New Greenfield Silver Discovery Announced by Collective Mining Ltd.
Collective Mining Ltd. (NYSE: CNL) is thrilled to reveal a significant greenfield silver discovery at the X Target, where the company has intercepted impressive silver equivalent grades from two exploratory drill holes. These pioneering efforts aim to tap into the company’s ongoing quest for valuable mineral resources, enhancing the exploration potential at its Guayabales Project.
Exceptional Drill Results from the X Target
The two maiden holes drilled at the northern and northwestern sections of the X Target were specifically designed to intercept strong soil and geophysical anomalies. These drill holes revealed multiple silver-rich veins, defining an extensive area of 500 by 500 meters. Noteworthy assay results include:
- 12.85 metres @ 503 g/t silver equivalent (1.82 g/t gold, 361 g/t silver) from 121.10 metres downhole
- 5.80 metres @ 123 g/t silver equivalent (0.81 g/t gold, 51 g/t silver) from 186.55 metres downhole
- 18.65 metres @ 122 g/t silver equivalent (0.72 g/t gold, 59 g/t silver) from 334.95 metres downhole
The follow-up soil sampling is indicative of an increasing trend of precious metal grades trending to the northeast, highlighting the area as a prime target for future drilling efforts.
High-Grade Assay Results from the Apollo System
In addition to these discoveries, assay results from eight infill drill holes at the Apollo system have been received, revealing combined high-grade intersections of gold, silver, and copper mineralization. These results validate the internal block model grades of the project, with highlight results including:
- 138.95 metres @ 2.42 g/t gold equivalent from 183.80 metres (APC-123)
- 142.40 metres @ 2.69 g/t gold equivalent from 247.40 metres (APC-137)
- 150.10 metres @ 2.23 g/t gold equivalent from 403.55 metres (APC-133)
The Apollo system continues to present lucrative opportunities for gold and copper production through the efforts of ongoing exploration and drilling campaigns.
Drilling Operations and Future Plans
The company is operating eleven drill rigs as part of its fully funded plan to conduct a comprehensive 70,000 meter drill program for the year 2025. Currently, eight rigs are working at the Guayabales Project while three are operational at the San Antonio Project. The focus remains on multiple objectives, particularly at the Apollo system, to define shallow mineralization and expand known high-grade zones.
Throughout the Guayabales Project, approximately 134,500 meters of diamond drilling have been completed to date, with 94,500 meters specifically at Apollo. The anticipated assay results for additional drill holes are expected in the near future as the company drives forward with its strategic exploration efforts.
Management’s Insights on the Discovery
Ari Sussman, Executive Chairman of Collective Mining, expressed enthusiasm about the discovery at the X Target: "We are extremely excited about the new discovery at X, with the first two drill holes showing a robust silver-rich vein system open in all directions. This area showcases potential that is largely untested and requires further drilling to explore what may be there. Our findings indicate a significant connection to geophysical anomalies that can guide our exploration efforts."
Details of the X Target Discovery
The two exploratory holes drilled from a shared pad encountered silver-dominant CBM veins. Notably, hole XTC-1 intersected several important mineralized zones characterized by sheeted veinlets within diorite porphyry and schist host rocks. The details include:
- 12.85 metres @ 503 g/t silver equivalent from 121.10 metres downhole
- The subsequent hole, XTC-2, encountered sub-optimal angles that may have limited its effectiveness.
As the company continues to assess soil geochemistry data, the northeast direction is identified to have the highest potential for future discoveries.
Future Exploration Around ME Target
Additional drill holes, MEC-3 and MEC-4, were conducted at the ME Target with MEC-4 strategically following up on previous success from hole MEC-2. Although the gravity anomalies were caused by surrounding ultramafic schist, there were still significant mineralized CBM veins present. Results from MEC-4 include:
- 1.70 metres @ 5.78 g/t gold equivalent from 76.70 metres downhole
- 6.70 metres @ 6.03 g/t gold equivalent from 241.60 metres downhole
About Collective Mining Ltd.
Collective Mining Ltd. is dedicated to advancing its exploration initiatives to discover quality mineral deposits that can be economically developed. With a core focus on gold, silver, copper, and tungsten, the company operates in regions anticipated to yield successful mineral discoveries. The team behind Collective has a proven track record in mining success, heightening confidence in collaborative efforts among stakeholders.
Frequently Asked Questions
What significant discovery was recently made by Collective Mining?
The company announced a new greenfield silver discovery at the X Target with impressive assay results.
How are the drill results from the Apollo system important?
The results confirm high-grade mineralization, contributing significantly to the company's internal block model.
What is the company’s overall drilling goal for 2025?
Collective Mining aims to complete a fully funded 70,000 meter drill program across its various projects.
Who commented on the discovery at the X Target?
Ari Sussman, the Executive Chairman, expressed excitement about the vein system's potential.
What minerals does Collective Mining focus on?
Collective Mining focuses on exploring and developing projects for gold, silver, copper, and tungsten.
