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Collective Mining (TSXV:CNL) Expands its New Grassroot Discovery at Donut with Broad Drill Intercepts

Collective Mining (TSXV:CNL) announced on Monday that their follow-up    drilling on the recent grassroots discovery at the Donut target intercepted…

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This article was originally published by Mining Feed

Collective Mining (TSXV:CNL) announced on Monday that their follow-up    drilling on the recent grassroots discovery at the Donut target intercepted long and continuous zones of mineralization from the surface. The Donut target is at the Guayabales project in Colombia and is the first out of five outcropping and grassroot targets generated by the Company to be drill tested. 

The company currently has two diamond drill rigs on site as part of its maiden 10,000 metre drill program with a third rig to be added in early Q1, 2022.

Ari Sussman, Executive Chairman of Collective Mining, commented: “We are absolutely thrilled with the results of the first five drill holes into Donut, which is a complete virgin grassroots discovery. Importantly, the results mark an important step in our vision of once again untapping the enormous geological potential of Colombia by discovering the next large-scale deposit in the country. The first ever drill hole is now advancing in the Box target and later this month, we will begin drilling our maiden hole into the Olympus target.”

Highlights from the press release are as follows: 

  • Broad and continuous gold (“Au”) and silver (“Ag”) mineralization hosted predominately in breccia has been intersected from surface in diamond drill holes DOC-3 and DOC-4 at the Donut target as follows:
    • Drilled to the north, DOC-3 intercepted 163 metres at 1.3 g/t gold equivalent from surface including 2 metres at 83.2 g/t gold and 37 g/t silver from 155.6 metres depth; and
    • Drilled steeply to the southwest, DOC-4 intercepted 260 metres at 0.6 g/t gold equivalent from surface including 69 metres @ 0.9 g/t gold and 8 g/t silver from 183 metres depth (DOC-4).
  • DOC-5, which was drilled to the southeast, intersected a narrower interval of mineralized breccia before passing through a fault. Upon exiting the fault at 81 metres down-hole, late phase (lower grade) porphyry style mineralization was encountered over a significant interval as follows:
  • 275 metres at 0.2 g/t gold, 5 g/t silver, 0.07% copper from surface.
  • Donut is located at the NW end of a SW trending zone of outcropping breccia mineralization which, to date, has been traced to the SW for 550 metres along strike and remains open for further expansion to the SW.

“Potassic altered diorite porphyry overprinted by phyllic assemblages and sulfide cemented breccia dominate Donut drill holes. Banded quartz-magnetite veins cutting diorite porphyry at depth and as common clasts in breccia at shallower levels indicates excellent potential to discover a large porphyry system nearby the existing new breccia discovery at Donut,” commented Dick Tosdal, Special Advisor to Collective Mining and world-renowned expert on porphyry systems.

This intercept confirms that a porphyry system exists in the Donut target area. In order to better pinpoint a potential location for a concealed well-mineralized porphyry, a special survey is planned and once that is completed there will be follow-up additional diamond drilling. 

Drilling was recently completed for holes DOC 6 through DOC 10 and samples were sent to the lab for analysis. Additional assay results are expected in Q4, 2021.

Figure 1: Plan View of the Guayabales Project and the Donut Target is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/73fc402b-5fb4-451b-85d0-e3ae439b457d

Figure 2: Plan View of the Donut Target Area is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/45408cf8-9286-4069-a56a-e7e73836c984

Figures 3: Drill Core Photos are available at:

DOC-3: https://www.globenewswire.com/NewsRoom/AttachmentNg/c796b708-f7c3-44f9-99fb-524f1eba9b9b

DOC-4: https://www.globenewswire.com/NewsRoom/AttachmentNg/e386c984-4141-4fc7-811f-e39c728c87d4

DOC-5: https://www.globenewswire.com/NewsRoom/AttachmentNg/9c3290f1-f9cf-4c16-8855-d5e1ba0be905

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

The post Collective Mining (TSXV:CNL) Expands its New Grassroot Discovery at Donut with Broad Drill Intercepts appeared first on MiningFeeds.




