Collective Mining Announces a New Discovery at the ME Target and 2024 Exploration Plans o The first drill holes into the grassroot generated ME target at the Guayabales project, which is located approximately 800 metres southeast of the Apollo system, have resulted in a new
Collective Mining Announces a New Discovery at the ME Target and
2024 Exploration Plans
o The first drill holes into the grassroot generated ME target at the Guayabales project, which is
located approximately 800 metres southeast of the Apollo system, have resulted in a new
precious metal rich discovery with highlights including:
o 111.25 metres @ 1.00 g/t gold equivalent from 130 metres downhole (APC-81).
o 55.40 metres @ 1.20 g/t gold equivalent from 239.95 metres downhole (APC-
83).
o The ME discovery is open to the north, south, west and at depth.
o Final Phase I reconnaissance drill holes into the northwestern portion of the Plutus target
intercepted precious metal rich mineralization beginning at surface including :
o 304.60 metres @ 0.76 g/t gold equivalent (PNC-5).
o Visual logging of recently completed reconnaissance greenfield drill holes at the Trap and
Olympus Deeps target s suggests significant broad zones of mineralization have been
encountered with initial assay results expected in January 2024.
o The 2024 exploration program will include a minimum of 40,000 metres of diamond drilling and
an airborne VTEM/ZTEM survey. Drilling will focus on continued expansion of the flagship
Apollo system and exploration drilling of various targets including, but not limited to, Trap,
Olympus, Plutus and the newly generated Tower and X targets.
Ari Sussman, Executive Chairman commente d: “The mineral endowment within the Guayabales
project’s 4.5 kilometre long porphyry corridor continues to amaze with drilling new discoveries
being the norm instead of the exception. Our 2024 exploration plan s will remain steadfast in trying
to extract as much value out of the ground through exploration and growth drilling in order to best
arm ourselves with an idea of the potential scale of the mineralized systems in order to advance
to the next stage of development for this remarkable asset.”
Toronto, Ontario, December 27 , 2023 - Collective Mining Ltd. (TSX: CNL, OTCQX:
CNLMF) (“Collective” or the “Company”) is pleased to announce i ts exploration plans for 2024
at the Guayabales project , assay results for a new discovery at the ME target and final assay
results for holes from a recently discovered mineralized zone in the northwest portion of the large
Plutus target.
The Company has completed 82 drills holes comprised of approximately 36 ,060 metres of diamond
drilling during 2023 at the Guayabales project with pending assay results for numerous holes
expected in January 2024 .
2024 Exploration Plans
The 2024 exploration program will be the Company’s largest to date with four rigs initially operating in
January up to a maximum of six rigs throughout the year. Based on a very successful 2023 program,
in which approximately 36,000 metres of drilling was completed, the Company will continue focusing
on growth with two key objectives for the year:
Expansion of the Apollo System – Drilling to date has outlined a robust and high-grade gold-silver-
copper-tungsten porphyry system which outcrops at surface and boasts maximum known dimensions
of 560 metres in strike by 395 metres in width by 935 metres vertically. The system remains open
along strike to the north, west and depth and drill ing in 2024 will continue to push the boundaries to
try and find the limits of the system. As announced on December 11th, 2023, drill hole APC70-D5 has
visually extended the vertical of the system to well over 1,000 metres with assay results for this hole
and others expected in early 2024.
Exploration Targets – Based on the resounding success in drilling new targets and making new
discoveries in 2023, the Company will continue to outline, define and drill early stage or grassroot
targets along the 4.5-kilometre porphyry corridor at the Guayabales project as follows:
• Olympus Target – In early 2022, the Company announced the discovery of Olympus,
highlighted by near surface bulk intercepts including OLCC-1, which cut 301.9 metres @ 1.11
g/t AuEq (see press release March 15, 2022). As announced in a press release on December
11, 2023, drill hole APC88-D1, which began south of Apollo, visually cut two long yet distinctly
different zones of mineralization. The first zone intercepted approximately 500 metres of
brecciated porphyry mineralization through the Apollo system. Further downhole, a second
zone of mineralization measuring more than 200 metres was intersected deep below Olympus
before the hole was lost in a fault while still in mineralization. Based on visual logging, it is
clear this second zone of mineralization is a new gold intrusion system characterized by an
abundance of magnetite and molybdenite in the mineral matrix. Given the potential impact of
this new discovery, the Company will focus its drilling on the target beginning in January 2024.
