Collective Mining Discovers a High-Grade Outcropping Porphyry System at the Box Target; Drilling to Begin in April
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- The Box target is a porphyry centre measuring approximately 1 kilometre by 0.7 kilometre by 0.4 kilometre vertical as defined by soil anomalies for gold, silver, zinc and lead as well as geological mapping and rock chip sampling (see Figure 1).
- Multiple mineralization styles have been identified at Box and include porphyry with vein stockwork, brecciated porphyry and extensive zones of sheeted, high-grade, carbonate and base metal veining ("CBM veins") trending southeast to northwest and east to west. The porphyry bodies at Box host high-grade gold measuring up to 5.18 g/t gold and the sheeted CBM vein systems have returned values up to 55.53 g/t gold, 665 g/t silver and 0.44% copper (see Table 1).
- The Box area has very limited outcrop exposure due to extensive vegetation cover, landslides and historical volcanic ash. Recent landslide activity has exposed four new outcrop zones within several creeks which highlight four new brecciated porphyry bodies with adjacent porphyry vein stockwork and high-grade CBM veins. Reconnaissance work within the streams has identified multiple well mineralized float boulders from other potential sources upstream.
- A previous three-hole scout drilling program in 2021 did not drill test the large target area outlined in this release but indicated that a large hydrothermal fluid system may be in close proximity.
- The mineralization styles, geochemical footprint and geology of Box is identical to that seen at Apollo and recent work highlights that the brecciated porphyry bodies of both porphyry centres are linked as part of a now well-defined east-west structural corridor.
- The Company is currently constructing pads to commence drill testing these targets with the first hole scheduled to start in
April 2024 .
Table 1:
Sample ID |
Au (g/t) |
Ag (g/t) |
Cu (%) |
Zone |
Mineralization Style |
R8505 |
55.53 |
50 |
0.06 |
2 |
CBM Sheeted Veins |
R8298 |
21.41 |
665 |
0.44 |
2 |
CBM Sheeted Veins |
CM68 |
14.8 |
176 |
0.04 |
2 |
CBM Sheeted Veins |
CM77 |
9.62 |
254 |
0.07 |
2 |
CBM Sheeted Veins |
R8655 |
5.55 |
74 |
0.06 |
3 |
CBM Sheeted Veins |
R8668 |
5.34 |
145 |
0.15 |
2 |
Porphyry Stockwork |
CM2560 |
5.18 |
7 |
0.03 |
4 |
Porphyry Stockwork |
CM112 |
5.14 |
239 |
- |
2 |
CBM Sheeted Veins |
CM382 |
4.96 |
73 |
0.02 |
1 |
CBM Sheeted Veins |
CM1310 |
4.73 |
254 |
- |
3 |
Brecciated porphyry |
CM1335 |
4.46 |
167 |
- |
3 |
CBM Sheeted Veins |
R8511 |
4.16 |
258 |
0.15 |
2 |
Brecciated porphyry |
R8512 |
3.97 |
315 |
0.20 |
2 |
Brecciated porphyry |
CM1347 |
3.94 |
142 |
- |
3 |
Porphyry Stockwork |
CM248 |
3.55 |
58 |
- |
3 |
Porphyry Stockwork |
CM1342 |
3.33 |
184 |
- |
3 |
Porphyry Stockwork |
CM1338 |
3.31 |
29 |
- |
3 |
Porphyry Stockwork |
CM2575 |
3.25 |
4 |
- |
4 |
Porphyry Stockwork |
R8437 |
3.19 |
135 |
- |
1 |
Porphyry Stockwork |
CM1345 |
3.14 |
158 |
- |
3 |
Porphyry Stockwork |
CM1313 |
3.06 |
21 |
- |
4 |
Porphyry Stockwork |
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Founded by the team that developed and sold
The Company's flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold-tungsten Apollo porphyry system. The Company's near-term objective is to drill the shallow portions of the Apollo system, continue to expand the overall dimensions of the system, which remains open in most directions and test newly generated grassroots targets.
Management, insiders and close family and friends own nearly 43% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSX under the trading symbol "CNL", on the OTCQX under the trading symbol "CNLMF" and on the FSE under the trading symbol "GG1".
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.
Rock, soils and core samples have been prepared and analyzed at ALS and SGS laboratories facilities in
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