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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Collective Mining Ltd | TSX:CNL | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.06 | -1.01% | 5.90 | 5.93 | 5.97 | 5.96 | 5.90 | 5.96 | 11,100 | 16:55:15 |
TORONTO, Dec. 16, 2024 /CNW/ - Collective Mining Ltd. (NYSE: CNL) (TSX: CNL) ("Collective" or the "Company") is pleased to announce initial assay results for the first of a planned series of orthogonally drilled holes designed to test the potential of newly modeled broad and high-grade subzones within the Apollo system ("Apollo"), located within the Company's multi-target Guayabales Project in Caldas, Colombia. The Company currently has four drill rigs operating as part of its fully funded and on-schedule 40,000-metre drilling program for 2024. A fully funded 60,000-metre drill program is planned for 2025, which will be the largest drilling campaign in the history of the Company.
Ari Sussman, Executive Chairman commented: "This is a remarkable result for which our Colombian technical team deserves much credit. Internal deposit modelling led to the realization that most of the prior drilling from the south was not directly orthogonally across the system and that we should start drilling from the northern side of Apollo in a southerly pattern. As a result, drill Pad17 was constructed, and the hypothesis was tested with hole APC104-D1. 2025 is going to be an exciting year for the Company as we focus drilling on chasing laterally and vertically both the high-grade subzones and Ramp Zone as part of our fully funded, 60,000-metre drill program."
To watch a video of David Reading, Special Advisor to the Company and QP under NI43-101 explain today's results please click on the link here.
Details (see Table 1-2 and Figures 1-5)
Table 1: Assays Results for Drill Hole APC104-D1 (Also see Table 2 below for a complete breakdown of individual assay results that make up the broad subzone of 150.55m @ 6.16 g/t AuEq)
Hole # | From | To | Length | Au | Ag | Cu | Zn | AuEq |
APC104-D1 | 50.30 | 57.10 | 6.80 | 1.32 | 10 | 0.01 | 0.13 | 1.48 |
and | 107.10 | 641.50 | 534.40 | 2.16 | 32 | 0.09 | 0.21 | 2.70 |
Incl | 165.45 | 205.00 | 39.55 | 7.94 | 156 | 0.28 | 1.43 | 10.60 |
Within | 107.10 | 257.65 | 150.55 | 4.71 | 87 | 0.22 | 0.50 | 6.16 |
& incl. | 358.20 | 376.95 | 18.75 | 7.80 | 17 | 0.03 | 0.11 | 7.85 |
Within | 358.20 | 395.95 | 37.75 | 4.88 | 15 | 0.03 | 0.20 | 5.04 |