• Trap Target – Discovery hole, TRC -1, was announced o n September 27, 2022 and
intersected 102.2 metres @ 1.53 g/t AuEq. Follow up drilling began in November 2023 and
holes TRC-2 and TRC-3 have intersected potentially significant zones of mineralization with
more than 500 metres of continuous mineralization observed in TRC-2. Assay results for these
holes are expected in January 2024 with drilling expected to resume shortly thereafter.
• Plutus Target – Given the large scale of the coincidental copper and molybdenum in- soil
anomalies and the lack of outcropping rock, the Company will be flying an airborne
VTEM/ZTEM survey across the Guayabales project in H1, 2024 and once complete and
interpreted, drilling will ensue at Plutus.
• Target X and Tower Target – Newly generated and both exhibiting similar surface
characteristics to the Apollo system, the Company plans on drill testing both targets in 2024.
ME Target (See Table 1 and Figures 1 to 3)
Six diamond drill holes were completed as part of the Phase I reconnaissance program at the ME
target (“ME”), which is located approximately 0.8 kilometres to the southeast of the Apollo system. The
drilling results into ME have outlined a new discovery of gold and silver mineralization hosted with
breccia and porphyry units with strike dimensions of 100 metres to the northeast , a 50 meters width
and vertical continuity down to a depth of 407 metres below surface with details as follows:
APC-78 was drilled southwest from newly constructed Pad 11 to a final downhole depth of 479.55
metres. The hole cut a new brecciated porphyry system which is overprinted by late stage sheeted
CBM veins plus multiple zones of CBM veins hosted within a quartz diorite porphyry unit. The following
results are highlighted:
• 58.45 metres @ 0.51 g/t gold equivalent from 95.75 metres downhole including;
o 12.65 metres @ 1.26 g/t gold equivalent from 141.55 metres downhole.
• 6.15 metres @ 4.13 g/t gold equivalent from 242.55 metres downhole.
• 0.75 metres @ 15.09 g/t gold equivalent from 346.95 metres downhole.
• 0.70 metres @ 9.37 g/t gold equivalent from 462.30 metres downhole.
APC-81 was drilled to the southwest from Pad 11 to a final downhole depth of 476.00 metres and was
designed to test down dip continuity of the newly discovered mineralization encountered in APC-78.
The hole cut both brecciated mineralized porphyry and quartz diorite porphyry with CBM vein
mineralization with highlighted results as follows:
• 12.40 metres @ 1.23 g/t gold equivalent from 47.00 metres downhole and;
• 111.25 metres @ 1.00 g/t gold equivalent from 130.00 metres downhole including:
o 23.10 metres @ 1.93 g/t gold equivalent from 152.30 metres downhole.
o 21.50 metres @ 1.56 g/t gold equivalent from 205.00 metres downhole.
• 25.10 metres @ 1.67 g/t gold equivalent from 352.95 metres downhole.
• 28.15 metres @ 0.89 g/t gold equivalent from 421.15 metres downhole.
APC-83 was drilled steeply to the southwest from Pad 11 to a maximum downhole depth of 391.40
metres and was designed to test depth continuity of the minerali zation encountered in APC -78 and
APC-81. Mineralization styles are the same as those encountered in previous drilling with assay results
as follows:
• 50.95 metres @ 0.40 g/t gold equivalent from 16.55 metres downhole.
• 29.95 metres @ 0.60 g/t gold equivalent from 150.35 metres downhole.
• 55.40 metres @ 1.20 g/t gold equivalent from 239.95 metres downhole including:
o 12.60 metres @ 3.17 g/t gold equivalent from 239.95 metres downhole.
• 5.10 metres @ 1.31 g/t gold equivalent from 351.30 metres downhole.
