Collective Mining Outlines a Porphyry System at Plutus by Intersecting 328.05 Metres @ 0.31 g/t Gold Equivalent from Surface
Results Indicate a Higher-Grade Core May Exist to the North and Deeper
Plutus is located approximately one kilometer east of the Company's flagship Apollo system. This large target measures approximately 1,000 metres by 750 metres as defined by coincidental copper, gold and molybdenum soil anomalies and limited surface sampling. In the northwest portion of the target area, previous drilling has intersected a porphyry related breccia pipe which yielded multiple broad intercepts including 136.45 metres @ 1.31 g/t AuEq (see press release dated
Highlights
- Radial shallow drilling into the gold-copper soil anomaly in the southern portion of the Plutus target intersected classic, early-phase porphyry style mineralization beginning at or near surface. Logging indicates a porphyry vein stockwork with quartz, magnetite and chalcopyrite veins associated with potassic alteration and overprinted by sporadic late-stage carbonate base metal veins ("CBM"). The following intercepts are highlighted from the four holes drilled to date:
- 328.05 metres @ 0.31 g/t gold equivalent from surface (PSC-1)
- 199.60 metres @ 0.33 g/t gold equivalent from surface (PSC-2) including;
- 38.45 metres @ 0.60 g/t gold equivalent from 21.00 metres
- 275.05 metres @ 0.30 g/t gold equivalent from 33.95 metres (PSC-3) including;
- 20.50 metres @ 0.57 g/t gold equivalent from 40.85 metres
- 131.55 metres @ 0.67 g/t gold equivalent from 46.70 metres (PSC-4) including;
- 36.75 metres @ 1.05 g/t gold equivalent from 84.35 metres
- Assay results from a further two holes, forming part of the designed radial shallow drill program are pending. Early modelling of geology and downhole geochemistry received to date indicates that drilling has intersected the upper part of a porphyry system with data suggesting that better mineralization will vector at depth to the northwest. Upon receipt and compilation of assay results for the final two holes, deeper drilling to the northwest will ensue.
Table 1: Assays Results for Drill Holes in this Release:
Hole # |
From (m) |
To (m) |
Length (m) |
Au g/t |
Ag g/t |
Cu % |
AuEq g/t* |
PSC-1 |
2.10 |
330.15 |
328.05 |
0.19 |
5 |
0.05 |
0.31 |
PSC-2 |
9.50 |
209.10 |
199.60 |
0.19 |
5 |
0.06 |
0.33 |
Incl |
21.00 |
59.45 |
38.45 |
0.27 |
22 |
0.05 |
0.61 |
and |
381.00 |
419.50 |
38.50 |
0.20 |
9 |
0.06 |
0.39 |
PSC-3 |
33.95 |
309.00 |
275.05 |
0.16 |
6 |
0.05 |
0.30 |
Incl |
40.85 |
61.35 |
20.50 |
0.19 |
25 |
0.05 |
0.56 |
& incl. |
100.25 |
101.80 |
1.55 |
0.20 |
276 |
0.07 |
3.81 |
& incl. |
303.10 |
309.00 |
5.90 |
1.07 |
3 |
0.05 |
1.14 |
PSC-4 |
46.70 |
178.25 |
131.55 |
0.19 |
32 |
0.06 |
0.67 |
Incl |
84.35 |
121.10 |
36.75 |
0.28 |
54 |
0.06 |
1.05 |
and |
265.55 |
268.60 |
3.05 |
5.20 |
40 |
0.04 |
5.61 |
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.015 x 0.85) + (Cu (%) x 1.44 x 0.95) utilizing metal prices of Ag – |
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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 gold-silver-copper-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, X 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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FORWARD-LOOKING STATEMENTS
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.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding future events including the direction of our business. Management believes that these assumptions are reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: risks related to the speculative nature of the Company's business; the Company's formative stage of development; the Company's financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; conclusions of future economic evaluations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, precious and base metals or certain other commodities; fluctuations in currency markets; change in national and local government, legislation, taxation, controls regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formation pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties, as well as those risk factors discussed or referred to in the annual information form of the Company dated
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