Author: Matthew Evanoff

Energy & Critical Metals

EV Nickel starts trading on TSX Venture Exchange

  TORONTO – EV Nickel Inc.’s [EVNI-TSXV] initial public offering (IPO) prospectus dated November 19, 2021, has been filed with and accepted by the…

 

TORONTO – EV Nickel Inc.’s [EVNI-TSXV] initial public offering (IPO) prospectus dated November 19, 2021, has been filed with and accepted by the TSX Venture Exchange and has begun trading on the Exchange.

The closing of the IPO, scheduled for December 2, 2021, was expected to have gross proceeds of $5,440,292 for a total of 1,442,200 flow-through (FT) common shares at 86 cents per FT common share and of 5.6 million units at 75 cents per unit. The company has 30,355,667 common shares issued and outstanding

EV Nickel, classified as a Tier 2 issuer, is a Canadian nickel exploration company, focused on the Shaw Dome area, south of Timmins, Ontario. The Shaw Dome area is home to its Langmuir project, which includes W4, the basis of a 2010 historical estimate of 677,000 tonnes at 1% nickel for approximately 15 million pounds of Class 1 nickel.

EV Nickel’s objective is to grow and advance a nickel business, targeting the growing demand for Class 1 nickel from the electric vehicle battery sector. EV Nickel has almost 9,100 hectares to explore across the Shaw Dome area and has identified 30 km of additional strike length.

“We are excited to get out into the public markets and begin telling the world about our wonderful assets, on the Shaw Dome, just south of Timmins,” said Sean Samson, president and CEO. “The world needs more nickel and especially the type of high-grade, clean nickel that we plan to build our business around. Decarbonization is the challenge of a lifetime and we plan to source the material that will help the EV [electric vehicle] companies grow and help address that challenge.”





Author: Editor

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Base Metals

Vision Lithium to Buy The Cadillac Canadian Lithium Property

Canadian-based exploration company Vision Lithium agreed to acquire 100% interest in 215 contiguous mining claims in Quebec, Canada.  Combined with an…

Vision Lithium Property Portfolio
Cadillac lithium property located approximately 40 km west of Val-d’Or. Source: Vision Lithium

Canadian-based exploration company Vision Lithium agreed to acquire 100% interest in 215 contiguous mining claims in Quebec, Canada. 

Combined with an additional 105 stakes claimed by the company, the group of claims will be collectively referred to as The Cadillac lithium property.  

Details of the agreement include the vendor groups receiving an aggregate cash consideration of $102,427.92 from Vision Lithium, as well as ​​issue a total of 4,300,000 common shares of the company. The shares are not divided evenly, with 1.5 million each going to the CMH Group and Fancamp, the Leblanc-Lavoie Group will receive 1 million and 300,000 Shares will go to the Tremblay Group. The company will also pay each vendor group a 2% net smelter return royalty on the claims. 

President & CEO of Vision Lithium Yves Rougerie commented in a press release, “The Cadillac lithium project is an exciting addition to our growing portfolio of lithium properties. The Property is located 10 km south of the Trans-Canada highway and only metres from the secondary road, ensuring easy access for logistics, materials and qualified manpower.”

The claims acquired by Vision Lithium combined with the additional 105 claims staked, means the property holds a total of 320 claims covering 18,378 hectares. The property is easily accessible year-round in an area with well-maintained roads. This is especially helpful since Quebec can become covered in snow for multiple months of the year, and established infrastructure gives the company a head start.

There are also at least 4 pegmatite dikes which are spaced approximately 100 metres apart and traced for at least 300 metres along on the property. 

Rougerie continued “The property hosts a cluster of close-spaced parallel lithium-bearing dikes. Spodumene has been observed in the outcropping dikes and we believe there are likely more dikes in the cluster. The dikes have seen surprisingly little historical exploration with only a handful of samples and no drilling to date.” 

High Potential for Additional Lithium Discoveries

Lithium crystals have been observed on all four dikes of the property, with even a few large crystals visible. 

The property is located approximately 10 km south of Cadillac, a historic mining town, and about halfway between the major mining centres of Rouyn-Noranda and Val-d’Or in Quebec. 