APC-85 was drilled steeply to the south from Pad 11 to a maximum downhole depth of 385.05 metres
and intersected CBM veins and veinlets which overprinted quartz diorite porphyry. The following assay
results are highlighted:
• 46.05 metres @ 0.69 g/t gold equivalent from 12.10 metres downhole.
• 201.25 metres @ 0.43 g/t gold equivalent from 183.80 metres downhole including:
o 37.10 metres @ 1.00 g/t gold equivalent from 290.60 metres downhole.
MEC-1 was drilled to test a CBM vein system located along strike to the southeast of the intercepts in
this release. The hole was directed to the southwest and drilled to a maximum depth of 544.60 metres.
The hole intercepted some sporadic CBM veining which overprinted quartz diorite porphyry and
returned 48.9 metres grading 0.34 g/t gold equivalent from 8.65 metres downhole.
Table 1: Assay Results for APC-78, APC-81, APC-83, APC-85, APC-87 and MEC-1
Hole # From
(m)
To
(m)
Length
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Mo
(%)
AuEq
(g/t*)
APC-78 95.75 154.20 58.45 0.40 5 0.02 0.002 0.51
incl 141.55 154.20 12.65 1.04 13 0.03 0.002 1.26
and 217.60 218.30 0.70 5.37 18 0.04 0.002 5.56
and 242.55 248.70 6.15 3.59 39 0.05 0.001 4.13
and 337.15 337.85 0.70 6.32 82 0.11 0.001 7.49
and 346.95 347.70 0.75 15.50 1 0.01 0.002 15.09
and 407.00 408.10 1.10 3.94 10 0.02 0.002 4.01
and 462.30 463.00 0.70 9.35 18 0.03 0.001 9.37
and 472.55 473.90 1.35 3.53 81 0.16 0.001 4.86
APC-81 47.00 59.40 12.40 1.00 15 0.02 0.001 1.23
and 130.00 241.25 111.25 0.83 10 0.03 0.002 1.00
incl 152.30 175.40 23.10 1.70 16 0.03 0.002 1.93
and Incl 205.00 226.50 21.50 1.38 11 0.02 0.002 1.56
and 261.10 265.30 4.20 1.56 14 0.05 0.002 1.82
and 352.95 378.05 25.10 1.58 7 0.02 0.001 1.67
and 399.00 403.55 4.55 1.75 6 0.02 0.001 1.82
and 421.15 449.30 28.15 0.82 4 0.02 0.001 0.89
APC-83 16.55 67.50 50.95 0.23 9 0.02 0.001 0.40
and 150.35 180.30 29.95 0.47 6 0.02 0.002 0.60
and 239.95 295.35 55.40 0.98 14 0.02 0.002 1.20
incl 239.95 252.55 12.60 3.15 5 0.01 0.002 3.17
and 351.30 356.40 5.10 1.21 8 0.01 0.001 1.31
APC-85 12.10 58.15 46.05 0.42 15 0.03 0.001 0.69
and 183.80 385.05 201.25 0.35 4 0.02 - 0.43
Incl 290.60 327.70 37.10 0.90 6 0.02 - 1.00
APC-87 Hole abandoned due to technical issues
MEC-1 8.65 57.55 48.90 0.11 7 0.06 0.002 0.34
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.016 x 0.88) + (Cu (%) x 1.79 x 0.90)+ (Mo (%)*11.62 x 0.85) utilizing
metal prices of Cu – US$3.85/lb, Ag – US$24/oz, Mo - US$25/lb and Au – US$1,475/oz and recovery rates of 97% for Au, 88% for
Ag, 85% for Mo, and 90% for Cu. Recovery rate assumptions for gold are based on metallurgical results announced on October 17 ,
2023. Recovery rates for copper, molybdenum and silver are speculative as limited metallurgical work has been completed to date on
these metals. True widths are unknown, and grades are uncut.
Plutus Target (See Table 2 and Figure 1-3)
The large Plutus porphyry target measures approximately 1,000 metres by 720 metres as outlined by
a magnetic high which is coincident with copper and molybdenum soil anomalies measuring greater
than 300 ppm and 20 ppm respectively.
