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Lion One Announces Completion of CSAMT Survey at Tuvatu

Post author By admin
Post date June 20, 2023

North Vancouver, British Columbia–(Newsfile Corp. – June 20, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that it has completed a CSAMT (Controlled Source Audio-frequency Magnetotellurics) survey at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Highlights:

14 new CSAMT survey lines were completed, including 7 across the main Tuvatu deposit area.
3 lines from the 2019 CSAMT survey were extended.
Station density has doubled from 100 m in the 2019 survey to 50 m in the 2022-23 survey.
Line spacing has halved from an average of 560 m in 2019 to an average of 300 m in 2023.
A total of approximately 33 line-kms were surveyed (11 km in 2022 and 22 km in 2023).
CSAMT processing and interpretation is expected to be complete in July; increased resolution of the CSAMT data will be used to generate high quality drill targets across the Navilawa caldera.

Lion One Chairman and CEO Walter Berukoff commented: “We’re thrilled to have completed our CSAMT survey and we eagerly await the results of the survey, which we hope to have available later in July. The 2019 survey was invaluable in helping us to discover the feeder zone underlying Tuvatu and led us directly to the 500 Zone, where we intersected 75.9 m of 20.86 g/t Au.¹ The 2022-2023 survey will complement the 2019 survey and will dramatically improve survey resolution across the property, where we have already identified numerous exciting and untested prospects. The CSAMT data will help us to identify and refine drill targets underlying those prospects and we look forward to drill testing select targets later in 2023.”

Figure 1. Location of 2022-2023 CSAMT Survey Lines.

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CSAMT Overview

CSAMT is a ground geophysical method used for obtaining information about subsurface resistivity in a survey area. It measures the electrical resistivity of rocks down to depths of approximately 1.2 to 1.5 km, which is much deeper than alternative resistivity techniques. The survey identifies areas of bedrock with contrasting electrical properties, often due to variations in lithology, porosity, or alteration. Abrupt changes in resistivity occur when two rock types with differing resistivity characteristics are juxtaposed against one another, or when an area is highly fractured and allows groundwater to penetrate resistive rocks thereby producing an area of lower resistivity. CSAMT surveys are highly beneficial in identifying subsurface structures, such as lithological contact zones, faults, and fracture systems, especially if these are deep-rooted structures.

In alkaline gold deposits such as Tuvatu, it is these deep-rooted structures that provide the conduits for fluid flow to rise up in the earth’s crust and in which gold is deposited. When interpreting CSAMT data, the main focus is on steep resistivity gradients that may indicate the presence of such structures. CSAMT surveys are the pre-eminent geophysical tool in identifying mineralized structures and drill targets in alkaline gold deposits.

2022-2023 Survey

Lion One’s 2022-2023 CSAMT survey was designed to complement the 2019 survey by adding infill and extension lines to the previous survey area. The 2019 survey was moderate to widely spaced, with line spacing ranging from 300 m to 800 m, and station spacing every 100 m. Line and station spacing has improved significantly across the Navilawa Caldera following the 2022-2023 CSAMT survey, with line spacing ranging from 100 m to 400 m, and station spacing only 50 m apart on all new lines (Figure 1). The increased line and station density will provide greater resolution across the property and will assist in refining and generating new drill targets in the caldera.

The 2022-2023 CSAMT survey was conducted by Zonge Engineering and Research Organization of Adelaide, Australia. The 2022 portion of the survey was completed on October 8^th, 2022 and the 2023 portion was completed on June 10^th, 2023. A total of 33 line-km were surveyed, with 11 km completed in 2022 and 22 km completed in 2023. In addition to the 22.5 line-km surveyed in 2019, Lion One has now surveyed a total of 55.5 line-km of CSAMT across the Navilawa Caldera. Notably, the 2022-2023 survey included 5 survey lines oriented north-south across the main Tuvatu deposit, providing a high-density grid of coverage across the Tuvatu area. This will provide high-quality resistivity data for the Tuvatu deposit and all near-mine exploration targets, such as the West Zone.

Lion One has also identified numerous regional prospects throughout the Navilawa Caldera, with multiple surface samples returning grades of over 100 g/t Au (Figure 2). One of the goals of the 2022-2023 CSAMT survey was to improve coverage and understanding of the structural architecture underlying these prospects, some of which are located on the edge of the 2019 survey lines where results can be less reliable. The 2022-2023 infill and extension lines will dramatically improve survey resolution and reliability in these areas and will help refine drill targets underlying those prospects.

The 2022-2023 CSAMT survey was originally planned for 2021 but was delayed by the COVID-19 pandemic. The 2022-2023 survey was completed under budget.

Figure 2. Select Regional Prospects. Select regional prospects covered by the CSAMT survey area. The goal of the CSAMT survey is to define high resolution structures underlying these prospects and to thereby identify high priority drill targets. All grades shown are peak results from surface samples, either rock chips or channel samples. Refer to the November 15^th, 2022 news release and the April 22^nd, 2022 technical report for full contextualization of data.

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Figure 3. Example 2019 CSAMT Interpretation, West Zone. The 2019 CSAMT survey identified several resistivity gradients in the area of the West Zone which may indicate a potential new feeder zone. The 2022-2023 CSAMT infill and extension lines in this area will increase resolution and help to refine drill targets in the West Zone. Warm colors indicate areas of high resistivity, cool colors indicate areas of low resistivity. Inset map shows the location of this interpretation section in relation to the Navilawa caldera, with the D-D’ line highlighted in yellow and the main Tuvatu deposit indicated by the star. The 2019 survey, including this figure, is the subject of a news release dated February 5, 2020.

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About Tuvatu

The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.

Qualified Person

In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.

About Lion One Metals Limited

Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

On behalf of the Board of Directors of
Lion One Metals Limited
“Walter Berukoff“, Chairman and CEO

Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release

This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

¹Refer Company news release dated 6 June 2022.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/170646

Junior Mining Lion One Metals Precious Metals Uncategorized

Lion One Reports High-Grade Gold Results at Tuvatu

Post author By admin
Post date June 14, 2023

Grade Control Drilling in URW1 and Zone 5 Areas Returns Grades over 100 g/t Au

North Vancouver, British Columbia–(Newsfile Corp. – June 14, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report significant high-grade gold results from ongoing grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Assay results are presented here for grade control drilling completed on both the URW1 lode system as well as the Zone 5 area of the deposit, which encompasses the upper portion of lodes UR1, UR2, UR3, UR4, URW2, URW3, URW1A, and UR2A (Figure 1). As reported on May 18, 2023, initial mining of the URW1 lode system has already commenced and grade control drilling is being completed in advance of mining. The Zone 5 area of the deposit is scheduled for mining in early 2024 and thus the grade control drilling in this area is being conducted in anticipation of future mining, as well as to increase the knowledge of the deposit in that area. Additional high-grade intersections peripheral to both the URW1 and the Zone 5 areas are also included in this release as part of the grade control program.

Highlights of new grade control drilling:

7.14 g/t Au over 21.6 m (including 18.61 g/t Au over 5.1 m) (TGC-0042, from 73.6 m depth)
52.05 g/t Au over 2.1 m (including 345.3 g/t Au over 0.3m) (TGC-0042, from 118.0 m depth)
23.11 g/t Au over 3.6 m (including 125.31 g/t Au over 0.3 m) (TGC-0040, from 65.4 m depth)
19.43 g/t Au over 3.3 m (including 80.87 g/t Au over 0.6 m) (TGC-0051, from 49.5 m depth)
21.15 g/t Au over 2.7 m (including 67.59 g/t Au over 0.6 m) (TGC-0047, from 123.3 m depth)
9.39 g/t Au over 4.2 m (including 67.30 g/t Au over 0.3 m) (TGC-0050, from 26.7 m depth)
10.13 g/t Au over 3.9 m (including 38.58 g/t Au over 0.6 m) (TGC-0043, from 66.3 m depth)
33.99 g/t Au over 0.9 m (including 100.89 g/t Au over 0.3 m) (TGC-0045, from 62.1 m depth)
78.03 g/t Au over 0.3 m (TGC-0052, from 40.2 m depth)

Grade control drilling is being conducted on 5-10 m centers and is designed to provide a much higher resolution of the lode arrays than compared to infill drilling, which is being conducted on approximately 20 m centers. This increased resolution provides a much better understanding of the geometry and mineralization of the lodes and helps to optimize mine development and extraction. The grade control drilling program is currently on schedule and the results to date confirm the local understanding of the URW1 and Zone 5 geological models.

Figure 1. Plan View of the Main Tuvatu Deposit with Reported Grade Control Drilling. Plan view image illustrating the location of the most recent grade control drillholes in relation to the Tuvatu lode system. Grade control holes are shown in black, currently modelled mineralized lodes are shown in light grey, the main decline is shown in red, and the historical exploration decline in blue. Previous grade control, infill and exploration drillholes are not shown.

