Connect with us

Articles

Collective Mining Makes a Significant New Discovery at the San Antonio Project, Drilling 710 Metres at 0.53 g/t Gold Equivalent from Surface

Collective Mining Ltd. (TSXV: CNL) (“Collective” or the “Company”) is pleased to announce that it has…

Published

on

This article was originally published by Resource World

Collective Mining Ltd. (TSXV: CNL) (“Collective” or the “Company”) is pleased to announce that it has made a significant grassroot discovery at the Pound target (“Pound”) within its San Antonio project, Colombia. Pound is one of three targets the Company has generated at the San Antonio project and assay results reported herein are from the recently completed Phase I reconnaissance drill program, which tested two of these targets.

Highlights (Tables and Figures 1 to 5)

  • Continuous gold (“Au”), silver (“Ag”) and base metal (copper and molybdenum) mineralization hasbeen intersected from surface, over the full core lengths of two reconnaissance diamond drill holes at Pound as follows:
    • 710 metres at 0.53 g/t gold equivalent from surface including 133 metres at 0.92 g/t gold equivalent from 470 metre depth (SAC-8); and
    • 750 metres at 0.41 g/t gold equivalent from surface including 187 metres at 0.59 g/t gold equivalent from 60 metre depth (SAC-6).
  • Importantly, both drill holes ended in mineralization with copper and molybdenum grades increasing at depth including:
    • 70 metres at 0.12% copper and 89 ppm molybdenum from 681 metre depth (SAC-6); and
    • 133 metres at 0.15% copper and 27 ppm molybdenum from 470 metre depth (SAC-8).

Pound mineralization is related to hydrothermal breccia and highly altered, quartz diorite intrusive which have been overprinted by late stage, polymetallic veins. Pound is located within a NE-SW trending corridor, as defined by mineralized breccia and altered intrusive, which is open in alldirections and has been mapped to date over a strike length of approximately 1.3 kilometres.The alteration system associated with Pound (advanced Argillic litho-cap) is related to the upper and peripheral portions of a porphyry system. The Company is currently reviewing its options for follow up exploration which would include initiating a Phase II diamond drill program and a high-resolution and deep penetrating IP survey as has recently and successfully been undertaken at the Guayabales project.

“The wide and continuous zones of mineralization intersected from surface at Pound are exciting and suggest we are either peripheral to or above a very large porphyry system,” commented Ari Sussman, Executive Chairman. “It is extremely pleasing that we have made brand new significant discoveries with the initial drill holes into grass root generated targets at both our Guayabales and San Antonio projects. With funding in place through 2022, the Company will become aggressive in the short-term with follow up drilling on our new discoveries and testing newly generated targets across the project portfolio.”

Table 1 Initial Diamond Drilling Results at the Pound Target

* AuEq (g/t) = (Au (g/t) x 0.95) + (Ag g/t x 0.013 x 0.90) + (Cu (%) x 1.83 x 0.92) + (Mo (%) x 4.57 x 0.92), utilizing metal prices of Cu – US$4.00/lb, Mo – US$10.00/lb, Ag – $20/oz and Au – US$1,500/oz and recovery rates of 95% for Au, 90% for Ag, 92% for Cu and Mo.
** a 0.1 g/t AuEq cut-off grade was employed with no more than 10% internal dilution. True widths are unknown and grades are uncut.

Geological Details of the San Antonio Project

The San Antonio (“SA”) Project is located in the Middle Cauca Gold Belt (“MCB”), 80 km south of Medellin and 50 km north of Manizales, Department of Caldas, Colombia. The MCB has been the most prolific belt for Miocene aged, porphyry and epithermal vein discoveries within Colombia and multi-million ounce discoveries in recent years include Buriticá, La Colosa, Nueves Chaquiro and Marmato.

The SA covers an area of 3,853 hectares and hosts multiple quartz diorite, diorite intrusive and breccia bodies of Miocene age which intrude basement schists and younger volcano-sedimentary packages.

Three specific grassroots exploration targets have been outlined by surface mapping, sampling, soil geochemistry, geophysical modelling, and shallow scout drilling. These are referred to as the Dollar, COP and Pound targets.