and | 730.10 | 750.20 | 20.10 | 1.13 | 4 | 0.03 | 0.11 | 1.23 |
*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) + (Zn (%) x 0.43 x 0.85) utilizing metal prices of Ag – US$30/oz, Zn – US$1.25/lb, Cu – US$4.2/lb and Au – US$2,000/oz and recovery rates of 97% for Au, 85% for Ag, 95% for Cu and 85% for Zn. Recovery rate assumptions for metals are based on metallurgical results announced on October 17, 2023, April 11, 2024, and October 3, 2024. The recovery rate assumption for zinc is speculative as limited metallurgical work has been completed to date. True widths are unknown, and grades are uncut. |
Table 2: Assays Results for the High-Grade Gold Subzone Within APC104-D1 Running 150.55 Metres @ 6.16 g/t AuEq
From (m) | To | Length | Au | Ag | Cu | Zn |
107.10 | 108.25 | 1.15 | 5.44 | 22 | 0.04 | 0.14 |
108.25 | 109.85 | 1.60 | 4.66 | 37 | 0.04 | 0.93 |
109.85 | 110.80 | 0.95 | 10.90 | 54 | 0.11 | 0.53 |
110.80 | 111.65 | 0.85 | 0.96 | 7 | 0.02 | 0.05 |
111.65 | 112.65 | 1.00 | 2.52 | 31 | 0.03 | 0.54 |
112.65 | 113.65 | 1.00 | 3.90 | 93 | 0.14 | 2.94 |
113.65 | 114.50 | 0.85 | 3.10 | 16 | 0.02 | 0.19 |
114.50 | 115.85 | 1.35 | 0.82 | 22 | 0.04 | 0.31 |
115.85 | 117.00 | 1.15 | 2.44 | 47 | 0.08 | 0.81 |
117.00 | 117.90 | 0.90 | 0.10 | 9 | 0.04 | 0.01 |
117.90 | 118.80 | 0.90 | 9.75 | 98 | 0.23 | 0.31 |
118.80 | 119.80 | 1.00 | 4.97 | 33 | 0.07 | 0.27 |
119.80 | 121.40 | 1.60 | 6.02 | 26 | 0.04 | 0.23 |
121.40 | 123.00 | 1.60 | 20.00 | 17 | 0.03 | 0.11 |
123.00 | 124.65 | 1.65 | 8.85 | 13 | 0.03 | 0.08 |
124.65 | 126.50 | 1.85 | 2.43 | 28 | 0.06 | 0.19 |
126.50 | 128.25 | 1.75 | 9.64 | 45 | 0.05 | 0.70 |
128.25 | 129.70 | 1.45 | 3.92 | 37 | 0.03 | 0.09 |
129.70 | 131.20 | 1.50 | 0.28 | 13 | 0.06 | 0.01 |
131.20 | 132.55 | 1.35 | 2.63 | 15 | 0.08 | 0.01 |
132.55 | 134.25 | 1.70 | 0.99 | 10 | 0.05 | 0.01 |
134.25 | 135.15 | 0.90 | 0.04 | 3 | 0.01 | 0.01 |
135.15 | 136.70 | 1.55 | 0.09 | 8 | 0.08 | 0.02 |
136.70 | 137.75 | 1.05 | 1.45 | 175 | 0.61 | 0.05 |
137.75 | 138.60 | 0.85 | 0.17 | 210 | 0.88 | 0.05 |
138.60 | 139.25 | 0.65 | 0.25 | 407 | 1.70 | 0.09 |
139.25 | 140.10 | 0.85 | 0.42 | 499 | 2.28 | 0.12 |
140.10 | 141.00 | 0.90 | 0.89 | 175 | 0.59 | 0.05 |
141.00 | 141.80 | 0.80 | 2.60 | 551 | 1.72 | 0.18 |
141.80 | 142.75 | 0.95 | 3.61 | 216 | 0.67 | 0.08 |
142.75 | 143.55 | 0.80 | 0.62 | 162 | 0.58 | 0.08 |
143.55 | 144.40 | 0.85 | 0.29 | 349 | 1.42 | 0.10 |
144.40 | 145.50 | 1.10 | 0.96 | 336 | 1.43 | 0.14 |
145.50 | 146.80 | 1.30 | 0.53 | 139 | 0.61 | 0.06 |
