Collective Mining Ltd. [CNL-TSX, CNL-NYSE] has announced assay results for eleven diamond drill holes, which include a new greenfield silver-rich discovery at the company’s multi-target Guayabales Project in Caldas, Colombia.
Guayabales is the company’s flagship project. It is anchored by the Apollo system, which hosts a large-scale bulk-tonnage and high-grade gold-silver-copper-tungsten system.
The company said two maiden holes drilled to the north and northwest respectively at the X target were directed to intercept robust soil and geophysical anomalies. Both holes cut multiple zones of silver dominant veins over a broad area measuring approximately 500 metres by 500 metres, resulting in a new silver-rich discovery.
Highlight assay results from hole XTC-1 include: 12.85 metres of 503 g/t silver equivalent (1.82 g/t gold, 361 g/t silver) from 121 metres downhole.
The company said follow up soil sampling has outlined an increasing trend to the northeast of precious metal grades with planned future drilling expected to target this area.
Meanwhile, assay results from eight infill drill holes at the Apollo system have also been received and have intersected combined high-grade gold, silver and copper mineralization. These results have confirmed the grades from the company’s internal block model, with highlight results including:
138.95 metres of 2.42 g/t gold equivalent from 183.80 metres downhole.
Collective shares edged up 0.855% or 16 cents to $18.88. The shares are currently trading in a 52-week range of $19.08 and $4.21.
Commenting on the results, Collective Executive Chairman Aris Sussman said the company is “extremely excited about the new discovery at X.” “X was generated and outlined initially from a precious metal soil anomaly, which was subsequently augmented by a gravity high geophysical anomaly to the west-northwest of the geochemical anomaly,” he said. “It is clear that we need to drill more holes at X to see what might evolve.”
Collective is engaged in a fully-funded 70,000-metre 2025 drill program with eight drills operating at the Guayabales project and three at the nearby San Antonio project. Drilling at Guayabales is focused on multiple objectives related to the Apollo system, which include defining shallow mineralization, expanding and identifying new high-grade sub-zones and expanding the high grade Ramp Zone (located at the bottom of Apollo) at depth and along strike as well as testing new targets across the project area. Two deep capacity rigs are now drilling mother holes in order that directional drilling can soon commence to test the ramp at depth.
Additionally, the company has launched its largest drilling campaign in history at the San Antonio project as it hunts for new discoveries and looks to expand upon the newly discovered porphyry system at the Pound target. The San Antonio project is located between two to five kilometres east-northeast of the Guayabales project and could potentially share infrastructure given their close proximity to each other.
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