Collective Mining’s Reconnaissance Drill Program to Test Six New Targets Surrounding the Apollo Porphyry System is Underway
Collective Mining’s Reconnaissance Drill Program to Test Six New
Targets Surrounding the Apollo Porphyry System is Underway
Toronto, Ontario, June 20, 2023 – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF)
(“Collective” or the “Company”) recently commenced exploration diamond drilling on the first of six
well mineralized and outcropping targets located within a 400- metre radius of the Apollo porphyry
system (“Apollo”). Please refer to the press release dated April 18, 2023, for a description of the six
newly generated targets. The Company presently has three diamond drill rigs on site with a fourth
rig expected to arrive in the near term. Presently, one of the operating rigs has been assigned
to systematic drilling of the six new targets at Apollo.
The Apollo porphyry system is a high -grade, bulk tonnage copper -silver-gold system, which owes
its excellent metal endowment to an older copper -silver and gold porphyry system being
overprinted by younger precious metal rich, carbonate base metal vein systems (intermediate
sulphida tion porphyry veins) within a magmatic, hydrothermal inter -mineral breccia and diorite
porphyry bodies currently measuring 435 metres x 395 metres x 915 metres and open for
expansion.
Details (See Figures 1-2)
• The Company has previously undertaken surface mapping outlining six targets with the
same style s of mineralization as the Apollo porphyry system consisting of altered
porphyry with vein stockwork, hydrothermal breccia with oxides followed by sulphides
in the matrix and overprinting late-stage porphyry veins (“CBM Veins”). Surface
exposure in the Apollo area is very limited and all six targets have similar outcropping
dimensions and gold- silver-copper grades to the original discovery outcrop at the
Apollo porphyry system.
• Drill holes APC-54 and APC-57 were recently completed from Pad 9 on Target 1, which
is located up to 200 metres to the west of the Apollo porphyry system. Visual logging of
APC-54’s drill core indicates potentially interesting porphyry style mineralization was
encountered over two intervals along the hole . Assay results for both holes are
anticipated in July 2023.
• The rig at Pad 9 was recently mobilized to Pad 5 where it will soon commence drill testing
below mineralized outcrops at Target 2. Three easterly directed reconnaissance holes
are planned for Target 2, which is located approximately 300 metres to the northeast of
the Apollo porphyry system.
• Nine a dditional holes have been completed at Apollo and are in the lab for analysis.
Assay results for deep drill holes APC-49 and APC-55, which cut more than 840 metres
and 790 metres of continuous mineralization from surface respectively, are anticipated
prior to the end of Q2 2023.
Ari Sussman, Executive Chairman commented: “I t is exciting to see that APC-54, which is our very
first reconnaissance hole outside of the Apollo porphyry deposit in 2023, has intersected visual
mineralization over two intervals . Given our past success in making discoveries at the Guayabales
project, I am confident that if we drill with persistency, we will make a fresh new discovery in 2023.”
Figure 1: Plan View of the Six New Targets Surrounding Apollo, Including Drill Traces for Holes
Completed Testing Target 1 and the Initial Proposed Hole to Test Target 2
Figure 2: Plan View of the Guayabales Project Highlighting the Apollo Target Area
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please
visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for
approximately $2 billion in enterprise value, Collective Mining is a copper, silver, and gold
exploration company with projects in Caldas, Colombia. The Company has options to acquire
100% interests in two projects located directly within an established mining camp with ten fully
permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the
large-scale, bulk -tonnage and high -grade copper -silver-gold Apollo porphyry system. The
Company’s near -term objective is to drill the shallow portion of the porph yry system while
continuing to expand the overall dimensions of the system and test new targets on the property .
Management, insiders and close family and friends own nearly 45% of the outstanding shares of
the Company and as a result, are fully aligned w ith shareholders. The Company is listed on the
TSXV under the trading symbol "CNL" and on the OTCQX under the trading symbol “CNLMF”.
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, soils, and core samples have been prepared and analyzed at SGS laboratory facilities in
Medellin, Colombia and Lima, Peru. Blanks, duplicates, and 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.
Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski73) and Collective Mining
(@CollectiveMini1) on Twitter
Investors and Media
Paul Begin, Chief Financial Officer
+1 (416) 451-2727
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 forwar d-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 TSXV nor its Regulation Services Provider (as that t erm is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this news release.