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URW1 Grade Control Drilling
The URW1 lode system consists of narrow, high-grade to locally bonanza-grade vein arrays and vein swarms that strike approximately N-S and dip sub-vertically to steeply east. Current modelling suggests that there are multiple separate lodes within the URW1 lode system. The first two of these lodes, URW1a and URW1b, are currently being mined. The URW1 lode system has a current strike length of approximately 300 m in the N-S direction, and a vertical extent of approximately 300 m.

A total of 52 grade control holes have been completed to date in the grade control drill program. Results from the first 36 drillholes (TGC-0001 to TGC-0036) were reported on April 25, 2023, and the next 16 drillholes (TGC-0037 to TGC-0052) are reported here. Ten of the most recent grade control drillholes targeted the URW1 area. Figure 2 shows the location of the most recent drillholes in relation to the URW1a and URW1b lodes, as well as to the main Tuvatu decline. Grade control drilling on the URW1 lode system has been conducted from underground from both the main decline and the historical exploration decline, and has been designed to target an 80 m strike section within the overall 300 m strike length of the URW1 system.

Figure 2. Plan View of URW1 Lode System. Plan view image illustrating the location of the most recent grade control holes in relation to the URW1 lode system. The URW1 lode system consists of multiple separate lodes, two of which are highlighted here; URW1a in purple and URW1b in green. The remaining URW1 lodes are shown in brown. The main decline is shown in red, the historical exploration decline in blue, and the grade control drillholes in black.

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Figure 3. Long Section View of URW1 Lode System. Long section view showing recent high-grade drill intercepts of URW1 with URW1a highlighted in pink and URW1b highlighted in green. All other URW1 lodes are shown in brown. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, intervals with grades over 10 g/t Au are shown in red. Image is looking north.

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Figure 4. Example URW1 Drill Core. LEFT: TGC-0040 at 67.3 m depth. Monzonite-hosted stockwork-style veining with a narrow high-grade silica vein containing coarse grained visible gold. RIGHT: TGC-0042 at 91.60 m depth. Vuggy silica vein with narrow bleached alteration halo in monzonite. Width of core is 4.76 cm in each photo.

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Zone 5 Grade Control Drilling
The Zone 5 area of the Tuvatu deposit consists of the upper portion of a series of closely spaced lode systems. The lode systems targeted by the most recent grade control drilling in Zone 5 are the UR1, UR2, and URW3 lodes. These three lodes are located just east of the historical exploration decline, strike approximately N-S, and dip sub-vertically to steeply east, similar to the URW1 lodes. As currently modelled, the UR1, UR2, and URW3 lodes have vertical extents ranging from approximately 700 m to approximately 900 m, and strike lengths ranging from 300 m to 600 m. All three of the lodes are open both along strike and at depth.

A total of six Zone 5 grade control drillholes are included in this report. These are the first six grade control drillholes to target the Zone 5 area and they follow upon the initial results from an ongoing infill drill program in the area. Figure 5 shows the location of these drillholes in relation to the UR1, UR2, and URW3 lodes, as well as to the historical exploration decline. Grade control drilling in the Zone 5 area has been conducted from the historical exploration decline and has been designed to target a 60 m strike section within the overall 300 m to 600 m strike length of these lodes.

Figure 5. Zone 5 Grade Control Drilling in Relation to Targeted Zone 5 Lodes. Image shows the Zone 5 grade control holes in relation to the targeted UR1, UR2, and URW3 lodes. These lodes are slightly concave with URW3 on the inside (left side on image), closest to the exploration decline, and UR1 on the outside. UR1 is shown in pink, UR2 in green, and URW3 in blue. The historical exploration decline is shown in bright blue, and the grade control drillholes are partially visible in black within the circle.

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Figure 6. Zone 5 Grade Control Intercepts. Section view facing north, showing a 60 m slice of lodes UR1, UR2, and URW3 within Zone 5. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, while intervals with grades over 10 g/t Au are shown in red and purple.

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Figure 7. Examples of Zone 5 Drill Core. LEFT: UR2 lode in TGC-0049 at 35.15 m depth. Coarse grained honey sphalerite and pyrite in variable light to dark grey quartz vein with narrow potassic alteration halo. RIGHT: URW3 lode in TGC-0050 at 29.6 m depth. Abundant coarse honey sphalerite rimmed by fine grained sooty pyrite +/- galena and narrow potassic alteration halo, within a larger zone of stockwork style mineralization. Width of core is 4.76 cm in each photo.

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Table 1. Highlights of composited drill results in the URW1 area. Only new grade control drilling results are included here. For previous results see news release from April 25, 2023. For full results see Table 3 in the appendix.

Hole ID		From	To	Interval (m)	Au (g/t)
TGC-0039		77.4	78.3	0.9	8.37
TGC-0039		101.7	102.9	1.2	7.18
	including	102.3	102.6	0.3	15.64
TGC-0040		30.3	31.5	1.2	4.7
TGC-0040		51.3	53.1	1.8	12.63
	including	51.9	52.5	0.6	27.05
TGC-0040		65.4	69	3.6	23.1
	including	66	66.3	0.3	85.87
	and	67.2	67.5	0.3	125.31
	and	68.4	68.7	0.3	13.93
	and	68.7	69	0.3	46.89
TGC-0040		82.5	82.8	0.3	64.65
TGC-0041		16.8	19.8	3	1.52
TGC-0042		47.4	51	3.6	3.96
	including	50.7	51	0.3	31.99
TGC-0042		52.8	54.6	1.8	11.82
	including	53.7	54	0.3	64.24
TGC-0042		60	63	3	5.52
	including	61.8	63	1.2	11.1
TGC-0042		64.5	66.6	2.1	7.19
	including	64.5	65.1	0.6	17.34
TGC-0042		68.5	72.4	3.9	4.46
	including	68.5	69.7	1.2	8.25
TGC-0042		73.6	95.2	21.6	7.14
	including	76.3	78.1	1.8	7.47
	and	82	92.5	10.5	12.06
	which includes	83.2	83.5	0.3	19.99
	and	85.9	86.2	0.3	11.88
	and	88.6	88.9	0.3	19.92
	and	89.5	90.1	0.6	15.26
	and	90.4	91.9	1.5	42.05
	which includes	90.4	91	0.6	19.98
	and	91	91.3	0.3	24.93
	and	91.3	91.9	0.6	72.68
TGC-0042		118	120.1	2.1	52.05
	including	118.6	119.2	0.6	177.66
	which includes	118.9	119.2	0.3	345.34
TGC-0043		33.3	34.5	1.2	5.72
	including	33.3	33.6	0.3	9.15
TGC-0043		66.3	70.2	3.9	10.13
	including	66.3	68.1	1.8	19.74
	which includes	66.3	66.9	0.6	38.58
	and	66.9	67.5	0.6	12.69
TGC-0044		36.6	39	2.4	8.87
	including	36.6	37.5	0.9	16.81
TGC-0045		62.1	63	0.9	33.99
	including	62.7	63	0.3	100.89
TGC-0045		75	75.6	0.6	5.94
	including	75	75.3	0.3	9.3
TGC-0047		100.5	101.4	0.9	23.16
TGC-0047		100.5	100.8	0.3	59.63
TGC-0047		102.6	107.7	5.1	1.54
TGC-0047		123.3	126	2.7	21.14
	including	124.5	126	1.5	37.08
	which includes	124.5	124.8	0.3	45.88
	and	124.8	125.4	0.6	67.59
TGC-0051		16.2	19.2	3	10.15
	including	16.8	17.4	0.6	19.15
	and	18	18.6	0.6	16.29
	and	18.6	19.2	0.6	9.57
TGC-0051		49.5	52.8	3.3	19.43
	including	49.5	50.1	0.6	8.35
	and	50.1	50.7	0.6	80.87
	and	51.9	52.8	0.9	8.69

Table 2. Highlights of composited drill results in the Zone 5 area. For full results see Table 4 in the appendix.

Hole ID		From	To	Interval (m)	Au (g/t)
TGC-0049		29.4	35.1	5.7	4.07
	including	30	32.1	2.1	9.15
	which includes	30.3	30.9	0.6	16.71
	and	31.2	31.8	0.6	8.88
TGC-0049		43.3	45.1	1.8	7.59
	including	43.9	44.5	0.6	16.87
TGC-0050		26.7	30.9	4.2	9.39
	including	27.6	30.6	3	12.78
	which includes	27.9	29.7	1.8	18
	which includes	29.4	29.7	0.3	67.3
TGC-0052		40.2	40.5	0.3	78.03

About Tuvatu
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.

Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.

QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).

