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Collective Mining is Adding a Sixth Drill Rig and Commences a VTEM/ZTEM Geophysical Survey at the Guayabales Project
Collective Mining is Adding a Sixth Drill Rig and Commences a VTEM/ZTEM Geophysical Survey at the...
About this update from Collective Mining Ltd
[{"type":"text","content":"\n \n \n \n Collective Mining is Adding a Sixth Drill Rig and Commences a VTEM/ZTEM Geophysical Survey at the Guayabales Project\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n June 19, 2024\n \n \n /CNW/ -\n \n Collective Mining Ltd.\n \n (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,\n \n Colombia\n \n will commence in the coming days. The Company is fully funded for its 2024 budget with\n \n US$23.6 million\n \n in its treasury as of\n \n May 16, 2024\n \n .\n \n \n 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\n \n Lima, Peru\n \n with results expected in short order.\n \n \n \n Ari Sussman\n \n , 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.\"\n \n \n \n Highlights (see Figure 1)\n \n \n \n \n The airborne geophysical program will be undertaken by Geotech Ltd. and will cover a total area of 74 km\n \n 2\n \n with 1,449 flight line kilometres (100 metre line spacing) and includes helicopter borne Versatile Time-dom...