Collective Mining Ltd. (CNL:TSXV) has announced in a press release that the company has the assay results from its drilling on the Apollo porphyry system, located on the Guayabales project. According to the company, there are four drill holes on the project, and the results are part of the company's 42,000m planned program.
The company reports that drill hole APC70-D4 found 1.36 grams per tonne (g/t) gold equivalent (AuEq) across 389.45m starting at a depth of 935m, including 4.41 g/t AuEq across 21.8m, drill hole APC70-D1 found 1.65 g/t AuEq across 199.40m starting at 745m of depth, including 3.48 g/t AuEq across 26.5m, drill hole APC70-D2 found 1.32 g/t AuEq across 168.20m starting at a depth of 625m, including 3.11 g/t AuEq across 21.35m, and drill hole APC70-D3 found 1.82 g/t AuEq across 168.80m starting at a depth of 654m, including 1.40 g/t AuEq across 4.70m.
The Executive Chairman of Collective Mining, Ari Sussman, commented, "Our directional drill program is off to an excellent start by demonstrating that orthogonal drilling improves the grade profile locally due to an abundance of zones flooded with mineralized CBM [carbonate and base metal] vein fluid. Additionally, directional drilling is making it much easier for the company to test and expand the Apollo envelope by allowing the company to quickly reach areas that are not possible to drill from surface due to topography."
Gold Looking at Larger Breakout
On December 9, 2023, Technical Analyst Clive Maund reviewed the gold market and found that a breakout for gold could be incoming.
While the gold prices had dipped from close to record highs, Maund believes that they may be on their way to a larger breakout.
According to Maund, "what we have seen so far is a normal post-breakout reaction back to the support at the upper boundary of the base patterns that they broke out of, which means that this is a great place to buy them."
McAlinden Research also made an argument for the connection between gold and Bitcoin. According to the report, interest in gold and Bitcoin peaks when confidence in the economy wanes, and the value of both commodities is driven by scarcity. The report noted, "MRP has long posited that gold and Bitcoin could very well be complementary assets in some situations, sharing very similar monetary qualities and the potential to benefit from similar trends."
Strong Speculative Buy
Collective Mining Ltd. was reviewed by Clive Maund on November 2, 2023, where he rated the company as a "Strong Speculative Buy" for investors. Maund cited a number of factors in his positive assessment of the company, including the company's recent assay results and the company's stock patterns: "It appears to be at the second low of a Double Bottom with the strong Accumulation line already mentioned, still rising 200-day moving average, and positive divergence of momentum (MACD), all pointing to imminent recovery."
The company has a number of catalysts to report, according to its investor presentation, including new drilling targets, as well as follow-up and expansion drilling on the Guayabales Project and completion of soil sampling on the San Antonio Project.
Ownership and Share Structure
Streetwise Ownership Overview*Reuters provided a breakdown of the company's ownership and share structure, where management and insiders own approximately 38.48% of the company. According to Reuters, Executive Chairman Ari B. Sussman owns 17.89% of the company with 10.85 million shares, Pasquale DiCapo owns 14.82% of the company with 8.99 million shares, Director Ashwath Mehra owns 2.17% of the company with 1.32 million shares, CFO Paul Philemon Begin owns 1.87% of the company with 1.14 million shares, CEO Omar David Ossma Gomez owns 0.82% of the company with 0.50 million shares, Lead Director Kenneth Glyndwr Thomas owns 0.49% of the company with 0.30 million shares, and Director Paul J. Murphy owns 0.42% of the company with 0.26 million shares.
Reuters reports that institutional investors own approximately 7.95% of the company, as 1832 Asset Management L.P. owns 4.37% of the company with 2.65 million shares, Sprott Asset Management LP owns 2.92% of the company with 1.77 million shares, and Rothschild & Co Asset Management Europe SCS owns 0.66% of the company with 0.40 million shares.
According to Reuters, there are 60.64 million shares outstanding with 37.24 million free float traded shares, while the company has a market cap of CA$183.86 million and trades in the 52-week period between CA$2.50 and CA$7.05.
| Want to be the first to know about interesting Gold investment ideas? Sign up to receive the FREE Streetwise Reports' newsletter. | Subscribe |
Important Disclosures:
- Amanda Duvall wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
For additional disclosures, please click here.
