Collective Mining (TSXV:CNL) has published assay results for the final five diamond drill holes completed at the Donut Target in late 2021 as part of its maiden drill program at the Guayabales project, located in Caldas, Colombia. 2022’s drill plan of completing a minimum of 20,000 metres is already underway, with Collective currently operating four diamond drill rigs at the Guayabales Project.
A recent discovery at Olympus Central has directed the program’s focus toward expanding the discovery hole of 302 metres @1.11 g/t gold equivalent. At the same time, the company plans to test for the first suite of new targets: Victory East, Victory West, Olympus South, and Apollo. The expansion of the discovery hole as well as the first tests on the new targets will aim to deliver further results in the coming quarters.
Ari Sussman, Executive Chairman of Collective Mining, commented: “Over the course of the past year, Collective has drilled five grassroots generated targets and made three significant new discoveries, two of which are at the Guayabales project and one at the San Antonio project. In my career, I have never been involved in projects as prospective as our current portfolio. We plan on remaining aggressive for the balance of 2022 and will focus on expanding the mineralization at Olympus Central, where we recently drilled the discovery hole yielding 302 metres from near surface at 1.11 g/t gold equivalent.
“Additionally, over the next two weeks we will begin drilling at the Apollo target, which is characterized by coincidental copper and molybdenum soil anomalies blanketing outcropping porphyry related veins and breccias. By the middle of Q2, 2022 maiden drill programs will begin at the Victory East and Victory West targets, both of which are large scale copper and gold porphyry targets. Finally, drill programs to test the high-grade vein system at Olympus South and the porphyry potential at Donut will commence in early Q3, 2022.”
Figure 2: Plan View of the Donut Target Area
Table 1: Assay Results for drill holes DOC-6 – DOC-10
|Hole ID||From (m)||To (m)||Intercept (m)||
|Cu %||Mo %||AuEq (g/t)*|
* 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), utilizing metal prices of Cu – US$4.50/lb, Mo – US$15.00/lb, Ag – $25/oz and Au – US$1,500/oz and recovery rates of 95% for Au, Ag, Cu and Mo. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** A 0.1 g/t AuEq cut-off grade was employed with no more than 10% internal dilution. True widths are unknown, and grades are uncut.
Source: Collective Mining