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Collective Mining to Commence Drilling at Trap Target in May

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Collective Mining (CNL.TO) will begin drilling at the Trap target in May after receiving a key exploration title from the Colombian National Mining Agency and a key outstanding tenement to fully consolidate the target area, the company said Thursday.

The Trap target is located about 3.5 kilometers to the northeast of the flagship Apollo system of the Guayabales project in Colombia.

Total consideration for the tenement acquired by the company from an arms-length third party entity is US$3.5 million, to be satisfied in three equal installments.

The key exploration title covers the northwestern trending extension of the sheeted vein system and a newly generated large porphyry target. Drilling aims to test the 850-meter extension and a new large gold-copper porphyry anomaly.

Trap is a large-scale gold-copper porphyry target, a priority exploration target and part of the growth strategy for the Guayabales project, the company said.

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