About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

On behalf of the Board of Directors of Lion One Metals Limited
“Walter Berukoff“, Chairman and CEO

Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release

Appendix 1: Full Drill Results and Collar Information

Table 3. Composited results from grade control drillholes in the URW1 area (grade >0.5 g/t Au)

Hole ID		From	To	Interval (m)	Au (g/t)
TGC-0039		77.4	78.3	0.9	8.37
TGC-0039		86.1	87	0.9	1.1
TGC-0039		101.7	102.9	1.2	7.18
TGC-0039	including	102.3	102.6	0.3	15.64
TGC-0039		106.5	107.1	0.6	0.99
TGC-0039		112.5	113.1	0.6	1.09
TGC-0039		117.3	117.6	0.3	5.86
TGC-0040		10.8	12.3	1.5	2.05
TGC-0040		30.3	31.5	1.2	4.7
TGC-0040		49.8	50.1	0.3	0.85
TGC-0040		51.3	53.1	1.8	12.63
TGC-0040	including	51.9	52.5	0.6	27.05
TGC-0040		56.1	56.7	0.6	1.44
TGC-0040		65.4	69	3.6	23.1
TGC-0040	including	66	66.3	0.3	85.87
TGC-0040	and	67.2	67.5	0.3	125.31
TGC-0040	and	68.4	68.7	0.3	13.93
TGC-0040	and	68.7	69	0.3	46.89
TGC-0040		82.5	82.8	0.3	64.65
TGC-0040		85.5	87	1.5	2.47
TGC-0040		90.9	91.2	0.3	4.66
TGC-0041		16.8	19.8	3	1.52
TGC-0041		51.9	52.8	0.9	0.82
TGC-0042		24	25.2	1.2	0.92
TGC-0042		39	39.6	0.6	1.94
TGC-0042		47.4	51	3.6	3.96
TGC-0042	including	50.7	51	0.3	31.99
TGC-0042		52.8	54.6	1.8	11.82
TGC-0042	including	53.7	54	0.3	64.24
TGC-0042		56.1	57.3	1.2	2.32
TGC-0042		60	63	3	5.52
TGC-0042	including	61.8	63	1.2	11.1
TGC-0042		64.5	66.6	2.1	7.19
TGC-0042	including	64.5	65.1	0.6	17.34
TGC-0042		68.5	72.4	3.9	4.46
TGC-0042	including	68.5	69.7	1.2	8.25
TGC-0042		73.6	95.2	21.6	7.14
TGC-0042	including	76.3	78.1	1.8	7.47
TGC-0042	and	82	92.5	10.5	12.06
TGC-0042	which includes	83.2	83.5	0.3	19.99
TGC-0042	and	85.9	86.2	0.3	11.88
TGC-0042	and	88.6	88.9	0.3	19.92
TGC-0042	and	89.5	90.1	0.6	15.26
TGC-0042	and	90.4	91.9	1.5	42.05
TGC-0042	which includes	90.4	91	0.6	19.98
TGC-0042	and	91	91.3	0.3	24.93
TGC-0042	and	91.3	91.9	0.6	72.68
TGC-0042		97.6	99.7	2.1	0.96
TGC-0042		110.8	112.3	1.5	2.49
TGC-0042		118	120.1	2.1	52.05
TGC-0042	including	118.6	119.2	0.6	177.66
TGC-0042	which includes	118.9	119.2	0.3	345.34
TGC-0042		122.5	122.8	0.3	0.61
TGC-0042		124	124.6	0.6	2.88
TGC-0043		33.3	34.5	1.2	5.72
TGC-0043	including	33.3	33.6	0.3	9.15
TGC-0043		66.3	70.2	3.9	10.13
TGC-0043	including	66.3	68.1	1.8	19.74
TGC-0043	which includes	66.3	66.9	0.6	38.58
TGC-0043	and	66.9	67.5	0.6	12.69
TGC-0043		84	85.5	1.5	1.02
TGC-0044		1.8	2.7	0.9	2.37
TGC-0044		36.6	39	2.4	8.87
TGC-0044	including	36.6	37.5	0.9	16.81
TGC-0044		40	40.3	0.3	1.19
TGC-0044		47.6	47.9	0.3	0.57
TGC-0044		64.4	65.3	0.9	1.3
TGC-0044		74	74.6	0.6	1.02
TGC-0044		76.1	76.4	0.3	0.94
TGC-0044		80	80.3	0.3	0.66
TGC-0045		3.3	4.5	1.2	1.48
TGC-0045		39.3	39.6	0.3	1.2
TGC-0045		44.1	44.7	0.6	1.78
TGC-0045		57.9	58.8	0.9	2.74
TGC-0045		62.1	63	0.9	33.99
TGC-0045	including	62.7	63	0.3	100.89
TGC-0045		67.8	68.7	0.9	2.47
TGC-0045		75	75.6	0.6	5.94
TGC-0045	including	75	75.3	0.3	9.3
TGC-0045		82.5	83.1	0.6	1.09
TGC-0045		86.1	88.5	2.4	1.33
TGC-0045		93.3	94.2	0.9	2.29
TGC-0045		105.6	105.9	0.3	0.87
TGC-0047		4.8	5.4	0.6	2.55
TGC-0047		41.7	44.4	2.7	1.41
TGC-0047		48.6	49.2	0.6	1.12
TGC-0047		53.1	54	0.9	1.83
TGC-0047		61.5	61.8	0.3	0.67
TGC-0047		69.9	70.2	0.3	2.68
TGC-0047		72.3	73.8	1.5	0.94
TGC-0047		77.7	78.6	0.9	2.71
TGC-0047		81	81.9	0.9	1.44
TGC-0047		84.3	84.9	0.6	0.89
TGC-0047		91.5	91.8	0.3	0.56
TGC-0047		96	96.6	0.6	2.8
TGC-0047		98.4	98.7	0.3	0.61
TGC-0047		100.5	101.4	0.9	23.16
TGC-0047		100.5	100.8	0.3	59.63
TGC-0047		102.6	107.7	5.1	1.54
TGC-0047		110.4	111	0.6	1.08
TGC-0047		113.1	114.9	1.8	0.94
TGC-0047		123.3	126	2.7	21.14
TGC-0047	including	124.5	126	1.5	37.08
TGC-0047	which includes	124.5	124.8	0.3	45.88
TGC-0047	and	124.8	125.4	0.6	67.59
TGC-0047		127.2	128.4	1.2	0.99
TGC-0047		131.7	132.3	0.6	0.54
TGC-0047		134.7	138.3	3.6	1.39
TGC-0047		143.7	144.3	0.6	2.44
TGC-0051		16.2	19.2	3	10.15
TGC-0051	including	16.8	17.4	0.6	19.15
TGC-0051	and	18	18.6	0.6	16.29
TGC-0051	and	18.6	19.2	0.6	9.57
TGC-0051		23.7	24.3	0.6	1.77
TGC-0051		49.5	52.8	3.3	19.43
TGC-0051	including	49.5	50.1	0.6	8.35
TGC-0051	and	50.1	50.7	0.6	80.87
TGC-0051	and	51.9	52.8	0.9	8.69

Table 4. Composited results from grade control drillholes in the Zone 5 area (grade >0.5 g/t Au)

Hole ID		From	To	Interval (m)	Au (g/t)
TGC-0037		24.8	27.2	2.4	0.95
TGC-0037		29.6	29.9	0.3	0.57
TGC-0037		30.5	30.8	0.3	0.56
TGC-0038		27.5	27.8	0.3	0.53
TGC-0038		30.5	30.8	0.3	0.61
TGC-0046		21.2	21.5	0.3	3.33
TGC-0049		29.4	35.1	5.7	4.07
TGC-0049	including	30	32.1	2.1	9.15
TGC-0049	which includes	30.3	30.9	0.6	16.71
TGC-0049	and	31.2	31.8	0.6	8.88
TGC-0049		41.5	42.1	0.6	1.77
TGC-0049		43.3	45.1	1.8	7.59
TGC-0049	including	43.9	44.5	0.6	16.87
TGC-0049		47.2	47.8	0.6	0.87
TGC-0050		26.7	30.9	4.2	9.39
TGC-0050	including	27.6	30.6	3	12.78
TGC-0050	which includes	27.9	29.7	1.8	18
TGC-0050	which includes	27.9	28.2	0.3	10.04
TGC-0050	and	28.8	29.1	0.3	12.83
TGC-0050	and	29.4	29.7	0.3	67.3
TGC-0050		34.5	35.7	1.2	0.83
TGC-0052		27.3	28.8	1.5	0.77
TGC-0052		34.5	34.8	0.3	0.67
TGC-0052		40.2	40.5	0.3	78.03
TGC-0052		50.1	50.4	0.3	1.62

Table 5. Collar coordinates and dates of completion for grade control drillholes reported in this release. Coordinates are in Fiji map grid.

