Collective Mining aims to intensify drilling after new copper-gold discovery at Guayabales

Collective Mining (TSXV: CNL) has reported the discovery of a new copper-gold-silver deposit at its Guayabales project in Caldas, Colombia.

Drillhole APC-1, the first diamond drill hole to test the Apollo deposit and among its eight porphyry-related targets, returned an intercept of 87.8 metres grading 0.88 gram gold per tonne, 61 grams silver and 0.39% copper starting from 291.60 metres, including 14.30 metres grading 2.41 grams gold, 28 grams silver and 0.50% copper starting from 352 metres.

The hole, which is part of the company's ongoing, 20,000-metre drill program for the year, was collared about 600 metres southeast of the previously announced Olympus discovery that intercepted about 302 metres grading 1.11 grams gold per tonne.

"It is the first time that the company has discovered a significant amount of copper," Ari Sussman, the company's executive chairman said in a press release. "Our technical team also believes that the Apollo discovery may be the first in a series of porphyry and breccia discoveries at the Apollo target.

Drillcore from hole APC-1 at the Apollo deposit. Credit: Collective Mining

"With a second rig recently commissioned and now coring, we have made the decision to soon add a third rig to the program in order to aggressively unlock the potential value of this discovery," he added.

Located close to several major Colombian cities - 80 km south of Medellin and 75 km north of Pereira - the Guayabales project comprises four exploration titles totaling 24.1 sq. km. and 19 exploration applications totalling 19 sq. km.

Founded by the team that developed and sold Continental Gold to Zijin Mining for about $2 billion, Collective Mining entered into two option agreements with third parties in 2020 and 2021 to explore, develop and acquire exploration property within the Guayabales Project.

Apollo remains open to the east, west, south and at depth for further expansion, the company said. It is also accessible by road throughout the year and is situated within an elevation range of 1,800 to 2,000 metres above sea level. An electrical substation is located less than one km from the target area.

Highlights of drill results, released in May, from the project's Olympus target included 216.9 metres grading 0.79 gram gold starting from 73 metres in drillhole OLCC-4 and 59.6 metres grading 0.60 gram gold starting from 11 metres in drillhole OLCC-5.

At press time shares of Collective Mining were trading at $3.30, up 10 ? or 3.1%, within a 52-week trading range of $2.20 and $4.10.