Collective Mining (TSX: CNL) has discovered high grade tungsten and gold mineralization in schist outside the Apollo breccia body at its Guayabales project in Colombia.
Hole APC150-D4 returned 8.15 metres grading 14.82 g/t gold equivalent, made up of 0.40% tungsten trioxide, 8.47 g/t gold and 4 g/t silver, from 927 metres below surface. The hole was designed to test the southern edge of the Ramp Zone but was halted short of its target by poor ground conditions, crossing the new zone on the way down. The assays represent the first time the company has intersected tungsten in the schist surrounding the southern margin of the breccia.
The intercept sits 680 metres vertically below the base of the shallow tungsten zone in Apollo’s block model, with no drilling in between. The schist unit runs from surface to more than 1,000 metres depth and is largely untested. Follow-up drilling is planned.
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Highlight assay results include:
- APC150-D4: 0.40% tungsten trioxide and 8.47 g/t gold over 8.15 metres from a depth of 927 metres
- And 13.55 g/t gold over 1.05 metres from a depth of 943 metres
- APC-171D: 55.50 g/t gold over 1.15 metres from a depth of 845 metres
- And 28.60 g/t gold over 1.25 metres from a depth of 968 metres
- APC171-D2: 8.97 g/t gold over 2.10 metres from a depth of 1,343 metres
Mother hole APC-171D and two daughter holes also cut 13 previously unknown high grade veins, seven of them outside the block model. The daughter holes extended Ramp Zone mineralization roughly 35 metres west before ground conditions stopped them.
“What excites me most is how much we still have to test at Apollo,” said Executive Chairman Ari Sussman. “The discovery of high-grade tungsten and gold in the schist outside of the southern margin of the breccia opens a new exploration opportunity at Apollo beyond the breccia body.”
Collective has 13 drill rigs operating at Guayabales. Assays are pending for 96 holes, 17 of them in the Ramp Zone.
Collective Mining last traded at $18.60 on the TSX.
