Collective Mining Extends Trap 350 Metres Along Strike and Discovers a New Zone Named Blackjack by Drilling 30 Metres at 4.96 g/t AuEq from 11.85 Metres Downhole
Drilling at the Trap Target has outlined two northwest-to-southeast trending parallel broad mineralized zones named the
Highlights (see Table 1 and Figures 1-2)
-
Drilling has discovered a new and near surface zone of high-grade mineralization named Blackjack in hole TRC-14. Blackjack shares the same characteristics as the TMZ with overprinting northwest and east-west trending sheeted veinlets hosted in a bulk zone of quartz diorite porphyry intrusive rock. Blackjack is located parallel to the TMZ and trends in northwest to southeast direction with assay results for the discovery hole as follows:
- 30 metres @ 4.96 g/t gold equivalent from 11.85 metres down hole
Subsequent drilling from Tpad4 and Tpad5 has visually appeared to have intersected the Blackjack zone.
- Assay results for two new holes drilled from TPad4 (TRC-12 and TRC-14) have extended the TMZ a further 350 metres along strike to the southeast for a total drilled strike length of approximately 700 metres. The TMZ, which has been mapped on surface for 1,400 metres in strike length, remains open to the northwest and southeast for further expansion. New assay results for the holes intercepting the TMZ are below:
Hole TRC-12 cut the TMZ along strike in a southwesterly directed step-out hole and intercepted:
-
-
87.60 metres @ 1.57 g/t gold equivalent from 376.90 metres including:
- 26.65 metres @ 3.22 g/t gold equivalent from 437.85 metres.
-
87.60 metres @ 1.57 g/t gold equivalent from 376.90 metres including:
Hole TRC-14 intercepted mineralization contiguous to the east of the projection of the TMZ. The hole was drilled in west-south-westerly direction with assay results including:
-
- 34.45 metres @ 1.44 g/t gold equivalent from 403.40 metres including:
- 4.25 metres @ 6.35 g/t gold equivalent from 419.55 metres
- 34.45 metres @ 1.44 g/t gold equivalent from 403.40 metres including:
The hole, which was projected to enter the TMZ at approximately 535 metres downhole, entered strong mineralization at the end of the hole before being lost due to a technical challenge. This mineralization is interpreted to be the TMZ with the final metres of the hole assaying:
-
- 3.85 metres @ 2.88 g/t gold equivalent from 544.40 metres
- 3.85 metres @ 2.88 g/t gold equivalent from 544.40 metres
- The Company remains aggressive in expanding the potential of Trap with two new pads constructed and rigs turning at each pad. TPad5 and TPad6 are located approximately 250 metres and 700 metres to the southeast of TPad4, respectively. Additional assay results will be reported once they are received and compiled by the Company.
Table 1: Assays Results for TRC-12, TRC-13, TRC-14 and TRC-15
Hole # |
From |
To |
Length |
Au |
Ag |
Zn |
Pb |
Cu % |
AuEq |
Zone |
TRC-12 |
8.20 |
10.50 |
2.30 |
1.35 |
11 |
0.01 |
0.02 |
- |
1.46 |
|
and |
183.00 |
185.90 |
2.90 |
1.44 |
21 |
0.01 |
0.01 |
0.02 |
1.65 |
|
and |
376.90 |
464.50 |
87.60 |
1.46 |
6 |
0.14 |
0.07 |
0.01 |
1.57 |
TMZ |
Incl. |
437.85 |
464.50 |
26.65 |
2.92 |
12 |
0.44 |
0.20 |
0.03 |
3.22 |
|
and |
562.00 |
563.55 |
1.55 |
1.14 |
48 |
0.03 |
0.08 |
0.06 |
1.80 |
|
and |
591.65 |
593.50 |
1.85 |
2.64 |
9 |
0.21 |
0.12 |
0.05 |
2.79 |
|
TRC-13 |
NSV |
|
||||||||
TRC-14 |
11.85 |
41.85 |
30.00 |
3.10 |
149 |
0.12 |
0.20 |
0.05 |
4.96 |
Blackjack |
and |
64.25 |
79.85 |
15.60 |
0.80 |
12 |
0.04 |
0.02 |
0.01 |
0.95 |
Blackjack |
and |
328.80 |
333.45 |
4.65 |
5.80 |
9 |
0.01 |
0.02 |
0.11 |
5.88 |
|
and |
403.40 |
437.85 |
34.45 |
1.39 |
6 |
0.02 |
0.02 |
0.04 |
1.44 |
TMZ extension? |
Incl. |
419.55 |
423.80 |
4.25 |
6.30 |
16 |
0.05 |
0.06 |
0.04 |
6.35 |
|
& incl. |
435.25 |
437.85 |
2.60 |
3.82 |
5 |
0.02 |
0.03 |
0.01 |
3.79 |
|
and |
544.40 |
548.25 |
3.85 |
2.93 |
2 |
0.03 |
0.01 |
0.01 |
2.88 |
TMZ ended in |
TRC-15 |
NSV |
|
|
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.014 x 0.88) + (Zn (%) x 0.46 x 0.85) + (Pb (%) x 0.41 x 0.85) + (Cu (%) x 1.47 x 0.90) utilizing metal prices of Ag – |
- Two additional holes, TRC-13 and TRC-15, were drilled to the east and away from the TMZ and Blackjack Zones. The holes were designed to test a conceptual porphyry target and failed to intersect any significant mineralization.
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Founded by the team that developed and sold
The Company's flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold-tungsten Apollo porphyry system. The Company's 2024 objective is to expand the Apollo system, step out along strike to expand the recently discovered Trap system and make a new discovery at either the Tower or X targets or Plutus targets.
Management, insiders, a strategic investor and close family and friends own nearly 50% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the NYSE under the trading symbol "CNL", on the TSX under the trading symbol "CNL", on the FSE under the trading symbol "GG1".
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 ("NI 43-101") and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.
Technical Information
Rock, soils and core samples have been prepared and analyzed at ALS laboratory facilities in
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This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities legislation (collectively, "forward-looking statements"). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the anticipated advancement of mineral properties or programs; future operations; future recovery metal recovery rates; future growth potential of Collective; and future development plans.
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