The Pound target is located in the northern portion of the project, is defined by multiple hydrothermal breccia bodies hosted within highly altered diorite and quartz diorite intrusive and overprinted by late stage, polymetallic veins. This zone of altered intrusive and breccia bodies trends NE-SW and has been mapped for a strike length of plus 1.3 kilometres.  The zone is still open to the NE and SW. Outcrop exposures on the southern border of this target area include epithermal vein systems within a preserved lithocap of advanced argillic alteration which is superimposed on hydrothermal breccia bodies which grades laterally and downwards into intermediate argillic alteration assemblages. These rocks are interpreted to reflect preservation of the shallow levels of the porphyry system. The initial two reconnaissance diamond drill holes, SAC-6 and SAC-8, were drilled to respective downhole depths of 750 metres and 710 metres and intersected various hydrothermal breccia (pyrite matrix), altered quartz diorite intrusive and late-stage polymetallic veins. All the rock units have been hydrothermally altered with an earlier sericitic event overprinted by a strong, advanced argillic phase with various aluminosilicates. At depth, various diorite phases display disseminations and aggregates of chalcopyrite and molybdenite in contact with large blocks of metamorphic schist. The target remains open in all directions and further work is envisaged and will commence with a deep penetrating, high-resolution, induced polarization survey down to minimum depths of 900m below surface followed by a Phase II expanded diamond drilling program. Exploration targets include the mineralized breccia and a porphyry system postulated to occur below the lithocap.

The COP target is located 800 metres south of Pound and is defined by highly anomalous molybdenum (8 ppm to 108 ppm) and gold (up to 2.74 g/t) in soils in association with altered diorite porphyry and quartz veinlets over an area of 650 metres x 350 metres. The surface expression of the COP target is coincident with geophysical anomalies, at 200-300 metres depth which include a positive magnetic anomaly and IP chargeability and resistivity highs.  COP has not been tested, other than a single historical borehole drilled just south of the target area, returned an intercept of 99 metres at 0.42 g/t gold and 4.9 g/t silver within unmineralized country rocks partially intruded by mineralized porphyry quartz veins at a depth of 608 meter downhole. The mineralization encountered in the drill-hole is interpreted to be leakage from the COP target directly to the north.

The Dollar target is located 400 metres south of COP. At surface various outcrop of quartz diorite porphyry host stockwork and sheeted quartz-magnetite vein systems associated with disseminated pyrite covering a 500 metre radius. Shallow scout drilling (6 holes) to cover the target area, identified the main mineralized porphyry. Holes SAC-1 to SAC-5 and SAC-9 returned gold intercepts of 0.1 to 0.3 g/t over various angled intercepts of 100 metres to 600 metres length within or across the various outcrops of the mineralized stockwork system. Based on the shallow intercepts a deeper hole was drilled into the mineralized stockwork and returned the intercepts outlined in Table 2 below. Gold, copper and molybdenum grades improve with depth and further deeper drilling is warranted, particularly as the project area is located approximately 300 metres above an accessible valley floor.

Table 2 Initial Deep Diamond Drilling Hole at the Dollar Target

* AuEq (g/t) = (Au (g/t) x 0.95) + (Ag g/t x 0.013 x 0.90) + (Cu (%) x 1.83 x 0.92) + (Mo (%) x 4.57 x 0.92), utilizing metal prices of Cu – US$4.00/lb, Mo – US$10.00/lb, Ag – $20/oz and Au – US$1,500/oz and recovery rates of 95% for Au, 90% for Ag, 92% for Cu and Mo.
** a 0.1 g/t AuEq cut-off grade was employed with no more than 10% internal dilution. True widths are unknown, and grades are uncut.

The San Antonio project benefits from favorable topography with approximately 600 vertical metres of elevation change from the mountain peaks to the various flat lying valleys. Additionally, the topography is not overly steep, lending itself to multiple potential infrastructure development scenarios should an economic deposit be discovered in the future.

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 samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru; and Actlabs laboratory facilities in Medellin, Colombia and Toronto, Canada. 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.

About Collective Mining Ltd.

Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making a significant new mineral discovery and advancing the projection to production.  Management, insiders and close family and friends own approximately 40% of the outstanding shares of the Company and as a result are fully aligned with shareholders. Collective currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects a total of eight major targets have been defined. The Company is fortuitous to have made significant grass root discoveries on both projects with discovery holes of 104 metres @ 1.2 g/t gold and 12 g/t silver and 710 metres @ 0.53 AuEq at the Guayabales and San Antonio projects, respectfully.