146.80 | 147.90 | 1.10 | 0.82 | 323 | 1.25 | 0.09 |
147.90 | 149.15 | 1.25 | 1.49 | 161 | 0.63 | 0.06 |
149.15 | 150.45 | 1.30 | 0.17 | 44 | 0.19 | 0.02 |
150.45 | 151.30 | 0.85 | 0.42 | 78 | 0.26 | 0.03 |
151.30 | 152.45 | 1.15 | 0.71 | 55 | 0.15 | 0.25 |
152.45 | 153.40 | 0.95 | 1.64 | 71 | 0.23 | 0.10 |
153.40 | 154.20 | 0.80 | 7.08 | 89 | 0.27 | 0.11 |
154.20 | 155.65 | 1.45 | 6.55 | 61 | 0.19 | 0.09 |
155.65 | 156.45 | 0.80 | 4.32 | 110 | 0.34 | 0.71 |
156.45 | 157.25 | 0.80 | 6.21 | 35 | 0.09 | 0.24 |
157.25 | 158.05 | 0.80 | 6.52 | 142 | 0.44 | 0.06 |
158.05 | 158.85 | 0.80 | 1.11 | 35 | 0.12 | 0.20 |
158.85 | 159.70 | 0.85 | 3.76 | 152 | 0.58 | 0.23 |
159.70 | 160.65 | 0.95 | 0.98 | 72 | 0.26 | 0.06 |
160.65 | 161.40 | 0.75 | 6.10 | 64 | 0.12 | 0.33 |
161.40 | 162.20 | 0.80 | 0.73 | 26 | 0.09 | 0.05 |
162.20 | 163.05 | 0.85 | 0.39 | 23 | 0.06 | 0.07 |
163.05 | 163.85 | 0.80 | 4.70 | 17 | 0.05 | 0.22 |
163.85 | 164.65 | 0.80 | 0.40 | 20 | 0.05 | 0.31 |
164.65 | 165.45 | 0.80 | 0.92 | 46 | 0.14 | 0.08 |
165.45 | 166.25 | 0.80 | 3.91 | 224 | 0.65 | 0.47 |
166.25 | 167.55 | 1.30 | 5.68 | 186 | 0.61 | 0.08 |
167.55 | 168.45 | 0.90 | 5.41 | 152 | 0.34 | 3.86 |
168.45 | 169.35 | 0.90 | 29.30 | 687 | 1.34 | 7.04 |
169.35 | 170.60 | 1.25 | 12.20 | 414 | 0.68 | 8.16 |
170.60 | 171.65 | 1.05 | 17.75 | 1235 | 1.24 | 4.21 |
171.65 | 172.45 | 0.80 | 16.95 | 552 | 0.84 | 5.46 |
172.45 | 173.20 | 0.75 | 12.60 | 435 | 0.28 | 6.42 |
173.20 | 174.30 | 1.10 | 17.15 | 599 | 0.97 | 5.78 |
174.30 | 175.10 | 0.80 | 2.93 | 129 | 0.10 | 3.41 |
175.10 | 175.90 | 0.80 | 8.10 | 388 | 0.67 | 5.86 |
175.90 | 176.70 | 0.80 | 3.83 | 58 | 0.15 | 0.18 |
176.70 | 177.60 | 0.90 | 3.04 | 61 | 0.17 | 0.12 |
177.60 | 178.70 | 1.10 | 1.88 | 39 | 0.14 | 0.46 |
178.70 | 179.50 | 0.80 | 0.28 | 25 | 0.09 | 0.08 |
179.50 | 180.40 | 0.90 | 1.81 | 36 | 0.11 | 0.08 |
180.40 | 181.35 | 0.95 | 5.50 | 153 | 0.45 | 0.30 |
181.35 | 182.40 | 1.05 | 2.92 | 123 | 0.45 | 0.04 |
182.40 | 183.25 | 0.85 | 1.90 | 47 | 0.14 | 0.32 |
183.25 | 184.15 | 0.90 | 4.51 | 81 | 0.19 | 1.96 |
184.15 | 185.00 | 0.85 | 1.51 | 31 | 0.08 | 0.47 |
185.00 | 185.85 | 0.85 | 2.46 | 59 | 0.12 | 0.62 |
185.85 | 186.70 | 0.85 | 16.90 | 62 | 0.14 | 0.64 |
186.70 | 187.60 | 0.90 | 6.04 | 43 | 0.14 | 0.03 |
187.60 | 188.45 | 0.85 | 19.90 | 46 | 0.08 | 0.08 |
188.45 | 189.30 | 0.85 | 4.56 | 24 | 0.05 | 0.04 |
189.30 | 190.05 | 0.75 | 2.43 | 23 | 0.05 | 0.07 |
190.05 | 190.65 | 0.60 | 0.42 | 9 | 0.03 | 0.07 |
