Collective Mining (TSXV:CNL) announced on Monday that their follow-up drilling on the recent grassroots discovery at the Donut target intercepted long and continuous zones of mineralization from the surface. The Donut target is at the Guayabales project in Colombia and is the first out of five outcropping and grassroot targets generated by the Company to be drill tested.
The company currently has two diamond drill rigs on site as part of its maiden 10,000 metre drill program with a third rig to be added in early Q1, 2022.
Ari Sussman, Executive Chairman of Collective Mining, commented: “We are absolutely thrilled with the results of the first five drill holes into Donut, which is a complete virgin grassroots discovery. Importantly, the results mark an important step in our vision of once again untapping the enormous geological potential of Colombia by discovering the next large-scale deposit in the country. The first ever drill hole is now advancing in the Box target and later this month, we will begin drilling our maiden hole into the Olympus target.”
Highlights from the press release are as follows:
- Broad and continuous gold (“Au”) and silver (“Ag”) mineralization hosted predominately in breccia has been intersected from surface in diamond drill holes DOC-3 and DOC-4 at the Donut target as follows:
- Drilled to the north, DOC-3 intercepted 163 metres at 1.3 g/t gold equivalent from surface including 2 metres at 83.2 g/t gold and 37 g/t silver from 155.6 metres depth; and
- Drilled steeply to the southwest, DOC-4 intercepted 260 metres at 0.6 g/t gold equivalent from surface including 69 metres @ 0.9 g/t gold and 8 g/t silver from 183 metres depth (DOC-4).
- DOC-5, which was drilled to the southeast, intersected a narrower interval of mineralized breccia before passing through a fault. Upon exiting the fault at 81 metres down-hole, late phase (lower grade) porphyry style mineralization was encountered over a significant interval as follows:
- 275 metres at 0.2 g/t gold, 5 g/t silver, 0.07% copper from surface.
- Donut is located at the NW end of a SW trending zone of outcropping breccia mineralization which, to date, has been traced to the SW for 550 metres along strike and remains open for further expansion to the SW.
“Potassic altered diorite porphyry overprinted by phyllic assemblages and sulfide cemented breccia dominate Donut drill holes. Banded quartz-magnetite veins cutting diorite porphyry at depth and as common clasts in breccia at shallower levels indicates excellent potential to discover a large porphyry system nearby the existing new breccia discovery at Donut,” commented Dick Tosdal, Special Advisor to Collective Mining and world-renowned expert on porphyry systems.
This intercept confirms that a porphyry system exists in the Donut target area. In order to better pinpoint a potential location for a concealed well-mineralized porphyry, a special survey is planned and once that is completed there will be follow-up additional diamond drilling.
Drilling was recently completed for holes DOC 6 through DOC 10 and samples were sent to the lab for analysis. Additional assay results are expected in Q4, 2021.
Figure 1: Plan View of the Guayabales Project and the Donut Target is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/73fc402b-5fb4-451b-85d0-e3ae439b457d
Figure 2: Plan View of the Donut Target Area is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/45408cf8-9286-4069-a56a-e7e73836c984
Figures 3: Drill Core Photos are available at: