Highlights
- Results from the 2023 Phase II B-horizon soil-sampling program confirm multi-element pathfinder element geochemical anomalies at Fourteen and Fifteen Mile targets;
- Results confirm an approximately 5-km-long trend of scattered exposures of porphyry-style alteration, geophysical signatures, and geochemistry overlying Nicola Group volcanics;
- The results are spatially associated with both a very well-developed iron carbonate-silica alteration anomaly (1.33 km2 in size) and a small diorite intrusion at the north end (the Fourteen Mile target); and
- Company has applied for a Mines Act permit to conduct ground-based Induced Polarization “IP” surveys in 2024 to generate drill targets on Fourteen Mile target and three other secondary targets.
VANCOUVER, British Columbia, March 15, 2024 (GLOBE NEWSWIRE) -- COLLECTIVE METALS INC. (CSE: COMT | OTC: CLLMF | FSE: TO1) (the “Company” or “Collective”) is pleased to provide a review of results from the Fourteen and Fifteen Mile target areas in its flagship Princeton Project in south-central B.C. (the “Project”). The Property hosts several alkalic Cu-Au porphyry targets associated with Triassic diorite intrusions analogous to those associated with the currently producing Copper Mountain Mine, which lies approximately 10 km to the east (Figure 1). Results from a soil geochemical survey completed in 2023 are interpreted to confirm the mineral potential of the Fourteen and Fifteen Mile target areas as one of five (5) promising prospects with favourable geology, geophysical signatures, and/or historic geochemistry (please see News Release dated January 8, 2024). The Trojan-Condor Corridor, which hosts significant chargeability anomalies identified in a previous Induced Polarization (“IP”) survey,1 is considered a drill-ready target. The Company plans to conduct IP surveys over the other four target areas, including the Fourteen Mile target, in 2024.
The Fourteen Mile and Fifteen Mile areas have been previously established as porphyry targets based on favourable geology, magnetic anomalies, mapped alteration, weak mineralization, and anomalous pathfinder geochemistry in rocks and silt samples.1, 2 The Company’s 2023 soil sampling program included three grids in the area (i.e., Fourteen-, Fifteen-, and Sixteen-Mile Creek grids) each of which yielded multi-element, pathfinder element geochemical anomalies in B-Horizon soils (please see Figure 1). Rocks collected in the area (n=21) are variably enriched in pathfinder elements (e.g. arsenic, bismuth, cobalt), yielding up to 0.16 ppm Ag and 155.5 ppm Cu, with both highly elevated Ca (≤15.3%) and Fe (≤7.01%), consistent with interpreted iron carbonate – silica alteration characteristic of the area.2
Chris Huggins, Chief Executive Officer of Collective, commented, “Integration of 2023 geochemical results and reprocessed geophysical data with historic geochemical and geology work on the Property has helped us identify and prioritize our current exploration targets. The well documented mineral endowment and large size of the Property provides significant opportunity for discovery. We look forward to advancing exploration on several secondary targets including the Fourteen Mile area using 3D IP in 2024, in tandem with drilling our primary Trojan-Condor target area.”
The Fourteen Mile area is underlain by volcanic tuffs and sediments of the Upper Triassic Nicola Group near the western margin of overlying Eocene Princeton Group volcanics.2 North of the target area, a small (<1 km2), medium- to fine-grained hornblende diorite plug is associated with very well-developed iron carbonate-silica alteration and chalcopyrite-limonite-malachite mineralization in adjacent sandstone.2 While Massey (2009) assigned the Fourteen Mile diorite intrusion to the Triassic Tulameen Ultramafic Complex, subsequent workers have suggested it is similar to the Triassic Whipsaw Stocks, interpreted to be correlated to the Copper Mountain Intrusions.1 The area is cut by a network of NE- and NW-trending faults, interpreted to influence mineralization and alteration (please see Figure 1).
Figure 1 - Fourteen, Fifteen and Sixteen Mile Target Areas with Aeromagnetic anomalies, alteration, intrusions, 2011 high-quality sieved sediment samples and 2023 soil pathfinder anomaly geochemistry.
Regionally, the southern portion of the Project area is underlain by a large, high intensity magnetic anomaly very similar to that spatially associated with, and underlying, the Copper Mountain Camp and currently producing Copper Mountain Mine (please see News Release dated May 10, 2023). The Project is interpreted to have been down dropped progressively to the west across both the Boundary and Whipsaw faults (please see News Release dated August 1, 2023). The high intensity magnetic anomaly, together with porphyry-style alteration and mineralization documented within the Trojan-Condor Corridor to the southeast (please see News Release dated January 8, 2024), in the Lamont Ridge area to the north (please see News Release dated February 13, 2024) and the Fourteen, Fifteen and Sixteen Mile Creek grids are interpreted to support potential for discovery of additional occurrences of porphyry-style Cu-Au mineralization.
Three areas of very well-developed iron carbonate-silica alteration are mapped in the area (C-1, C-2, C-3),2 characterized by limonite with associated carbonate, saussurite and potassic alteration and localized sparse chalcopyrite-malachite mineralization.1, 2, 3 Rock samples from the C-1 anomaly (1.33 km2 in size) at the Fourteen Mile target yield very strongly anomalous molybdenum, arsenic, cadmium, uranium, mercury; strongly anomalous tin, iron, selenium; moderately anomalous silver, lead, antimony, tungsten, and weakly anomalous copper and bismuth.3 High-quality sieved sediment samples collected by the previous operator in 2011 (n=123) yielded highly anomalous copper (up to 504.5 ppm).3 B-horizon soils from 2023 did not yield highly elevated copper but did return elevated pathfinder elements from the soil grids at both Fourteen Mile and Fifteen Mile targets. These results are also spatially associated with a small diorite intrusion.
Previous rock samples from the Fifteen Mile target yielded very strongly anomalous gold, arsenic; strongly anomalous copper and iron; moderately anomalous molybdenum, silver, zinc, bismuth, cadmium, cobalt, sulphur, uranium and tungsten; and weakly anomalous lead, mercury, antimony, selenium, and tellurium.3
A north-trending magnetic high corresponds generally with mapped Princeton Group cover with minor anomalies at the margins (please see Figure 1). Several small radiometric anomalies (low Th:K), inferred to represent potassic alteration, are aligned in E-W trends along the Fourteen Mile and Fifteen Mile creeks (please see Figure 1) and are spatially associated with the mapped iron carbonate-silica alteration and a weak magnetic low in Nicola Group Rocks.1
The Company has applied to conduct up to 20 km of IP surveys in the Fourteen Mile Creek target area in 2024. The most advanced target on the Property, the Trojan-Condor Corridor, is defined by a large (approximately 1.5 x 3.3 km), strong (>20 mV/V) chargeability anomaly along the corridor (please see News Release dated August 10, 2023). Kodiak Copper has used 3D IP to generate successful drill targets at their MPD Property 20 km to the northeast of the Princeton Property4.
Marketing Agreement
The Company also announces that it entered into an agreement on March 14, 2024 (the “Agreement”) with RMK Marketing Inc. (“RMK”) (address: 41 Lana Terrace, Mississauga, Ontario, Canada, L5A 3B2; email: Roberto@rmkmarketing.ca) to provide marketing services for a term of 6 months, commencing March 22, 2024 (the “Term”).
RMK is an independent company which will, as appropriate, provide project management and consulting for an online marketing campaign, coordinate marketing actions, maintain and optimize AdWords campaigns, adapt AdWords bidding strategies, optimize AdWords ads and create and optimize landing pages (the “Services”). The promotional activity will occur by email, Facebook, and Google.
Under the terms of the Agreement, the Company will compensate RMK CAD $100,000, with an option to increase the advertising budget up to CAD $250,000 during the Term. The Company will not issue any securities to RMK as compensation for the Services. As of the date hereof, to the Company’s knowledge, RMK (including its directors and officers) does not own any securities of the Company and has an arm’s length relationship with the Company.
Qualified Person
This news release has been reviewed and approved by Rick Walker, P. Geo., who is acting as the Company’s Qualified Person for the Project, in accordance with regulations under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
The information disclosed is not necessarily indicative of mineralization on the Project.
References
1 – Saleken, L.W., 2013. Compilation Assessment Report on the Tulameen Project Mineral Property, Similkameen Mining Division, BC Geological Survey Assessment Report 33626a.
2 – Massey, N.W.D., Vineham, J.M.S. and Oliver, S.L., 2009. Geology and Mineral Deposits of the Whipsaw Creek – Eastgate – Wolfe Creek Area, British Columbia (92H/01W; 02E; 07E; 08W), B.C. Ministry of Energy, Mines and Petroleum Resources, Open File 2009-086, 1:30,000 scale.
3 – Zastavnikovich, S., 2012. Geochemical Rock, Sediment, and Soil Sampling Report on the Tulameen Project Mineral Property, Similkameen Mining Division, BC Geological Survey Assessment Report 33626b.
4 – Copper Mountain Mine Life of Mine Plan and 65Kt/D Expansion Study Update NI 43-101 Report, Richard Klue, VP Technical Services, CMMC; Patrick Redmond, VP Exploration and Geoscience, CMMC; Luis Alberto Chang, VP Mining, CMMC; Berge Simonian, Director of Metallurgy, CMMC; Amaru Humala, Director of Mechanical Engineering, CMMC Scott Weston, VP Business Development and Strategy, Ausenco; August 1, 2022.
About Collective Metals:
Collective Metals Inc. (CSE: COMT | OTC: CLLMF | FSE: TO1) is a resource exploration company specializing in precious metals exploration in North America. The Company’s flagship property is the Princeton Project, located in south-central British Columbia, Canada, approximately 10 km west of the currently producing Copper Mountain Mine. The Princeton Project consists of 29 mineral tenures totaling approximately 28,560 ha (70,570 acres) in a well-documented and prolific copper-gold porphyry belt and is easily accessible by road, located immediately west of Highway 3.
The Company’s Landings Lake Lithium Project is located in northwestern Ontario where numerous lithium deposits have been delineated to host significant reserves of Li2O. The Landings Lake Lithium Project is located 53 km east of Ear Falls, Ontario and covers 3,146 hectares. The Whitemud Project, with several identified pegmatite outcrops, neighbours the Landings Lake Project and consists of 381 single cell mining claims totaling 7,775 hectares.
Social Media
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ON BEHALF OF COLLECTIVE METALS INC.
Christopher Huggins
Chief Executive Officer
T: 604-968-4844
E: chris@collectivemetalsinc.com
Forward Looking Information
Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. Forward looking statements in this news release include, but are not limited to, statements with respect to the Project and its mineralization potential; statements with respect to the provision of the Services by RMK; the Company’s objectives, goals or future plans with respect to the Project; the commencement of drilling or exploration programs in the future. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/27792842-6b58-4f13-9894-d2fefa0ed63d
Figure 1
