Collective Mining shares up on Trap porphyry discovery at Guayabales

Collective Mining (TSX: CNL) announced a second porphyry discovery on the Guayabales project at the Trap target since the June 2022 discovery of the Apollo porphyry deposit in Caldas, Colombia, on Thursday.

The Toronto-based company says the discovery intersection in hole TRC-2 returned 646 metres at 0.71 gram gold (0.81 gram gold-equivalent) per tonne from 19.5 metres depth is part of a larger emerging 4.5-km porphyry trend in the area. The news follows the Jan. 9 release of hole APC70-D5 that followed up on earlier work at the Apollo deposit. That hole returned 527.4 metres grading 0.86 gram gold per tonne from 223.6 metres depth, which was the top gold assay reported in our weekly TNM Drill Down rankings of best drill assays for the period Dec. 29- Jan. 12.

Collective started its initial 7,500-metre drilling program at the Guayabales project next to privately held Aris Gold’s Marmato mine in September 2021, to explore five primary targets that now include two porphyry systems.

“When one steps back and thinks about the multiple discoveries we have made at our Guayabales project and the geological relationship to the multi-million ounce Marmato mine next door, it is clear that we are onto a new emerging large-scale metals district and must remain aggressive with exploration,” executive chairman Ari Sussman said in a news release.

 

The company also reported results for hole TRC-3, intersecting two continuous mineralized intervals within an envelope of 159.75 metres grading 0.69 gram gold (1.04 grams gold-equivalent) per tonne from 86.8 metres depth.

The Trap target covers a 2- by 2-km area, with current drilling outlining mineralization over a smaller 340- by 170-metre area. The mineralization remains open in all directions and is mainly hosted in a quartz diorite unit with late-stage carbonate base metal veins overprinting an older gold-copper mineralized porphyry system.

The company plans to continue drilling at the Trap target, aiming to explore the potential and continuity of the mineralization at greater depths. The company’s near-term objective is to expand the Apollo system and explore new targets within the Guayabales project.

Collective Mining has planned its most ambitious drill program for 2024, aiming to drill at least 40,000 metres. The company will continue to concentrate on expanding the Apollo system, with four drilling rigs operating throughout the year.

The company’s Toronto-quoted shares closed 3% higher Thursday at $4.09, having touched $2.70 and $7.05 over the past 12 months. It has a market capitalization of $248 million.