Contact Information

Collective Mining Ltd.

Steve Gold, Vice President, Corporate Development and Investor Relations

Tel. (416) 648-4065

 

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 the 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.

Figure 1: Plan View of the San Antonio Project and the Pound Target

Figure 2: Plan View of the Pound Target

Figure 3: Cross Section of Pound Drilling

Figure 4: Core Photos: Pound: SAC-6 and SAC-8

Hydrothermal breccias, cemented by sericite, carbonates, and sulphides are overprinted by strong advance argillic alteration with pyrite and chalcopyrite and molybdenite mineralization.


Carbonate base metals with galena, sphalerite and pyrite mineralization. Microdiorites and quartzodiorites with secondary biotite alteration with magnetite chacopyrite and pyrite mineralizattion.

Figure 5: Core Photos: Dollar, SAC-7. Clay Alteration Overprint Decreases With Depth

Quartz Diorites porphyry overprinted by strong Sericite alteration, quartz veinlets with magnetite, pyrite, and chalcopyrite.

 






Author: Resource World

Articles

Karora Resources Strengthens Board with Appointment of New Australian-based Director Shirley In’t Veld

TORONTO, Dec. 6, 2021 – Karora Resources Inc. (TSX: KRR) (OTCQX: KRRGF) (“Karora” or the “Corporation”) is pleased to announce the appointment…

TORONTO, Dec. 6, 2021 – Karora Resources Inc. (TSX: KRR) (OTCQX: KRRGF) (“Karora” or the “Corporation”) is pleased to announce the appointment of Shirley In’t Veld to its Board of Directors effective immediately.

Paul Andre Huet, Chairman and CEO of Karora said, “”I am pleased to welcome Shirley In’t Veld to Karora’s Board of Directors. The addition of Shirley’s extensive experience as a senior executive and director in the Australian mining, renewables and energy sectors to our team further strengthens our Board and is a strong endorsement of Karora’s position as a premier gold producer. In particular, her experience as a former Director of Northern Star Resources (an Australian gold producer with World class projects located in Australia and North America), her in depth knowledge of Western Australia, and expertise in ESG matters will be a tremendous addition to our Board. We look forward to benefitting from Shirley’s input as we continue to unlock the full potential of our Australian operations.”

Shirley In’t Veld has over 30 years of career experience in mining, renewables and energy sectors. She is currently a Director of Alumina Limited, NBN Co Limited (National Broadband Network Co.) and APA Group. She was formerly Deputy Chair of CSIRO (Commonwealth Science and Industrial Research Organisation), Director of Northern Star Resources Limited, Perth Airport, DUET Group, Asciano Limited and Alcoa of Australia Limited and a Council Member of the Chamber of Commerce and Industry of Western Australia. She was also the Managing Director of Verve Energy (2007 – 2012) and, previously, served 10 years in senior roles at Alcoa of Australia Limited, WMC Resources Ltd, Bond Corporation and BankWest Perth.

In 2014, Shirley was Chair of the Queensland Government Expert Electricity Panel and a member of the Renewable Energy Target Review Panel for the Australian Department of Prime Minister and Cabinet. She also served as a member of the COAG Energy Council Selection Panel, a Council member of the Australian Institute of Company Directors (Western Australia) and the SMART Infrastructure Facility (University of Wollongong).

About Karora Resources 

Karora is focused on doubling gold production to 200,000 ounces by 2024 compared to 2020 and reducing costs at its integrated Beta Hunt Gold Mine and Higginsville Gold Operations (“HGO”) in Western Australia. The Higginsville treatment facility is a low-cost 1.6 Mtpa processing plant, expanding to a planned 2.5 Mtpa by 2024, which is fed at capacity from Karora’s underground Beta Hunt mine and Higginsville mines. At Beta Hunt, a robust gold Mineral Resource and Reserve is hosted in multiple gold shears, with gold intersections along a 4 km strike length remaining open in multiple directions. HGO has a substantial Mineral gold Resource and Reserve and prospective land package totaling approximately 1,900 square kilometers. The Company also owns the high grade Spargos Reward project which is anticipated to begin mining in 2021. Karora has a strong Board and management team focused on delivering shareholder value and responsible mining, as demonstrated by Karora’s commitment to reducing emissions across its operations. Karora’s common shares trade on the TSX under the symbol KRR and also trade on the OTCQX market under the symbol KRRGF.

