Collective Mining Strikes Gold With Drilling Results, Expands Guayabales Project

Canadian junior miner Collective Mining CNL is expanding its Guayabales project in Caldas, Colombia. The latest drilling results revealed a connection between two prospective gold deposits.

These findings show the Apollo and Olympus deposits merge into an extensive mineralized system spanning approximately 1,000 by 800 meters. This development marks a milestone in the company's 40,000-meter drilling program, which is now halfway complete.

"Confirming that Olympus and Apollo are in fact one much larger combined system (Apollo) is pleasing and opens the door for expanded future scenarios in terms of mineral endowment growth and development opportunities. We have two rigs focused on Apollo presently and will now look to expand the system northwards past its known limits while continuing to focus on defining and growing higher grade subzones within the existing block model,” said Ari Sussman, Collective Mining's executive chairman.

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The recent results come from eight diamond drill holes, with highlights including 220.6 meters grading 0.89 grams of gold per ton in hole APC98-D1. This hole also revealed 11 grams of silver and 0.04% copper, bringing the gold equivalent to 1.07 grams from a depth of 145.3 meters. Another notable result was a 32.2-meter section grading 1.86 grams of gold equivalent from 195.35 meters.

The Guayabales project is strategically located in the Marmato mining district, part of the Middle Cauca Belt, which is renowned for its rich history of gold and silver mining. The project is near existing infrastructure, including roads and hydroelectric power lines. Furthermore, nearby towns of Supia and Marmato supply skilled mining workforce, while the local government supports responsible mining practices.

Collective Mining’s 2024 objectives include expanding the Apollo system further north, extending the newly discovered Trap system, and exploring new targets such as Tower, X and Plutus.

The company remains committed to its intensive exploration program, which could transform Guayabales into a large-scale precious metal-rich camp that will grow in both metal endowment and production profile.

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