190.65 | 191.55 | 0.90 | 1.57 | 23 | 0.04 | 0.04 |
191.55 | 192.35 | 0.80 | 7.72 | 43 | 0.06 | 0.54 |
192.35 | 193.35 | 1.00 | 26.60 | 57 | 0.09 | 0.62 |
193.35 | 194.15 | 0.80 | 3.24 | 25 | 0.06 | 0.14 |
194.15 | 195.15 | 1.00 | 9.12 | 28 | 0.07 | 0.34 |
195.15 | 196.15 | 1.00 | 5.82 | 30 | 0.07 | 0.18 |
196.15 | 197.05 | 0.90 | 4.34 | 57 | 0.09 | 0.37 |
197.05 | 198.00 | 0.95 | 12.35 | 70 | 0.09 | 0.33 |
198.00 | 198.80 | 0.80 | 6.67 | 44 | 0.07 | 0.99 |
198.80 | 199.80 | 1.00 | 6.33 | 50 | 0.07 | 0.16 |
199.80 | 200.60 | 0.80 | 8.41 | 25 | 0.07 | 0.21 |
200.60 | 201.40 | 0.80 | 2.81 | 23 | 0.06 | 0.08 |
201.40 | 202.20 | 0.80 | 21.30 | 33 | 0.07 | 0.35 |
202.20 | 203.00 | 0.80 | 3.12 | 27 | 0.09 | 0.07 |
203.00 | 204.00 | 1.00 | 2.38 | 14 | 0.05 | 0.03 |
204.00 | 205.00 | 1.00 | 8.00 | 28 | 0.09 | 0.02 |
205.00 | 205.95 | 0.95 | 2.46 | 21 | 0.07 | 0.02 |
205.95 | 206.80 | 0.85 | 1.99 | 14 | 0.05 | 0.02 |
206.80 | 207.80 | 1.00 | 0.17 | 9 | 0.04 | 0.01 |
207.80 | 208.60 | 0.80 | 0.71 | 23 | 0.06 | 0.24 |
208.60 | 209.55 | 0.95 | 0.56 | 12 | 0.04 | 0.04 |
209.55 | 210.60 | 1.05 | 1.11 | 13 | 0.03 | 0.15 |
210.60 | 211.40 | 0.80 | 0.34 | 10 | 0.03 | 0.02 |
211.40 | 212.25 | 0.85 | 0.47 | 8 | 0.02 | 0.03 |
212.25 | 213.25 | 1.00 | 1.32 | 13 | 0.04 | 0.05 |
213.25 | 214.25 | 1.00 | 0.02 | 1 | 0.01 | 0.01 |
214.25 | 215.25 | 1.00 | 0.47 | 30 | 0.09 | 0.05 |
215.25 | 216.05 | 0.80 | 6.47 | 50 | 0.13 | 0.14 |
216.05 | 217.10 | 1.05 | 9.74 | 94 | 0.26 | 0.11 |
217.10 | 218.20 | 1.10 | 5.98 | 29 | 0.08 | 0.03 |
218.20 | 219.15 | 0.95 | 8.82 | 26 | 0.09 | 0.02 |
219.15 | 220.15 | 1.00 | 23.70 | 23 | 0.07 | 0.03 |
220.15 | 221.15 | 1.00 | 0.86 | 12 | 0.04 | 0.04 |
221.15 | 222.05 | 0.90 | 0.60 | 22 | 0.06 | 0.10 |
222.05 | 223.05 | 1.00 | 1.96 | 25 | 0.08 | 0.05 |
223.05 | 223.90 | 0.85 | 7.00 | 21 | 0.08 | 0.02 |
223.90 | 224.85 | 0.95 | 1.57 | 24 | 0.07 | 0.02 |
224.85 | 225.80 | 0.95 | 0.48 | 20 | 0.07 | 0.01 |
225.80 | 226.80 | 1.00 | 1.31 | 30 | 0.08 | 0.05 |
226.80 | 227.80 | 1.00 | 3.51 | 33 | 0.10 | 0.14 |
227.80 | 228.60 | 0.80 | 8.77 | 61 | 0.18 | 0.04 |
228.60 | 229.55 | 0.95 | 26.20 | 41 | 0.09 | 0.03 |
229.55 | 230.55 | 1.00 | 2.76 | 21 | 0.07 | 0.02 |
230.55 | 231.50 | 0.95 | 0.78 | 14 | 0.04 | 0.03 |
231.50 | 232.30 | 0.80 | 0.05 | 5 | 0.02 | 0.02 |
232.30 | 233.40 | 1.10 | 0.31 | 29 | 0.09 | 0.11 |
233.40 | 234.30 | 0.90 | 2.45 | 18 | 0.06 | 0.02 |
234.30 | 235.10 | 0.80 | 9.47 | 49 | 0.13 | 0.08 |