Hole ID	Date Completed	Easting	Northing	Elevation	Azimuth	Dip	DEPTH
TGC-0037	20-Apr-23	1876438	3920585	117	82.5	-0.5	55.4
TGC-0038	25-Apr-23	1876439	3920584	117	95.2	0.0	50.0
TGC-0039	27-Apr-23	1876437	3920744	139	294.2	8.0	120.1
TGC-0040	5-Apr-23	1876269	3920756	153	92.3	-13.0	92.3
TGC-0041	8-Apr-23	1876269	3920756	152	92.1	-24.5	101.7
TGC-0042	13-Apr-23	1876269	3920757	153	90.4	0.0	155.2
TGC-0043	17-Apr-23	1876269	3920757	153	87.1	-13.4	95.6
TGC-0044	20-Apr-23	1876269	3920757	154	81.4	20.0	86.0
TGC-0045	25-Apr-23	1876269	3920757	153	76.4	5.3	122.1
TGC-0046	28-Apr-23	1876439	3920584	118	95.4	13.6	61.7
TGC-0047	2-May-23	1876269	3920757	154	72.4	15.4	170.7
TGC-0048	8-May-23	1876437	3920744	139	296.2	2.0	42.4
TGC-0049	4-May-23	1876438	3920586	117	66.6	0.5	89.5
TGC-0050	5-May-23	1876438	3920586	118	66.5	14.2	56.5
TGC-0051	10-May-23	1876269	3920757	152	87.2	-26.6	125.6
TGC-0052	8-May-23	1876439	3920583	118	121.1	20.4	61.2

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/169899

Base Metals Collective Mining Energy Junior Mining Precious Metals

Collective Mining Drills 56.60 Metres at 10.05 g/t Gold Equivalent Within 329.75 Metres at 3.10 g/t Gold Equivalent in Step Out Drilling Along the Contact Zone and Discovers a New Vein System at Apollo

Post author By admin
Post date June 13, 2023

Hole APC-53 was drilled from Pad 10 with the aim of stepping out to the northeast at depth along the recently discovered high-grade Contact Zone in the Apollo system. Prior to intercepting the Contact Zone downhole, a new bulk tonnage high-grade, sheeted, precious metal vein system was discovered beginning directly from surface with results as follows:
Further along drill hole APC-53, the Contact Zone was intersected as planned. A remarkably continuous long zone of high-grade gold-silver-copper mineralization was cut in the hole and included a very high-grade section with assay results below:
The Contact Zone along the southeastern edge of the system has now been extended to 370 metres (previously 150 metres) and remains open to the northeast for further expansion. Additional drill holes testing the Contact Zone have been completed with assay results expected in July 2023. Furthermore, hole APC-53, has increased the overall dimensions of the Apollo porphyry system to the northeast (see Figure 1).
Three additional drill holes intercepted high-grade gold-silver-copper mineralization. Holes APC-50 through APC-52 confirm that shallow high-grade mineralization begins at or near surface from drill Pads 9 and 10. Furthermore, all three holes added volume to the block model at shallow elevations where no prior drilling had taken place with assay results as follows:

Ari Sussman, Executive Chairman commented: “Hole APC-53 is very significant for the Company. Firstly, we have discovered a high-grade and bulk tonnage sheeted vein system located above the Apollo porphyry system. The vein system has potential to be traced over significant distances to both the northwest and to the southeast and if drilling corroborates this potential, the overall footprint of the shallow mineralization at Apollo would expand significantly. Follow up drilling is underway from Pad 10 with hole APC-63 stepping out at a shallow angle further to the northeast.

“Secondly, the thick intercept in APC-53 testing the contact zone cut remarkably high grades and displayed excellent continuity over a long interval. This interval is the second highest grade intercept (grams x metres) ever drilled at the project and has more than doubled the known strike length of the high-grade Contact Zone.

“With drilling now fully transitioned into expansion mode for the Apollo porphyry system and the testing of newly generated targets, we are truly excited to see what other potential may lie ahead.”

TORONTO, June 13, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results for the first four holes drilled from newly constructed Pads 9 and 10 within the Apollo porphyry system (“Apollo”) at the Guayabales project located in Caldas, Colombia. Apollo is a high-grade, bulk tonnage copper-silver-gold system, which owes its excellent metal endowment to an older copper-silver and gold porphyry system being overprinted by younger precious metal rich, carbonate base metal vein systems (intermediate sulphidation porphyry veins) within a magmatic, hydrothermal inter-mineral breccia and diorite porphyry bodies currently measuring 435 metres x 395 metres x 915 metres and open for expansion.

Details (See Table 1 and Figures 1- 5)

The 2023 Phase II drilling program is advancing on schedule with twenty-two holes completed and results announced. A further seven holes have been drilled and await assay results from the lab. The objectives of the 2023 program are to define high-grade mineralization and the dimensions of the Apollo porphyry system near surface, expand the overall size of the system through step-out and directional drilling and drill test multiple new targets generated through grassroots exploration. Since the announcement of the discovery hole at Apollo in June 2022, a total of 54 drill holes (approximately 22,997 metres) have been completed and announced.

This press release outlines results from four new holes testing the Apollo system. APC-50 and APC-51 were shallow holes drilled from Pad 9 and were designed to test gaps in the current mineralization block model. APC-52 and APC-53 were also drilled into untested areas from Pad 10 with APC-53 designed to step out along the Contact Zone (where the inter-mineral breccia ends at a contact with quartz diorite porphyry and is overprinted by multiple zones of sheeted CBM veins) to the northeast.

APC-50 was the first hole ever drilled from Pad 9 and was completed at a maximum downhole depth of 264.20 metres. The hole was designed to test the eastward extension of the shallow portion of the central high-grade core of the deposit where no drilling had yet to be completed. The hole intercepted angular breccia commencing at 53.30 metres downhole (30 metres vertical) with sulphide mineralization flooding the matrix and consisting of chalcopyrite (up to 1.3%), pyrite (up to 1.5%) and 1% pyrrhotite. The complete assay results for the hole are summarized in Table 1 with highlights as follows:

137.70 metres @ 2.60 g/t gold equivalent from 53.30 metres downhole (consisting of 0.74 g/t gold, 52 g/t silver and 0.66% copper) including:

The hole outlines the presence of shallow mineralization with high copper grades and adds volume to the mineralization block model as this area had not previously been drill tested. As expected, a well-defined post mineral dyke was encountered from surface until the start of mineralization.

APC-51 was drilled to the south from Pad 9 and was designed to test the extension of high-grade mineralization at depth within the southern portion of the Apollo system. The hole was drilled steeply to a maximum downhole depth of 435.65 metres and intercepted mineralized breccia from 163.30 metres downhole (160 metres vertical). Sulphides impregnating the breccia matrix consisted of chalcopyrite (up to 1%), pyrite (0.5%-1.5%) and pyrrhotite (1.2%) with assay results as follows:

112.55 metres @ 2.26 g/t gold equivalent from 163.30 metres downhole (consisting of 1.27 g/t gold, 22 g/t silver and 0.41% copper) including;

The hole confirms the continuity of the high-grade zone in the south part of the Apollo Porphyry System and again adds volume to the mineralization block model as the area had not been previously drill tested.

APC-52 was the first shallow hole drilled to the west from Pad 10 and was designed to test for shallow mineralization in an untested area of the current mineralization block model. Surprisingly, the hole encountered a robust sheeted vein system directly from surface before transitioning to breccia until a downhole depth of 190.20 metres (160 metres vertical). The intercept begins with iron oxide veinlets and veins within porphyry host rock down to 20 metres followed by disseminated sulphides of pyrite (0.3%-1.0%) and pyrrhotite (0.1%-0.3%) within crackle brecciated quartz diorite associated with strong sericite-chlorite alteration to 56 metres downhole. From 56 metres, typical angular breccia was encountered with high-grade copper-silver-gold mineralization relating to a sulphide matrix of chalcopyrite (0.5%), pyrite (up to 1%) and 0.5% pyrrhotite. Additionally, the hole was overprinted by late stage CBM sheeted vein fluid with sphalerite and galena sulphides in association with carbonate. A zone with a higher percentage of chalcopyrite (+2%) was also encountered downhole from 157 metres to 182.80 metres with overall assay results as follows:

190.30 metres @ 2.46 g/t gold equivalent from 1.9 metres downhole (consisting of 1.19 g/t gold, 43 g/t silver and 0.41% copper) including;

APC-53 was drilled from Pad 10 to a final downhole depth of 602.45 metres and was designed to test the high-grade Contact Zone at depth to the northeast of previously announced Contact Zone holes APC-41, APC-42 and APC45 (refer to press releases dated April 25, 2023 and May 30, 2023). Surprisingly, the hole intercepted a robustly enriched zone of north-west and east-west trending overprinting sheeted CBM veins from surface to 145 metres depth. This new discovery is located above the Apollo porphyry system and has potential to be traced in all directions while adhering to a north-west to south-east trend. The mineralization in this new zone relates to sheeted and stockwork carbonate and base metal veinlets and veins with the principal sulphides consisting of sphalerite (0.3%-1%), galena (0.3%-1%), pyrite (0.3%-1.5%) and pyrrhotite (0.2%-0.6%). Further downhole at 232.95 metres depth (225 metres vertical) below this new discovery, the Contact Zone was intercepted over 329.75 metres and consisted of mineralized angular breccia with abundant chalcopyrite (up to 2.5%), pyrite (1%-7%) and 1% pyrrhotite as well as CBM vein system sulphides such as sphalerite (0.2% to 3%) and galena (0.1% to 3%). An extremely high-grade subzone of 56.60 metres was encountered at 277.65 metres downhole with an abundance of CBM vein sulphides flooding the matrix. Assay results for APC-53 are as follows:

145.0 metres @ 2.11 g/t gold equivalent commencing from surface in the newly discovered vein system, and
329.75 metres @ 3.10 g/t gold equivalent from 233 metres downhole (consisting of 2.30 g/t gold, 42 g/t silver and 0.16% copper) in the Contact Zone including;

APC-53 is an important exploration hole in the context of the Apollo system as it has:

Expanded the footprint of the shallow mineralization with the discovery of the new outcropping vein system. The vein system is being driven from the porphyry engine at depth and has potential to be extended over significant distances along strike to the northwest above the Apollo porphyry system and to the southeast. Drilling is currently underway to trace the vein system to the northeast and northwest with follow up holes planned shortly to the south of APC-53.
More than doubled the length of the high-grade Contact Zone, which now measures 370 metres and is open along strike to the northeast. Two additional holes testing the Contact Zone have been completed with a third hole currently being drilled.
The Contact Zone has the potential to extend to deep vertical depths given its metal endowment is being driven exclusively by a source intrusion. Directional drilling will begin in early Q3 at Apollo and will target the depth extensions of the zone.
Extended the Apollo porphyry system to the northeast by 35 metres in this location.

Apollo Drill Program

Seven additional holes have been completed at the Apollo system with assay results expected in the near term. All holes intersected bulk tonnage mineralization over significant core lengths.

The Company presently has three diamond drill rigs operating at the Apollo project. A fourth drill rig is expected to be at the project in June 2023 and is going to test new exploration targets identified around Apollo as well as other targets at the Guayabales project.

The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry covers a 1,000 metres X 1,200 metres area and represents a large and unusually high-grade copper-silver-gold porphyry system. Mineralization styles include early-stage porphyry veins, inter-mineral breccia mineralization and multiple zones of porphyry related late stage, sheeted, carbonate-base metal veins with high gold and silver grades. The Apollo target area is still expanding as the Company’s geologists have found multiple additional outcrop areas with porphyry veining, breccia, and late stage, sheeted, carbonate base metal veins. (See press release dated April 18, 2023)

Table 1: Assay Results for APC-50, APC-51, APC-52, and APC-53

Hole #	From (m)	To (m)	Length (m)	Au g/t	Ag g/t	Cu %	Mo %	AuEq g/t*	CuEq %*
Hole #	From (m)	To (m)	Length (m)	Au g/t	Ag g/t	Cu %	Mo %	AuEq g/t*	CuEq %*
APC-50	53.30	191.00	137.70	0.74	52	0.66	0.002	2.60	1.39
incl	64.95	93.50	28.55	0.87	79	0.93	0.003	3.55
and incl	180.70	187.70	7.00	2.74	9	0.05	0.002	2.90
APC-51	163.30	275.85	112.55	1.27	22	0.41	0.002	2.26	1.20
incl	198.25	219.35	21.10	1.50	39	0.72	0.002	3.25
and incl	260.80	275.85	15.05	2.72	13	0.14	0.002	3.08
APC-52	1.90	192.20	190.30	1.19	43	0.41	0.001	2.46	1.31
incl	56.95	91.00	34.05	4.73	26	0.12	0.001	5.16
and incl	157.00	182.80	25.80	0.46	138	0.75	0.002	3.76
APC-53	0	145.00	145.00	1.79	22	0.03	0.001	2.11
incl	21.00	58.30	37.30	2.91	15	0.02	–	3.06
and incl	89.40	114.80	25.40	3.03	52	0.07	0.002	3.80
and incl	129.00	144.40	15.40	2.96	24	0.04	0.001	3.28
and	232.95	562.70	329.75	2.30	42	0.16	0.001	3.10
Incl	277.65	334.25	56.60	8.58	97	0.21	0.001	10.05
	410.70	429.80	19.10	3.08	19	0.04	–	3.32

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag g/t x 0.016 x 0.88) + (Cu (%) x 1.87 x 0.90)+ (Mo (%)*11.43 x 0.85) and CuEq (%) is calculated as follows: (Cu (%) x 0.90) + (Au (g/t) x 0.51 x 0.97) + (Ag (g/t) x 0.009 x 0.88)+ (Mo(%)x 6.10 x 0.85) utilizing metal prices of Cu – US$4.10/lb, Ag – $24/oz, Mo – US$25.00/lb and Au – US$1,500/oz and recovery rates of 97% for Au, 88% for Ag, 85% for Mo, and 90% for Cu. Recovery rate assumptions are speculative as limited metallurgical work has been completed to date. A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.

Figure 1: Plan View of Drilling Highlighting Drill Holes APC-50, APC-51, APC-52 and APC-53 (CNW Group/Collective Mining Ltd.)

Figure 2: Cross Section Highlighting APC-53 and the Newly Discovered Sheeted Vein System and High-Grade Contact Zone (CNW Group/Collective Mining Ltd.)

Figure 3: Core Tray Highlighting the New Sheeted Vein System Discovered in APC-53 (CNW Group/Collective Mining Ltd.)

Figure 4: Core Photos of Mineralization from the High-Grade Contact Zone in APC-53 (CNW Group/Collective Mining Ltd.)

Figure 5: Plan View of the Guayabales Project Highlighting the Apollo Target Area (CNW Group/Collective Mining Ltd.)

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com

Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver, and gold exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.

The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The Company’s near-term objective is to drill the shallow portion of the porphyry system while continuing to expand the overall dimensions of the system and test new targets on the property.

Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Technical Information

Rock, soils, and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

Information Contact:

Follow Executive Chairman Ari Sussman (@Ariski73) and Collective Mining (@CollectiveMini1) on Twitter

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Base Metals Capitalism Morality Energy Exclusive Interviews Junior Mining Precious Metals

Jayant Bhandari – Why Are Resource Stocks Down

Post author By admin
Post date June 9, 2023

WE SELL PRECIOUS METALS

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Website| www.provenandprobable.com
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Base Metals Energy Junior Mining Metallic Group Metallic Minerals

Metallic Minerals Appoints Dr. Wolfgang Maier as Senior Geological Advisor

Post author By admin
Post date June 8, 2023

VANCOUVER, BC / ACCESSWIRE / June 8, 2023 / Metallic Minerals Corp. (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce that Wolfgang Maier, Ph.D., recognized in both academic and industry circles for his expertise in geoscience and, particularly, magmatic systems has joined the Company as Senior Geological Advisor.

Dr. Maier has 30 years of global experience and, in addition to authoring or co-authoring 144 publications which have received more than 7,000 citations to date, he has been a contributing author or editor of numerous books, monographs, and geological maps. Dr. Maier studied geology at the Ludwig Maximilian University of Munich, Germany and at Rhodes University, South Africa, including doctoral studies on the Bushveld Complex in 1992. He taught igneous petrology and economic geology at the Universities of Pretoria (South Africa), University of Quebec at Chicoutimi (Canada), UWA (Australia), and Oulu (Finland) before joining Cardiff University in 2013, where he is currently a professor with the School of Earth and Environmental Sciences. As part of his academic pursuits, Dr. Maier is keenly interested in increasing the efficiency and sustainability of both exploration and mining.

Dr. Maier commented, “I am very impressed with the potential of Metallic Minerals’ North American projects and excited to contribute to the exceptional teams assembled by the broader Metallic Group of Companies. Getting on the ground at Metallic’s La Plata site and Stillwater Critical Minerals’ Stillwater West project this summer will be an excellent opportunity to connect in person and to study first-hand the compelling geology represented by both these assets.”

Metallic Minerals President, Scott Petsel, stated, “Dr. Maier, brings not only his experience and knowledge to Metallic, but he puts passion and energy into everything he does. From our first encounter, where he made immediate contributions to our understanding of the presence of platinum group elements as part of the mineralization at the La Plata Project, Colorado, I knew he would be a great advisor to our already strong team. We welcome Dr. Maier and look forward to working with him on Metallic Projects as we anticipate announcement of an updated resource estimate at the La Plata Copper-Gold-Silver-PGE project in Colorado, as well as start of 2023 drilling and completion of modelling towards an inaugural resource at the Keno Silver Project in Yukon, Canada.”

Yukon Mining Alliance 2023 Property Tours

Metallic Minerals will once again be participating in the Yukon Mining Alliance Property Tours and Investment Conference in Dawson City on July 19^th. Select tour participants will visit Metallic’s Keno Silver Project adjacent to Hecla Mining’s Keno Hill operations on July 17^th, as well as our Australia Creek alluvial gold property, currently under lease to Parker Schnabel’s Little Flake Mining as seen on Discovery Channel’s Gold Rush television program. More information about the YMA Property Tours and Conference can be found here. For more information about Metallic’s lease agreement with Little Flake Mining, click here.

