Collective Mining (TSXV:CNL) announced yesterday it had intercepted a broad zone of mineralization at the second diamond drill hole at the Apollo target. A second rig has been mobilized, and the company expects assay results from the first hole at Apollo to be ready in the near term. Collective has three drill rigs at Guayabales, with ongoing drilling at Apllo and Olympus. The goal for the drilling is to expand on the announced Olympus Central discovery hole (302 metres @ 1.11 g/t gold equivalent).
Ari Sussman, Executive Chairman of Collective Mining, commented in a press release: “The Guayabales project continues to demonstrate that it has been blessed with a remarkable mineral endowment. We are early in the first inning of unlocking the potential of this asset and already we have drilled three potentially significant discoveries characterized by broad zones of mineralization. Assay results are expected from both Olympus and Apollo in the near term and our fully funded drill program will continue unabated through the balance of 2022.”
A porphyry target in the south and a porphyry-related hydrothermal breccia target flanking the north side have been outlined at Apollo through surface mapping and soil and rock chip sampling. The porphyry and breccia targets are characterized by coincidental high-grade copper and molybdenum soil anomalies measuring greater than 500 parts per million (“ppm”) and 30 ppm, respectively. Apollo spans 750 metres X 580 metres and remains open to the east, west and south for further expansion.
Figure 2: Plan View of the Apollo Target Area Outlining Porphyry and Breccia Targets Overprinted by High-Grade Coincidental Copper and Molybdenum Soil Anomalies
Highlights from the results are as follows:
- A maiden diamond drill program at Apollo began in April 2022 with the initial hole (“APC-1”) now complete to a final length of 438.7 metres. Beginning at 280 metres down hole, APC-1 intercepted favorable porphyry related hydrothermal breccia mineralization over a core length totalling between 85-90 metres. Core from this hole has been sent to the lab and assay results are expected shortly.
- Given the significant distance from the drill pad and to expedite drilling at Apollo, the Company is currently drilling at wedge hole (“APC-1W”), which was kicked-off from APC-1 at 213 metres down-hole. Drilled at a slightly steeper angle and to the east, APC-1W is currently at 85 metres and is still drilling within favorable visual breccia mineralization. Drilling of the hole will continue until the hole exits from the breccia mineralization.
- The breccia matrix consists of approximately 4-5% pyrite and 1-1.5% chalcopyrite with overprinting carbonate base metal (“CBM”) veins in places (see press release dated April 12, 2022, for further details).
- Considering the encouraging visual mineralization over broad widths intersected in both drill holes, the Company has initiated construction of two additional drill pads at Apollo (“Pad 2” and “Pad 3”), which will provide the Company with significantly better locations to test the full extent of the potential at Apollo. The rig that is currently drilling APC-1W will be moved to Pad 2 shortly and a second diamond drill rig will mobilize to Pad 3 shortly thereafter.
- Importantly, the mineralized breccia intercepts in APC-1 and APC-1W does not correspond with the coincidental high-grade copper and molybdenum soil anomalies covering both breccia and porphyry targets at Apollo. As a result, drill holes from Pad 2 and Pad 3 will also be designed to test both anomalies.
- The reader should be cautioned that only assay results from a certified third-party laboratory can confirm whether any amounts of precious or base metals are present in the breccia matrix currently being intersected in the drill hole. As such, visual core inspection presented herein should be viewed as speculative in nature.
Source: Collective Mining
Figure 3: Core Photos from Drill Hole APC-1W