Cautionary Statement Concerning Forward-Looking Statements

This news release contains “forward-looking information” including without limitation statements relating to the growth potential of the Beta Hunt Mine, the results of exploration and development work, liquidity and capital resources of Karora, production guidance and the potential of the Beta Hunt Mine, Higginsville Gold Operation, the Aquarius Project and the Spargos Gold Project.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Karora to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: future prices and the supply of metals; the results of drilling; inability to raise the money necessary to incur the expenditures required to retain and advance the properties; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; results of exploration programs; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; or delays in obtaining governmental approvals, projected cash operating costs, failure to obtain regulatory or shareholder approvals. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Karora ‘s filings with Canadian securities regulators, including the most recent Annual Information Form, available on SEDAR at www.sedar.com.

Although Karora has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Karora disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

Cautionary Statement Regarding the Higginsville Mining Operations
A production decision at the Higginsville gold operations was made by previous operators of the mine, prior to the completion of the acquisition of the Higginsville gold operations by Karora and Karora made a decision to continue production subsequent to the acquisition. This decision by Karora to continue production and, to the knowledge of Karora, the prior production decision were not based on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, which include increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that anticipated production costs will be achieved. Failure to achieve the anticipated production costs would have a material adverse impact on the Corporation’s cash flow and future profitability. Readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions.

www.karoraresources.com

SOURCE Karora Resources Inc.



Author: MikeyMike426

Continue Reading

Articles

Copaur Minerals Looks To Acquire New Placer Dome Gold In An All-Stock Deal

Copaur Minerals Inc. (TSXV: CPAU) announced on Friday evening a binding letter agreement stipulating its planned acquisition of all the
The post Copaur…

Copaur Minerals Inc. (TSXV: CPAU) announced on Friday evening a binding letter agreement stipulating its planned acquisition of all the issued and outstanding common shares of New Placer Dome Gold Corp. (TSXV: NGLD). The acquisition is expected to be settled in an all-stock deal.

The combination of the British Columbia-focused Copaur Minerals and Arizona-focused New Placer Dome Gold is said to “create a leading gold-copper exploration and development company with a portfolio of assets in two of North America’s foremost mining districts.”

Under the terms of the agreement, each New Placer Dome Gold share held will be exchanged for 0.1182 shares of Copaur Minerals, the ratio being a 55% premium on the 20-day average price of each company as of November 30, 2021.

The firm reported that after the transaction, New Placer Dome Gold will become a wholly-owned subsidiary representing 47% equity in Copaur Minerals and will be delisted from the TSX Venture Exchange. New Placer Dome Gold is also being proposed to get a minimum of two seats on the Copaur Minerals board, subject to the latter’s approval.

Currently, New Placer Dome Gold has approximately 170.4 million shares while Copaur Minerals has roughly 23.0 million shares.

In their latest quarterly financials dated September 30, 2020, Copaur Minerals recorded total assets worth $5.87 million and a net loss of $0.07 million while New Placer Dome Gold reported a total of $14.59 million in assets and a net loss of $0.08 million.

A concurrent financing by the two companies is in the pipeline as a condition to the transaction, with plans to raise gross proceeds of up to $15.0 million. Copaur Minerals will also lend New Placer Dome Gold $0.8 million in debt to fund the latter’s exploration work on the Bolo property. The loan is convertible to company units at $0.08 per unit at the sole discretion of Copaur Minerals.

The proposed transaction is expected to close in March 2022, subject to the approval of the shareholders of New Placer Dome Gold and customary regulatory approvals and closing conditions.

Copaur Minerals last traded at $1.16 while New Placer Dome Gold last traded at $0.085 on the TSX Venture. Trading for both shares has been halted since the announcement of the acquisition.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

The post Copaur Minerals Looks To Acquire New Placer Dome Gold In An All-Stock Deal appeared first on the deep dive.




Author: ER Velasco

Continue Reading

Precious Metals

Top Silver Stocks To Watch In December

3 Silver Stocks For Your Watchlist…

3 Silver Stocks For Your Potential Watchlist

In recent times, the market for silver stocks has been fairly interesting to follow. Throughout the last year and a half, the price of silver assets has skyrocketed due to the pandemic. Many silver assets gained more in percentage terms than gold stocks. This drew a large number of new investors to the metal who had previously disregarded it.

