Business
Collective Mining Adds Sixth Drill Rig and Commences VTEM/ZTEM Geophysical Survey at Guayabales Project
TORONTO, June 19, 2024 /CNW/ - Collective Mining Ltd. (TSX: CNL) (OTCQX: CNLMF) (FSE: GG1) ("Collective" or the "Company") is pleased to announce that a compreh
About this update from Collective Mining Ltd
[{"type":"text","content":" TORONTO, June 19, 2024 /CNW/ - Collective Mining Ltd. (TSX: CNL) (OTCQX: CNLMF) (FSE: GG1) (\"Collective\" or the \"Company\") is pleased to announce that a comprehensive airborne geophysical survey covering the Company's Guayabales Project in Caldas, Colombia will commence in the coming days. The Company is fully funded for its 2024 budget with US$23.6 million in its treasury as of May 16, 2024. Additionally, a sixth drill rig is being mobilized to the Guayabales Project as part of its fully funded 40,000 metres drill program for 2024. Drill rigs are currently operating at the Apollo, Box, Olympus and Trap targets with the sixth rig to commence drilling for the first time at the grassroot generated X target located in the southern portion of the project area. Drill cores from multiple holes are currently being assayed at ALS Laboratory in Lima, Peru with results expected in short order. Ari Sussman, Executive Chairman commented: \"The enormous potential of our Guayabales Project has already been proven based on the number of discoveries that we have made by drilling within the confines of areas defined by limited outcrop exposure. Since over 90% of the project remains under cover, commissioning an airborne VTEM and ZTEM survey makes a lot of sense to assist us in outlining new targets in areas with no outcrop. In particular, we are excited to use the results to refine planned future drilling at the Plutus target given its sheer scale and lack of outcropping rock to sample.\" Highlights (see Figure 1) The airborne geophysical program will be undertaken by Geotech Ltd. and will cover a total area of 74 km2 with 1,449 flight line kilometres (100 metre line spacing) and includes helicopter borne Versatile Time-domain Electromagnetic (VTEM) and Z-Axis Tipper Electromagnetic system (ZTEM) surveys. The primary objective of the program is to detect conductive sulphide bearing ore bodies, similar to the Apollo system, at depths beginning directly below the surficial cover to up to 2,000 metres depth. The Company's exploration team has recently completed petrophysical measurements on 13 kilometres of drill core from the Apollo system, which highlights a strong and distinctive conductivity signature related to the sulphide minerals and associated alteration. This work endorses the effectiveness and application of the airborne survey...