About Metallic Minerals

Metallic Minerals Corp. is a leading exploration and development stage company focused on copper, silver, gold and other critical minerals in the La Plata mining district in Colorado, and silver and gold in the high-grade Keno Hill and Klondike districts of the Yukon. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources, and advancing projects toward development.

At the Company’s La Plata project in southwestern Colorado, the 2022 inaugural NI 43-101 mineral resource estimate identified a significant porphyry copper-silver resource containing 889 Mlbs copper and 15 Moz of silver. Results from 2022 expansion drilling intercepted the longest and highest-grade interval ever encountered at La Plata and one of the top intersections for any North American copper project in the past several years. An updated NI 43-101 resource estimate for the La Plata project incorporating these results is expected in Q2 2023. In the 2023 Fraser Institute’s Annual Survey of Mining Companies, Colorado ranked 5^th globally for investment attractiveness and 2^nd in the USA.

In Canada’s Yukon Territory, Metallic Minerals has consolidated the second-largest land position in the historic high-grade Keno Hill silver district, directly adjacent to Hecla Mining’s operations, with more than 300 Moz of high-grade silver in past production and current M&I resources. Hecla Mining Company, the largest primary silver producer in the USA and third largest in the world, completed the acquisition of Alexco Resources and their Keno Hill operations in September 2022. Hecla is targeting to start production at the Keno Hill operations by Q3 2023. Metallic is anticipating the announcement of inaugural mineral resource estimate at Keno Silver in the second half of 2023.

Metallic Minerals is also one of the largest holders of alluvial gold claims in the Yukon and is building a production royalty business by partnering with experienced mining operators, including Parker Schnabel of Little Flake Mining from the hit television show, Gold Rush, on the Discovery Channel.

All of the districts in which Metallic Minerals operates have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits in the region, as well as having large-scale development, permitting and project financing expertise. The Metallic Minerals team has been recognized for its environmental stewardship practices and is committed to responsible and sustainable resource development.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: www.mmgsilver.com
Phone: 604-629-7800
Toll Free: 1-888-570-4420
Email: cackerman@mmgsilver.com

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, statements about expected results of operations, royalties, cash flows, financial position and future dividends as well as financial position, prospects, and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, unsuccessful operations, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration, development of mines and mining operations is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Metallic Minerals Corp.

Base Metals Energy Junior Mining Metallic Group Precious Metals Stillwater Critical Minerals

Stillwater Critical Minerals to Attend Benchmark Minerals Battery Gigafactories USA Conference in Washington, DC, and THE Mining Event of the North in Quebec City

Post author By admin
Post date June 2, 2023

VANCOUVER, BC / ACCESSWIRE / June 2, 2023 / Stillwater Critical Minerals (formerly Group Ten Metals) (TSXV:PGE)(OTCQB:PGEZF)(FSE:5D32) (the “Company” or “SWCM”) will be attending two exceptional North American events in June to discuss 2023 exploration and resource expansion drill plans at its flagship Stillwater West critical minerals project in America’s iconic Stillwater mining district in Montana, as well as longer term corporate objectives.

President and CEO Michael Rowley will attend Benchmark Mineral Intelligence’s Battery Gigafactories USA 2023 conference on June 8^th and 9^th in Washington DC. The event is a live, in-person conference that is focused on the rise of the US lithium-ion battery gigafactory economy and the need to build secure, sustainable critical mineral supply chains. Attendees include prominent personnel from across the battery metals supply chain and infrastructure sector as well as key legislators and policy makers. For more information, click here.

Mr. Rowley will also attend and present SWCM and Stillwater West at THE Mining Event of the North in Quebec City on June 19-21, 2023. The conference is Canada’s invitation-only Tier 1 conference for mining companies, accredited investors, institutions, and funds and features keynotes and panels with well-known industry thought leaders. For more information, click here.

Warrant Extension

The Company further reports that it has applied for TSX Venture Exchange approval to extend the expiry date on certain warrants that are due to expire June 16, 2023 (the “Warrants”). Per the application, 7,406,250 Warrants that were originally issued as part of a financing completed in June 2021 (see news release June 16, 2021) will be extended to a new expiration date of June 16, 2024. Each Warrant entitles the holder to acquire one common share at an exercise price of CDN$ 0.55.

About Stillwater Critical Minerals Corp.

Stillwater Critical Minerals (TSX.V:PGE | OTCQB:PGEZF) is a mineral exploration company focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the recent addition of two renowned Bushveld and Platreef geologists to the team, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighboring Sibanye-Stillwater. An expanded NI 43-101 mineral resource estimate, released January 2023, delineates a compelling suite of critical minerals contained within five Platreef-style nickel and copper sulphide deposits at Stillwater West, which host a total of 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium, and gold, and remains open for expansion along trend and at depth.

Stillwater Critical Minerals also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Rowley, President, CEO & Director

Email: info@criticalminerals.com Phone: (604) 357 4790

Web: http://criticalminerals.com Toll Free: (888) 432 0075

SOURCE: Stillwater Critical Minerals

Base Metals Energy Granite Creek Copper Junior Mining Metallic Group Precious Metals

Granite Creek Copper Completes Final Tranche of Private Placement Financing

Post author By admin
Post date June 2, 2023

VANCOUVER, BC / ACCESSWIRE / June 2, 2023 / Vancouver, B.C., Granite Creek Copper Ltd. (TSXV:GCX) (“Granite Creek” or the “Company“) is pleased to report that it has completed the non-brokered private placement financing (“Offering“) announced May 12, 2023, for total aggregate proceeds to the Company of $1,265,175.01 as follows:

10,853,333 units at a price of $0.06 per unit, with each unit consisting of one common share of the Company and one-half of one transferable warrant. Each full warrant allows the holder to purchase one common share of the Company at a price of $0.12 per share for thirty-six months (“Common Share Units”);
8,186,334 flow-through units at a price of $0.075 per unit, with each unit consisting of one flow-through share of the Company and one-half of one transferable flow-through warrant. Each full flow-through warrant allows the holder to purchase one flow-through share of the Company at a price of $0.15 per share for twenty-four months (“Flow-Through Units”).

The private placement was offered on a non-brokered basis and closing is subject to certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange. All shares and warrants issued will be subject to a statutory hold period of four months and one day from the closing of the Offering.

Proceeds will be used for exploration and development of the Company’s Carmacks Copper-Gold Project in Yukon, Canada, and for general working capital purposes. All of the gross proceeds from the issuance of the Flow-Through Shares and the flow-through shares comprising part of the Flow-Through Units will be used to incur Critical Mineral Exploration Expenses (“CMEE”). Such expenses will qualify as “flow-through mining expenditures” under the Income Tax Act (Canada) and will be renounced to the purchasers of such shares, with an effective date no later than December 31, 2023, in an aggregate amount no less than the proceeds raised from the issue of the Flow-Through Shares and the flow-through shares comprising part of the Flow-Through Units.

The Offering constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“), as insiders of the Company have subscribed for 1,000,000 Common Share Units and 350,000 Flow-Through Units in the Offering for a total consideration of $86,000. The Company relied on the exemptions in Section 5.5(b) – Issuer Not Listed on Specified Markets from the formal valuation requirements of MI 61-101 and relied on the exemption in Section 5.7(1)(a) – Fair Market Value Not More Than 25 Per Cent of Market Capitalization from the minority shareholder approval requirements of MI 61-101. The Company did not file a material change report at least 21 days before the expected closing date of the Offering, as the aforementioned insider participation had not been confirmed at that time and the Company wished to close the Offering as expeditiously as possible.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America.The Shares have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.

Warrant Extension

The Company announces that it has applied for TSX Venture approval to extend the expiry date on certain warrants that were due to expire June 5 and June 11, 2023 (the “Warrants“). The Warrants, originally issued as part of a financing completed in June 2020 (see news release dated June 11, 2020), will, upon approval, have expiry dates of June 5 and June 11, 2024, respectively. All other terms of the warrants stay the same, with each warrant entitling the holder to acquire one common share at an exercise price of $0.075. If the common shares close at $0.15 or higher for 10 consecutive trading days, the Company may accelerate expiry of some or all of the warrants to the 30th day after notice to warrant holders.

About Granite Creek Copper

Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the exploration and development of critical minerals projects in North America. The Company’s projects consist of its flagship PEA-stage Carmacks project in the Minto copper district of Canada’s Yukon Territory, the advanced stage LS Molybdenum project and the Star copper-nickel-PGM project, both located in central British Columbia. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com
Website: www.gcxcopper.com
Twitter: @yukoncopper

SOURCE: Granite Creek Copper Ltd.

Diamcor Mining Junior Mining

Diamcor Mining to Present at the LD Micro Invitational XIII

Post author By admin
Post date June 2, 2023

Kelowna, British Columbia–(Newsfile Corp. – June 1, 2023) – Diamcor Mining Inc. (TSXV: DMI) (OTCQB: DMIFF) (FSE: DC3A) (“Diamcor” or, the “Company”), a Canadian diamond mining Company with a proven history in exploration, mining, and sale of rough diamonds, announces today that its CEO, Mr. Dean Taylor, will be presenting at the 13th Annual LD Micro Invitational at the Luxe Sunset Boulevard Hotel, California on Tuesday, June 6th, at 1:00 PM ET and will be available for private 1 vs 1 meetings.