The pandemic and market uncertainties have produced a level of volatility that has prompted some investors to reinvest in silver stocks. Silver stocks were also boosted as mainstream media reported that Reddit traders were pushing the metal’s price higher at the start of 2021. This drew a lot more attention to silver equities and, as a result, more investors.

So, why should you buy silver stocks? Silver, like gold, is an asset that people may own rather than money. When a metal is utilized more frequently by industrial enterprises, it tends to perform better. Fears of inflation are also affecting this industry right now, and no one knows what will happen in the end. So, plainly, there is a lot to consider if you are considering investing in silver stocks. Some people make an investment plan to pick which tickers to buy. With this in mind, let’s take a look at three silver stocks to keep an eye on right now.

Top Silver Stocks To Watch

Fortuna Silver Mines Inc. (NYSE: FSM)

Fortuna Silver Mines is a company that explores, extracts, and processes precious metals. The company is looking for reserves of silver, gold, zinc, and lead. Its main assets include the Cayloma and San Jose mines, as well as the Lindero Gold Project.

The business recorded a record third-quarter 2021 output of 87,950 gold equivalent ounces on October 12th. Its overall gold production in the quarter was 26,235 ounces, with 24,318 ounces in dore and a 1918 ounce gain in gold-in-carbon inventory. It produced 68,088 ounces of gold in the first nine months of 2021. This figure is consistent with the company’s revised annual outlook.

The company stated that “Gold production was 1,529 ounces, an increase of 12 percent over the third quarter of 2020. The increase in production is due to higher head grades located in the Animas NE vein. Gold production for the first nine months of 2021 totaled 4,712 ounces, which is above plan.” Will FSM be on your list of silver stocks to watch?

Endeavour Silver Corp. (NYSE: EXK)

Endeavour Silver Corp. is a silver firm that we have previously discussed extensively. This corporation acquires, explores, and develops land. Endeavour is working on mineral processing, refining, and reclamation. The majority of Endeavour’s key assets are in both Mexico and Chile. Endeavour’s mines are mostly used to mine silver and gold.

On December 2nd, the company announced that it has intersected high-grade silver-gold mineralization at its Guanacevi and Bolanitos operations. At its Guanacevi operations, it reported 1.97 gpt Au and 1,254 gpt Ag for 1,412 gpt AgEq over a 3.22 m ETW, and 4.36 gpt Au and 1,450 gpt Ag for 1,798 gpt AgEq over a 3.18 m ETW. At Bolanitos, Endeavour reported 8.08 gpt Au and 151 gpt Ag for 797 gpt AgEq over a 1.67 m ETW, and 1.26 gpt gold and 241 gpt silver for 342 gpt AgEq over a 0.96 m ETW.

CEO of Endeavour, Dan Dickson said, “We continue to see exceptional drilling results within the El Curso and the Santa Cruz Sur systems at our Guanacevi silver mine. We have been operating at Guanacevi for more than 15 years and these encouraging results support our view that we can continue to extend the mine life.” Will EXK be on your silver stock watchlist?

Harmony Gold Mining Company Limited (NYSE: HMY)

Harmony Gold Mining Company Limited is a mining stock that has been mentioned a lot on goldstocks.com in the past. This firm searches for, extracts, and processes gold, silver, copper, and uranium. It presently operates in South Africa and Papua New Guinea, both of which have proven to be profitable for the company.

The company’s earnings and revenues increased year over year in fiscal year 2021, according to the most recent release. This was owing to rising metal prices and the company’s rapid expansion. Given that Harmony hasn’t issued any updates in quite some time, it’ll be interesting to see what they have in store for their shareholders before the end of the year.

Best Silver Stocks In 2021?

It’s challenging to decide which silver stocks to buy. There are several factors to consider before investing in mining companies. However, completing an extensive study and selecting what is ideal for you will be quite beneficial throughout the process. Which silver stocks will you be keeping an eye on for the time being?

The post Top Silver Stocks To Watch In December appeared first on Gold Stocks to Buy, Picks, News and Information | GoldStocks.com.

Author: Joe Samuel

Continue Reading

Trending