veining located in a quartz diorite dyke at the faulted contact with carbonaceous schists. The fault zone can be traced for several kilometres and is an important structure for porphyry and vein emplacement. Exposure is related to a landslide surface and outcrop is limited to an area measuring approximately 35 metres X 50 metres. Gold and Silver mineralization is associated with anomalous lead and antimony in the sericite and chlorite altered porphyry and is related to extensive pyrite and quartz veining. Channel sampling returned the following intercepts:

Table 1: Channel Sampling Results*

Channel Interval (m) Au g/t Ag g/t
CH_1 19 0.9 75.8
CH_2 28 1.5 61.0
CH_3 20 2.4 100.9
CH_4 10 2.6 79.2
CH_5 8 3.0 142.7

*The Company’s channel sampling program consists of continuous two metre samples taken along the exposed rock at surface.

  • The Box North target is hosted within diorite and quart diorite intrusive. Mineralization relates to sheeted quartz and sulphide veinlets hosting pyrite, chalcopyrite and occasional molybdenum in association with disseminated sulphides. There is also a higher grade vein polymetallic vein overprint. The intrusive bodies display secondary biotite, magnetite and sericite which are typical porphyry alteration assemblages. Exposure is limited to outcrops in streams, nevertheless rock samples returned seven values above 1 g/t gold (gold values of 14.8 g/t, 9.6 g/t, 5.1 g/t, 5.0 g/t, 2.3 g/t, 2.2 g/t and 1.6 g/t) and fifty per cent of the samples are anomalous in gold. All of these samples locate within an anomalous Au, Mo and Ag soil area covering a 400m diameter. Silver and base metal results for the rock samples are still pending.
  • The Box target highlights both porphyry and vein style mineralization and a vertical zonation in alteration assemblages from Box South to Box North over an elevation difference of 300 metres. Further follow up work is in progress involving detailed soil and rock sampling. An induced polarization (“IP”) survey is planned to cover this area and other zones with porphyry potential in the near future.

Figure 1: Plan View of the Guayabales Project and the Box Target

https://www.globenewswire.com/NewsRoom/AttachmentNg/2e97e599-4e55-4a23-a3c5-55c9e65f5871

Figure 2: Plan View of the Box Target Highlighting North and South Targets

https://www.globenewswire.com/NewsRoom/AttachmentNg/2a84a9e2-237c-41a4-9bc3-6b1a9e93132f

Figure 3: Plan View of the Box South Channel Sampling Results Illustrating all 2 Metre Sample Interval Values

https://www.globenewswire.com/NewsRoom/AttachmentNg/458f1ffe-e5b9-4b0c-b146-71565e62ed58

Figure 4: Box North Porphyry Style Mineralization in Stream Outcrop Illustrating Porphyry Alteration, Silicification, Quartz Veining and Pyrite-Chalcopyrite Veins

https://www.globenewswire.com/NewsRoom/AttachmentNg/25af5748-902a-4836-9cb6-2a383cd84b96

Source: Collective Mining

The Guayabales project has been underway for some time now and is one of the hottest new mining projects in gold deposit-rich Colombia. The company is composed of many executives who previously played a role in the massive Continental Gold company, which led to a discovery and a billion-dollar sale.

The excitement about the Guayabales project is largely centered around its close proximity to the Aris Gold Marmato mine which is known for wide porphyry mineralization and narrow veins in its lower mine. The results that came out today seem to indicate that the Guayabales could hit similar returns for the project.

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above. 

By Matthew Evanoff

I cover the mining industry and the best mining stocks around the world. I write about industry news, individual companies, projects, management, and profiles on industry leaders.

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