The presentation will provide an update on the Company’s Krone-Endora at Venetia Project (the “Project”), the efforts underway to ramp up processing volumes, and the recently announced drilling and bulk sampling exercises aimed at identifying the deposits on the remaining 85% of the Project’s 5,833 ha areas. The Project is co-located with De Beer’s Venetia Diamond Mine (“Venetia”), and the diamond deposits on the Company’s Krone and Endora properties are known to have been created from the direct shift and erosion of an estimated 50 million tons of material from Venetia. The Company has established significant infrastructure at the Project and developed unique approaches to mining using advanced technologies and techniques to initially extract over 200,000 carats of rough diamonds from trial-mining exercises at the Project in a safe, efficient, and environmentally responsible manner. The Venetia diamond mine is considered one of the world’s top producing diamond mines and De Beers has confirmed its recent investment of an additional $2.0B USD in Venetia.

“I look forward to providing the LD Micro audience with an overview of our progress at our Krone-Endora at Venetia Project and the efforts underway aimed at advancing the Project to the next stages to support our future growth and the creation of Shareholder value for the long-term,” stated Mr. Dean Taylor, Diamcor’s CEO.

Event: LD Micro Invitational

Date: Tuesday, June 6th

Time: 1:00 PM PT

About Diamcor Mining Inc.

Diamcor Mining Inc. is a fully reporting publicly traded Canadian diamond mining company with a well-established history in the mining, exploration, and sale of rough diamonds. The Company has established a long-term strategic alliance with world famous Tiffany & Co. and is listed on the TSX Venture Exchange (TSXV: DMI), and trades on the OTC QB Venture Market (OTCQB: DMIFF). The Company’s primary focus is on the development of its Krone-Endora at Venetia Project which is co-located and directly adjacent to De Beers’ Venetia Diamond Mine in South Africa. The Venetia diamond mine is recognized as one of the world’s top diamond-producing mines, and the deposits which occur on Krone-Endora have been identified as being the result of shift and subsequent erosion of an estimated 50M tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. The Company focuses on the acquisition and development of mid-tier projects with near-term production capabilities and growth potential and uses unique approaches to mining that involves the use of advanced technology and techniques to extract diamonds in a safe, efficient, and environmentally responsible manner. The Company has a strong commitment to social responsibility, including supporting local communities and protecting the environment.

About the Tiffany & Co. Alliance

The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at market prices. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing in an effort to advance the Project as quickly as possible. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.

About LD Micro

LD Micro, a wholly owned subsidiary of Freedom US Markets, was founded in 2006 with the sole purpose of being an independent resource in the micro-cap space. Whether it is the Index, comprehensive data, or hosting the most significant events annually, LD’s sole mission is to serve as an invaluable asset for all those interested in finding the next generation of great companies.

For more information on LD Micro, visit www.ldmicro.com.

To present or register, please get in touch with Dean@ldmicro.com

To learn more about Freedom US Markets, visit www.freedomusmkts.com

On behalf of the Board of Directors

Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
www.diamcormining.com

For further information contact:

Contact:

Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
www.diamcormining.com

For further information contact:

Mr. Rich Matthews
Integrous Communications
rmatthews@integcom.us
+1 (604) -757-7179

This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

WE SEEK SAFE HARBOUR

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/168054

Base Metals Collective Mining Energy Junior Mining Precious Metals

Collective Mining Drills 162.20 Metres at 3.90 g/t Gold Equivalent From Surface at the Newly Discovered Contact Zone and Expands the Strike Length of the Apollo System

Post author By admin
Post date May 30, 2023

Drill hole APC-45, which is the first hole into the Contact Zone in the southernmost part of the Apollo porphyry system from Pad 7, intersected an abundance of sheeted CBM veins overprinting earlier porphyry mineralization. Remarkably continuous high-grade gold-silver-copper was intersected over the entire core length with results as follow:
Hole APC-48 was drilled to the southwest from Pad 7 and successfully expanded the overall footprint of the shallow mineralization to the southwest. Interestingly, the hole exited the brecciated portion of the Apollo porphyry system and continued to the end of the interval in a mineralized precursor porphyry unit with overall results as follows:
As a result of APC-48, the maximum known strike length of the system has increased to 435 metres (previously 385 metres) with the overall maximum known dimensions now measuring 435 metres strike x 385 metres width x 915 metres vertical. The system remains open for expansion in most directions.
Hole APC-47 was drilled in an easterly direction from Pad 4 in order to cut across the system in an area of the block model with limited information. A long and continuous interval of high-grade gold-silver and copper mineralization was intersected with results as follows:
Two drill holes, APC-49 and APC-55 were designed to explore the depth potential of the Apollo system from Pad 6 to the northeast and northwest respectively. Detailed visual logging of both holes indicates that long and continuous zones of mineralization were encountered from surface to downhole depths of 840 metres and 790 metres respectively. APC-49 was terminated while still in mineralization due to a drilling related issue while APC-55 will expand the over dimensions of the Apollo system to the northeast if it is mineralized to the end of the interval. Assay results for these holes are expected in late June 2023.
Eleven additional holes have been completed at the Apollo system with assay results expected in the near term. All eleven holes intersected cumulative mineralization over varying yet significant downhole drill lengths. Three drill rigs are operating on site with a fourth rig expected to begin operating prior to the end of Q2, 2023. Once onsite, the fourth rig will focus on testing the six new exploration targets directly surrounding the Apollo system as well as regional targets within the three-kilometre porphyry corridor (see press release dated April 18, 2023, for further details).

Ari Sussman, Executive Chairman commented: “The Contact Zone at the Apollo system continues to intercept impressive high-grade mineralization and importantly can now be traced over a meaningful strike length. June 2023 is shaping up to be an exciting and important month for the Company with assay results expected for Contact Zone drill hole APC-53 and deep holes APC-49 and APC-55. Additionally, our aggressive exploration focus will expand with a fourth rig scheduled to arrive on site in late June. This rig will be designated to systematically test exploration targets surrounding the Apollo porphyry system and the greater Guayabales project.”

TORONTO, May 30, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from a further three drill holes as well as visual observations for two long drill holes which tested the depth potential of the Apollo porphyry system (“Apollo”) at the Guayabales project located in Caldas, Colombia. Apollo is a high-grade, bulk tonnage copper-silver-gold system, which owes its excellent metal endowment to an older copper-silver and gold porphyry system being overprinted by younger precious metal rich, carbonate base metal vein systems (intermediate sulphidation porphyry veins) within a magmatic, hydrothermal inter-mineral breccia and diorite porphyry bodies currently measuring 435 metres x 395 metres x 915 metres and open for expansion.

Details (See Table 1 and Figures 1-3)

The 2023 Phase II drilling program is advancing on schedule with eighteen holes completed and results announced. A further eleven holes have been drilled and await assay results from the lab. The objectives of the 2023 program are to define high-grade mineralization, the dimensions of the Apollo porphyry system near surface, expand the size of the system through step-out and directional drilling and drill test multiple new targets generated through grassroots exploration. Since the announcement of the discovery hole at Apollo in June 2022, a total of 49 drill holes (approximately 21,487 metres) have been completed and assayed.

This press release outlines results from three holes. APC-45 and APC-48 were drilled in southerly and south westerly directions from Pad 7 while APC-47 was drilled to the east from Pad 4. APC-45 was designed to test the Contact Zone (where the intermineral breccia ends at a contact with quartz diorite porphyry) at shallow levels in the southern portion of the deposit. APC-48 was designed to test the mineralization potential in the porphyry host rock to the south of the Apollo system while APC-47 was designed to test a large void in the block model for the Apollo system. Additionally, visual observations are provided for two long holes, APC-49 and APC-55, which were drilled to the northwest and northeast respectively from Pad 6. Results for all holes are summarized below:

APC-45 was drilled steeply (-85°) in a southerly direction from Pad 7 to a maximum downhole depth of 238.4 metres and was designed to test the Contact Zone between breccia and porphyry host units as well as the high-grade copper mineralization previously encountered at shallow levels in this area. The mineralized interval of oxidation (saprolite) commenced from surface to 17.05 metres and was then followed by a transition zone to 39.55 metres down hole. The transition zone hosts iron oxides formed from the oxidation of the original sulphides hosted within the matrix of the breccia and within veins. Below the zone of oxidation, the intercept passed into fresh rock consisting of mineralised quartz diorite breccia with a sulphide matrix composition of 1.5% chalcopyrite, pyrite up to 5% and pyrrhotite (up to 3.0%). Continuous mineralization was encountered until 162.20 metres (160 metres vertical). A high-grade zone of carbonate base metal veins (“CBM veins”) was intercepted from just below the transition zone until 54 metres depth. Notably, exceptional and continuous mineralization was intercepted along the interval with grades increasing as the hole approached the physical contact between breccia and quartz diorite porphyry The Contact Zone contains excellent gold, silver and copper grades associated with the sulphide matrix and overprinting quartz-carbonate and sulphide veining with complete assay results for the hole as follows:

162.20 metres @ 3.90 g/t gold equivalent commencing from surface (consisting of 2.59 g/t gold, 29 g/t silver and 0.56% copper) and including:

APC-47 was drilled in an easterly direction from Pad 4 to a maximum downhole depth of 636.3 metres and was designed to test multiple zones of CBM veins overprinting the mineralized breccia in the central eastern side of the deposit where limited information was available in the block model. The drill hole intercepted porphyry mineralization with CBM sheeted veins overprinting in part at shallow downhole depths before passing into mineralized breccia at a downhole depth of 226.80 metres (220 metres vertical). Continuous porphyry mineralization with overprinting sheeted CBM vein material was observed in the breccia until 534.40 metres downhole. The mineralized breccia’s sulphide matrix hosts chalcopyrite (1%), pyrite (1%-2.5%) plus some pyrrhotite with multiple zones of sphalerite and galena observed. Three principal high-grade zones were intersected at downhole depths of 233.15 metres to 261.50 metres, 354.40 metres to 372.20 metres and 396.00 metres to 413.10 metres with assay results for the complete hole as follows:

307.60 metres @ 2.53 g/t gold equivalent from 226.80 metres downhole (consisting of 1.40 g/t gold, 53 g/t silver and 0.25% copper) including:

APC-48 was drilled steeply (-75°) in a southwesterly direction from Pad 7 to a maximum downhole depth of 354.55 metres and was designed to test the potential of mineralization outside of the breccia to the southwest. The mineralized interval of oxidation commenced from surface to 12.40 metres and consists of saprolite followed by a transition zone down to 39.55 metres. The transition zone hosts iron oxides formed from the oxidation of the original sulphides hosted within the matrix of the breccia and within veins. Below the zone of oxidation, the intercept passed into fresh rock consisting of quartz diorite breccia with a matrix of chalcopyrite (0.8%), pyrite (up to 2.5%) and 1% pyrrhotite. A high-grade zone was encountered within the transition zone from 13.15 metres to 31.40 metres downhole with numerous sheeted CBM veins overprinting the breccia matrix. APC-48 exited the mineralized breccia at 114.40 metres (112 metres vertical) and entered a mineralized precursor stage of porphyry mineralization from 128.10 metres to 236.70 metres grading 0.40 g/t gold equivalent over 108.60 metres. APC-48 is notable for extending the maximum known strike length of the Apollo system by 50 metres to the southwest with the maximum known overall system dimensions now measuring 435 metres x 395 metres x 915 metres. Assay results for APC-48 are as follows:

114.40 metres @ 2.38 g/t gold equivalent commencing from surface (consisting of 1.71 g/t gold, 15 g/t silver and 0.29% copper) and including:

Visual Observations for Drill Holes APC-49 and APC-55 (see Figure 1)

Two step out drill holes were recently completed from Pad 6. APC-49 was drilled to the northwest and encountered over 840 metres of continuous, downhole mineralization from surface. The hole contains an upper zone rich in chalcopyrite (up to 1.5%) to 300 metres downhole and below that multiple zones with overprinting CBM veins were encountered. The hole was stopped at 852.90 metres (900 metres vertical) while still in mineralized breccia due to drilling related challenges.

Drill hole APC-55 was drilled to the northeast from Pad 10 and also intersected continuous mineralization from surface to a downhole depth of 790 metres (752 metres vertical). The upper portion of the intercept (to 400 metres downhole depth) contains strong chalcopyrite mineralization of up to 1.5% in the breccia matrix as well as overprinting CBM veins. Below 400 metres, the hole continues in mineralized breccia including various zones of sulphide rich CBM veins and veinlets containing high amounts of sphalerite and galena. APC-55 has the potential to extend the Apollo porphyry system to the northeast and again highlights the presence of multiple CBM zones in the northeast and eastern sector of the Apollo deposit below the copper rich zone. The Company plans to undertake directional drilling in this area.

Apollo Drill Program

Eleven additional holes have been completed at the Apollo system with assay results expected in the near term. All holes intersected bulk tonnage mineralization over significant core lengths.

The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry covers a 1,000 metres X 1,200 metres area and represents a large and unusually high-grade Cu-Ag-Au porphyry system. Mineralization styles include early-stage porphyry veins, inter-mineral breccia mineralization and multiple zones of porphyry related late stage, sheeted, carbonate-base metal veins with high gold and silver grades. The Apollo target area is still expanding as the Company’s geologists have found multiple additional outcrop areas with porphyry veining, breccia, and late stage, sheeted, carbonate base metal veins. (see press release dated April 18, 2023)

Table 1: Assay Results APC-45, APC-47 and APC-48

Hole #	From(m)	To(m)	InterceptInterval (m)	Au(g/t)	Ag(g/t)	Cu%	Mo%	AuEq(g/t)*	CuEq(%)*	Notes
APC-45	–	162.20	162.20	2.59	29	0.56	0.003	3.90	2.08
Incl	–	17.05	17.05	3.13	16	0.13	0.001	3.50		oxide + transition zone
	17.05	54.00	36.95	4.93	7	0.11	0.003	5.08
	127.90	155.00	27.10	4.20	54	1.09	0.003	6.70		Contact Zone
APC-47	21.00	49.25	28.25	0.77	10			0.93		mineralization in porphyry
	100.95	108.75	7.80	0.92	8			1.03		mineralization in porphyry
APC-47	226.80	534.40	307.60	1.40	53	0.25	0.001	2.53	1.35
Incl	233.15	261.50	28.35	3.84	65	0.24	0.001	5.06
	354.40	372.20	17.80	4.19	42	0.09	0.001	4.81
	396.00	413.10	17.10	5.19	90	0.19	0.001	6.62
APC-48	–	236.70	236.70	0.90	11	0.17	0.003	1.35
Incl	–	114.40	114.40	1.71	15	0.29	0.003	2.38	1.27
	–	12.40	12.40	1.27	10	0.15	0.002	1.65		oxide + transition zone
	13.15	31.40	18.25	5.90	17	0.20	0.002	6.32
And incl	128.10	236.70	108.60	0.16	8	0.06	0.004	0.40		mineralization in porphyry

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag g/t x 0.016 x 0.88) + (Cu (%) x 1.87 x 0.90)+ (Mo (%)*11.43 x 0.85) and CuEq (%) is calculated as follows: (Cu (%) x 0.90) + (Au (g/t) x 0.51 x 0.97) + (Ag (g/t) x 0.009 x 0.88)+ (Mo(%)x 6.10 x 0.85) utilizing metal prices of Cu – US$4.10/lb, Ag – $24/oz Mo – US$25.00/lb and Au – US$1,500/oz and recovery rates of 97% for Au, 88% for Ag, 85% for Mo, and 90% for Cu. Recovery rate assumptions are speculative as limited metallurgical work has been completed to date. A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.

Figure 1: Plan View of Drilling Highlighting Drill Holes APC-45, APC-47, APC-48, APC-49 and APC-55 (CNW Group/Collective Mining Ltd.)

Figure 2: Core Photo Highlights of the Contact Zone in APC-45 (CNW Group/Collective Mining Ltd.)

Figure 3: Plan View of the Guayabales Project Highlighting the Apollo Target Area (CNW Group/Collective Mining Ltd.)

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com

Qualified Person (QP) and NI43-101 Disclosure

Technical Information

Rock, soils and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

Information Contact:

Follow Executive Chairman Ari Sussman (@Ariski73) and Collective Mining (@CollectiveMini1) on Twitter.

FORWARD-LOOKING STATEMENTS

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Capitalism Morality Precious Metals Uncategorized

India: Another Demonetization?

Post author By admin
Post date May 28, 2023

India is demonetizing again. This time it is the INR 2,000 bills that were issued when the last demonization of 2016 happened. Here are my thoughts:

I will soon have another article about Argentinian-style dual rates emerging in India.

On Investments

Many people who invest in mining have a very bullish expectation of a specific commodity and use mining companies as a proxy for that commodity. In the following discussion with Brian Leni, I explain why this is erroneous.

https://youtube.com/watch?v=MLVsCuZhwrQ%3Ffeature%3Doembed

In our discussion, I mentioned coal companies. Linked is what I wrote earlier about them. I also like New Hope Group (ASX.NHC; A$4.95).

Jayant Bhandari

Disclaimer: All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment, or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. The sole purpose of these musings is to show my thinking process when analyzing a stock, not to provide any recommendations. I will not and cannot be held liable for any actions you take resulting from anything you read here. Conduct your due diligence, or consult a licensed financial advisor or broker before making any investment decisions. Any investments, trades, speculations, or decisions made based on any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.

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Category: Blog

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Jayant Bhandari

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