Three diamond drills are turning at Collective Mining’s (TSXV: CNL; US-OTC: CNLMF) newly discovered copper-gold-silver Apollo target in west-central Colombia.
Apollo is one of eight porphyry-related targets the company has found within a 3-km by 4-km cluster, and is part of the Guayabales project, where it has an option to earn 100% interest.
The new results are from two diamond drill holes — APC-3 and APC-5 — part of a 20,000-metre drill program that Collective Mining is conducting at Guayabales this year.
The first returned 180.6 metres grading 1.52 grams gold per tonne, 39 grams silver per tonne, 0.16% copper, 0.13% zinc, 0.11% lead, and 0.001% molybdenum (2.43 grams gold-equivalent per tonne) starting from 303.4 metres downhole. A shorter but higher grade portion of the intercept included a 46.6-metre interval of 3.78 grams gold, 58 grams silver, 0.2% copper, 0.33% zinc, 0.27% lead and 0.001% molybdenum (5.13 grams gold-equivalent).
APC-5 cut 268 metres grading 0.89 gram gold, 22 grams silver, 0.13% copper, 0.11% zinc, 0.07% lead, and 0.002% molybdenum (1.5 grams gold-equivalent) starting from 210.3 metres.
The discovery hole at Apollo (APC-1), reported in June, cut 87.8 metres of 0.88 gram gold, 61 grams silver, 0.39% copper, 0.07% zinc, 0.05% lead, and 0.001% molybdenum (2.49 grams gold-equivalent) starting from 291.6 metres, and included a 14.3-metre interval from 352 metres downhole grading 2.41 grams gold, 28 grams silver, 0.5% copper, 0.02% zinc, and 0.001% molybdenum (3.67 grams gold-equivalent).
Drill hole APC-1 was collared about 600 metres southeast of the company’s Olympic target at Guayabales, where hole OLCC-3 in March returned 301.9 metres of 0.89 gram gold, 12 grams silver, 0.03% copper and 0.003% molybdenum (1.11 grams gold equivalent) starting from 61.7 metres downhole.
The company has reported results from five diamond drill holes at Apollo, which it says remains open in all directions and “has the potential to evolve into a significant high-grade, bulk tonnage mineralized system.”
The Apollo target area, defined so far by surface mapping, rock sampling and copper and moly soil sampling, covers an area of about 800 by 700 metres, Collective says. The Guayabales project area hosts multiple styles of mineralization related to porphyry systems.
Elsewhere in Colombia, Collective has an option to earn 100% of the San Antonio project, to the east of Guayabales. Both projects are situated in the Middle Cauca belt, which has a history of gold mining dating to pre-Colombian and Colonial periods.
Ari Sussman, Collective’s executive chairman, was the founder and CEO of Continental Gold, which discovered more than 11 million oz. of gold and silver at the Buritica project in Colombia, also located in the Middle Cauca Belt. After the mine was built in early 2020, the company was sold to China’s Zijin Mining for a total consideration of C$2 billion ($1.54bn).
Over the last year, Collective Mining has traded in a range of C$2.20 and C$4.07 per share and at press time in Toronto was trading at C$3.45 per share. The company has a market cap of C$163.5 million ($125m) based on 47.9 million common shares outstanding. Management and insiders hold about 44.5% of the company, with the Power One Capital Group holding another 25%, according to a corporate presentation dated June 30.