Reconnaissance drilling was undertaken in the northwestern edge of the anomaly with discovery hole
PNC-2 being announced on October 11, 2023 and yielding 136 .45 metres @ 1.31 g/t AuEq. Assay
results have been received for the final four holes of the Phase I reconnaissance program and are
outlined below.
PNC-3 was drilled to the southeast to test for porphyry mineralization from PPad1 and reached a final
downhole depth of 456.80 metres. The hole encountered low grade porphyry mineralization from 3.05
metres to 83.0 metres downhole and returned 0.24 g/t gold equivalent over a core length of 79.95
metres.
PNC-4 was drilled from PPad1 to the southwest and north of previously announced drill hole PNC -2
(see press release October 11, 2023) to test for continuity of the mineralization. The drill reached a
final downhole depth of 614.20 metres and encountered three zones of porphyry related mineralization
from 66.50 metres, 130.30 metres and 487.40 metres respectively with assay results as follows:
• 25.60 metres @ 0.33 g/t gold equivalent from 66.50 metres downhole.
• 132.35 metres @ 0.52 g/t gold equivalent from 130.30 metres downhole.
• 57.60 metres @ 1.36 g/t gold equivalent from 487.40 metres.
PNC-5 was drilled steeply from PPad 2 to the southwest to test for the continuity of mineralization.
The drill hole reached a final downhole depth of 464.20 metres and intersected brecciated quartz
diorite porphyry and overprinting carbonate base metal veins . The following assay results are
highlighted:
• 304.60 metres @ 0.76 g/t gold equivalent from 4.40 metres downhole in brecciated
quartz diorite porphyry rocks including:
o 47.90 metres @ 1.25 g/t gold equivalent from 96.75 metres downhole and;
o 54.00 metres @ 1.69 g/t gold equivalent from 255.00 metres downhole.
PNC-6 was drilled steeply to the southwest from PPad2 and the hole reached a maximum downhole
depth of 374.45 metres with results as follows:
• 120.75 metres @ 0.66 g/t gold equivalent from 11.25 metres downhole including:
o 21.70 metres @ 1.06 g/t gold equivalent from 32.70 metres downhole and;
o 18.65 metres @ 1.11 g/t gold equivalent from 88.75 metres downhole.
Table 2: Assay Results for PNC-3, PNC-4, PNC-5 and PNC-6
Hole # From
(m)
To
(m)
Length
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Mo
(%)
AuEq
(g/t*)
PNC-3 3.05 83.00 79.95 0.13 1 0.04 0.003 0.24
PNC-4 66.50 92.10 25.60 0.16 1 0.08 0.004 0.33
and 130.30 262.65 132.35 0.35 10 0.02 0.001 0.52
and 487.40 545.00 57.60 1.31 3 0.01 0.003 1.36
PNC-5 4.40 309.00 304.60 0.58 9 0.03 0.003 0.76
incl 96.75 144.65 47.90 1.11 10 0.01 0.001 1.25
and Incl 255.00 309.00 54.00 1.44 16 0.02 0.003 1.69
PNC-6 11.25 132.00 120.75 0.31 13 0.08 0.004 0.66
Incl 32.70 54.40 21.70 0.59 20 0.09 0.006 1.06
and Incl 88.75 107.40 18.65 0.47 29 0.12 0.004 1.11
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.016 x 0.88) + (Cu (%) x 1.79 x 0.90)+ (Mo (%)*11.62 x 0.85) utilizing
metal prices of Cu – US$3.85/lb, Ag – US$24/oz, Mo - US$25/lb and Au – US$1,475/oz and recovery rates of 97% for Au, 88 % for
Ag, 85% for Mo, and 90% for Cu. Recovery rate assumptions for gold are based on metallurgical results announced on October 17 ,
2023. Recovery rates for copper, molybdenum and silver are speculative as limited metallurgical work has been completed to date on
these metals. True widths are unknown, and grades are uncut.
Figure 1: Long Section of the 4.5 Kilometre Porphyry Corridor at the Guayabales Project
Outlining Highlights of the Various Discoveries Made and Undrilled Targets
Figure 2: Plan View of Drill Holes into the ME and Plutus Targets Outlined in this Release