235.10 | 236.00 | 0.90 | 5.37 | 58 | 0.16 | 0.06 |
236.00 | 236.90 | 0.90 | 14.65 | 60 | 0.16 | 0.15 |
236.90 | 238.00 | 1.10 | 0.17 | 8 | 0.03 | 0.03 |
238.00 | 238.95 | 0.95 | 1.10 | 22 | 0.05 | 0.13 |
238.95 | 239.95 | 1.00 | 10.00 | 100 | 0.24 | 0.18 |
239.95 | 241.10 | 1.15 | 1.08 | 21 | 0.06 | 0.07 |
241.10 | 242.10 | 1.00 | 8.58 | 24 | 0.07 | 0.09 |
242.10 | 242.90 | 0.80 | 6.45 | 74 | 0.25 | 0.04 |
242.90 | 243.70 | 0.80 | 1.33 | 18 | 0.04 | 0.05 |
243.70 | 244.65 | 0.95 | 0.44 | 17 | 0.05 | 0.06 |
244.65 | 245.40 | 0.75 | 6.78 | 73 | 0.18 | 0.59 |
245.40 | 246.20 | 0.80 | 1.41 | 35 | 0.10 | 0.41 |
246.20 | 247.10 | 0.90 | 1.80 | 118 | 0.43 | 0.10 |
247.10 | 248.10 | 1.00 | 0.84 | 32 | 0.09 | 0.07 |
248.10 | 249.15 | 1.05 | 1.55 | 22 | 0.07 | 0.02 |
249.15 | 250.15 | 1.00 | 1.56 | 24 | 0.05 | 0.38 |
250.15 | 251.00 | 0.85 | 3.83 | 27 | 0.08 | 0.14 |
251.00 | 252.00 | 1.00 | 0.14 | 18 | 0.07 | 0.02 |
252.00 | 253.00 | 1.00 | 0.07 | 10 | 0.03 | 0.01 |
253.00 | 253.85 | 0.85 | 0.78 | 32 | 0.11 | 0.03 |
253.85 | 254.75 | 0.90 | 1.20 | 26 | 0.09 | 0.02 |
254.75 | 255.65 | 0.90 | 0.72 | 33 | 0.09 | 0.02 |
255.65 | 256.65 | 1.00 | 1.02 | 32 | 0.11 | 0.12 |
256.65 | 257.65 | 1.00 | 4.91 | 37 | 0.10 | 0.03 |
Weighted Average | 150.55 | 4.71 | 87 | 0.22 | 0.50 |
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective is a gold, silver, copper and tungsten exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
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 system. The Company's objectives are to expand the Apollo system by stepping out along strike and testing the newly discovered high-grade Apollo Ramp Zone, expand the Trap system and drill a series of newly generated targets including Tower and X.
Management, insiders, a strategic investor and close family and friends own 44.5% 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. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock, soils and core samples have been prepared and analyzed at ALS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski73) on X
Follow Collective Mining (@CollectiveMini1) on X, (Collective Mining) on LinkedIn, and (@collectivemining) on Instagram
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 March 27, 2024. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and there may be other factors that cause results not to be anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements.
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