Collective Mining (TSXV:CNL) has announced this morning that it has begun drilling at its maiden drill at the Apollo target. Collective recently announced an Olympus Central discovery hole of 302 metres @ 1.11 g/t gold equivalent, and has drills operating at the Apollo and Olympus Central targets. These are part of the four diamond drill rigs currently operating at Guayabales. These two targets are located approximately 600 metres apart, with the Apollo target sitting to the southeast of Olympus Central.
Ari Sussman, Executive Chairman, Collective Mining, commented: “Our shotgun approach for 2022 of testing multiple targets at the Guayabales project with reconnaissance drilling has provided us with spectacular returns. The latest potential discovery at Apollo is currently at 70 metres in down hole length and remains in strongly mineralized breccia as the hole continues to advance. We now plan to accelerate exploration at Apollo and look forward to receiving assay results from this intercept in the coming weeks.”
Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target
Highlight from the news are as follows:
A maiden diamond drill program at Apollo recently began with the initial 500-metre-long hole (APC-1) well underway. Beginning at 280 metres down hole, the Company has intersected a porphyry related, hydrothermal breccia with the matrix consisting of approximately 5% pyrite and 1.5% chalcopyrite (according to core logging). The pyrite has potential to contain gold and chalcopyrite is sulphide mineral containing copper and iron. Additionally, a late overprint of carbonate base metal (“CBM”) veins is present in places and as a result and based on previous similar intercepts, could introduce additional gold and silver into the system.
- Drill hole APC-1 is currently at 350 metres in length and continues to intersect strongly mineralized breccia (70 metres total thus far). Assay results for this hole are expected over the coming weeks.
- Surface mapping, soil and rock sampling at Apollo has outlined a target area measuring at least 750 metres x 580 metres open to the east, west and south.
- The main target at Apollo is a porphyry system with a porphyry related breccia system flanking the porphyry veining on its northern side. Both systems outcrop at surface.
- Soil sampling at Apollo has outlined two coincidental high-grade copper and molybdenum in soil anomalies measuring more than 500 parts per million (“ppm”) copper and 30 ppm molybdenum and covering the target area.
- The current hole will only test the northern portion of this mineralized system with both soil anomalies remaining largely untested for future drilling.
- The Company plans to immediately begin constructing additional drill pads to the south of the current pad to better attack the target area from closer range.
- 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 2: Plan View of the Apollo Target Area Outlining Porphyry and Breccia Targets Overprinted by High-Grade Coincidental Copper and Molybdenum Soil Anomalies
Figure 3: Core Photos from Drill Hole APC-1 Labeled with the Down Hole Depth Where Mineralization was Encountered
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.