“We believe the potential for additional lithium discoveries within the main cluster area is excellent and the larger property also has tremendous upside potential for discovery. The entire area acquired and staked is very large at almost 200 square kilometres. We plan to aggressively explore the Property over the winter by drilling the main cluster of dikes and to plan and complete field work next summer over the large tract of land,” Rougerie said. 

There are a number of closing conditions and post-closing obligations for the company until the transaction is officially completed. This includes the execution of certain deeds and instruments of conveyance, and the approval of joining the TSX Venture Exchange. Completion of the transaction is expected to be finished in the coming days. 

Vision Lithium focuses on exploring and developing mineral assets such as lithium and copper in different parts of Canada. Other than the claims they have just received in the recent transaction, the company has operations in Manitoba, and multiple properties in New Brunswick and Quebec. The first drill program at the company’s Dome Lemieux copper property in Quebec has commenced. Vision has also recently completed the Red-Brook copper and zinc drill program in New Brunswick. 

Vision Lithium is focused on developing their Sirmac lithium project in Quebec which is a hard rock source of lithium. Lithium can either come from hard rock sources or brines, and about 50% of each make up the world’s lithium compound production. Both sources can produce battery-grade lithium, but the extraction process is very different. The company plans on using existing methods to extract lithium for the battery market. This is a key area for the company as demand for battery materials is soaring in the middle of a global energy transition. 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

The post Vision Lithium to Buy The Cadillac Canadian Lithium Property appeared first on MiningFeeds.





Author: Matthew Evanoff

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Precious Metals

Gold Springs Discovers New Gold System – Shares Jump 20%

Gold Springs [GRC-TSX; GRCAF-OTCQB] reported assay results from hole J-21-015 with an average…

Gold Springs Resource Corp. [GRC-TSX; GRCAF-OTCQB] reported assay results from hole J-21-015 with an average of 1.0 g/t gold equivalent over more than 163 metres located 180 metres south of the discovery hole J-21-006 at the 100%-owned Gold Springs property located on the border of Nevada and Utah.

The results confirm the existence of a new gold-mineralizing system called intrusive-related gold system (IRGS) on a new target that the company has named Tremor. This new gold system is situated along the northern extension of the Jumbo trend of the large Gold Springs project of 8,000 hectares.

J-21-015 highlights include 1.0 g/t gold equivalent over 163.1 metres: 1.42 g/t gold equivalent over 33.5 metres within the vein, which includes 3.26 g/t gold equivalent over 10.7 metres within the vein; and 0.94 g/t gold equivalent over 123.5 metres within the intrusive and contact zone.

Randall Moore, executive vice-president of exploration, stated: “We have been anxiously awaiting these results, which now confirm what we believe to be a major new discovery. The existence of an IRGS at Gold Springs opens a potentially large area to develop a new gold resource. Hole J-21-015 extended both the high-grade vein system and the gold mineralization associated with the intrusive first seen in hole J-21-006. We would also like to highlight that both holes ended in gold mineralization. We are now awaiting assays from another 15 holes at Tremor that are currently in the laboratory for testing. Drilling has extended this northern vein for over 200 metres and the Tremor intrusive zone for 600 metres along strike as seen in the drill cuttings. The thickest intercept within the intrusive thus far has been 280 metres.”

The company is waiting to receive assays from 24 holes on two targets; 15 from Tremor and nine from White Point, in the coming weeks.

Gold Springs Resource is confident of the presence of an intrusive-related gold system within the Tremor target situated along the north extension of the Jumbo trend in Utah where a strong CSAMT (controlled source audio magnetotelluric) high resistivity anomaly extends for 1,200 metres.

The company completed 18 holes at Tremor designed to test the extent of the intrusive-hosted gold system. These holes demonstrate the intrusive extends for 600 metres and is open to the north, south and at depth. In addition, the vein system in hole J-21-006 has been traced for 200 metres. For details on hole J-21-006, which returned 6.87 g/t gold equivalent over 24.4 metres, included grades of 30.9 g/t gold equivalent over 4.6 metres.

The drill has moved to Charlie Ross where eight additional holes are planned to follow up that new discovery.

Author: Staff Writer

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