Collective Mining Announces Reconnaissance Drilling is Underway at Trap, a Newly Defined Bulk Tonnage Target Characterized by Multiple, High-Grade Vein Systems
Collective Mining Announces Reconnaissance Drilling is Underway at Trap, a Newly Defined
Bulk Tonnage Target Characterized by Multiple, High-Grade Vein Systems
Toronto, Ontario, May 26, 2022 – Collective Mining Ltd. (TSXV: CNL) (“Collective” or the
“Company”) is pleased to announce high-grade gold and silver channel sample assay results from its
recently discovered Trap target (“Trap”) within the Guayabales project (“Guayabales”), Colombia.
Trap is located within the northern portion of the 4 kilometre x 4 kilometre porphyry cluster within which
the Company has generated eight drill targets through grassroots prospecting to date. Four of these
targets have been drill tested (excluding Trap) yielding three significant discoveries including the
Olympus target where the Company recently announced near surface discovery holes of 302
metres @ 1.11 g/t gold equivalent and 216.7 metres @ 1.08 g/t g old equivalent (refer to press
release dated March 15, 2022 and May 9, 2022, respectively). Collective presently has three diamond
drill rigs operating at Guayabal es with drills turning at the T rap and Apollo targets with a fourth rig
expected to kick off a phase II drilling program at the Olympus target in late June 2022.
Highlights (Table 1 and Figures 1 and 2)
Assay results of 33 reconnaissance chip channel samples taken from porphyry related,
carbonate-base metal (“CBM”) veins within the Trap target confirm the presence of multiple,
high grade, polymetallic veins. Channel sample assay highlights are as follows:
28.41 g/t AuEq over 0.30 metres
15.50 g/t AuEq over 0.25 metres
7.19 g/t AuEq over 2.2 metres
5.07 g/t AuEq over 1.7 metres
The CBM veins hosted within the Trap target are all located wit hin a north-to-south
trending corridor that has been mapped for a strike length of 1.2 kilometres and is open
in both directions along strike. The veins occur within a zone up to 100 metres in width
and are hosted within a quartz d iorite porphyry which has been bleached white by intense
sericite alteration and contains multiple discrete shear planes . The CBM veins are sulphide-
rich (pyrite, chalcopyrite, s phalerite and galena) and are asso ciated with quartz carbonate
veins within this structural corridor.
The Company is presently drilling the first reconnaissance diam ond hole, TRC-1, into
the central portion of the target area where the vein density is highest. Up to five widely
spaced diamond holes c overing 600 metres of strike length will be drilled to understand the
grade tenor and continuity of the target.
“The discovery of a new, high gr ade vein system at Trap reconfi rms just how prospective the
Guayabales project is and to date we have outlined multiple sty les of potentially economic
mineralization within eight precious and base metal targets. Although exploration at the Trap target is
in its infancy, we have already outlined a mineralized corridor consisting of multiple CBM vein systems
with a strike length of at least 1.2 kilometres. First assay r esults from this program are expected in
late Q3, 2022,” commented Ari Sussman, Executive Chairman.
Table 1: Chip Channel Sample Assay Results
Sample
ID
Length
(m) Au (g/t) Ag (g/t) Zn % Pb% Cu% Mo% AuEq
(g/t)*
CM3294 0.30 3.46 687 13.06 1.54 1.86 0.001 28.41
R5024 0.25 8.94 227 0.27 0.06 1.63 0.002 15.50
CM3419 0.14 10.61 283 0.02 0.42 0.01 0.001 14.79
R5002 0.70 8.53 12 0.09 0.13 0.02 0.002 8.47
R5559 0.60 8.08 1 7.69
R5026 0.60 0.49 172 3.82 1.39 0.30 0.001 7.30
R5025 2.20 3.90 38 3.23 0.28 0.15 0.001 7.19
R5561 0.30 5.69 10 5.56
R5059 1.70 5.07 14 0.01 0.00 0.06 0.002 5.19
CM3431 0.08 3.88 69 0.00 0.14 0.00 0.002 4.85
R5039 0.70 4.63 18 0.01 0.02 0.02 0.000 4.74
R5557 0.20 4.19 3 4.03
R5057 1.00 1.91 76 0.07 0.00 0.11 0.012 3.36
R5063 1.40 2.14 55 0.04 0.04 0.14 0.005 3.27
R5153 1.00 0.66 133 0.03 0.00 0.20 0.007 3.19
R5154 1.50 2.35 18 0.03 0.00 0.22 0.022 3.13
R5047 2.00 2.11 22 0.68 0.25 0.02 0.001 3.02
R5064 1.20 0.89 80 0.03 0.00 0.39 0.014 3.00
CM3424 0.60 2.53 11 0.40 0.07 0.02 0.000 2.95
R5156 2.00 1.59 43 0.06 0.01 0.25 0.003 2.75
R5058 0.30 1.39 4 0.02 0.00 0.52 0.002 2.44
R5135 1.00 1.57 46 0.02 0.02 0.05 0.002 2.36
R5061 2.00 1.73 17 0.02 0.01 0.14 0.001 2.22
CM00388 2.00 1.97 4 0.01 0.00 0.01 0.006 2.00
R5137 0.90 1.43 23 0.07 0.01 0.03 0.006 1.87
CM00329 1.50 1.54 20 0.02 0.05 0.01 0.003 1.86
CM00347 1.80 1.89 1 0.04 0.01 0.00 0.000 1.86
R5138 0.25 1.08 20 0.05 0.01 0.21 0.002 1.81
R5558 0.40 1.88 1 1.80
R5136 2.00 1.09 19 0.02 0.01 0.14 0.002 1.64
R5569 0.70 1.44 1 0.00 0.00 0.00 0.000 1.38
CM00347 1.00 1.11 0 0.05 0.14 0.02 0.000 1.21
R5003 0.40 1.01 5 0.06 0.02 0.03 0.001 1.15
*Channel chip samples reported above are over true horizontal sampling widths. Sample grades are uncapped. Channel samples are representative of
2-dimensional space and as a result, should not be relied upon as being representative of average grades anticipated in any future resource estimate
or mining scenario. AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.017 x 0.95) + (Cu (%) x 2.06 x 0.95) + (Mo (%) x 6.86 x 0.95)
+(Zn(%)*0.80*0.95)+(Pb(%)*0.46*0.95), utilizing metal prices of Cu – US$4.50/lb, Mo – US$15.00/lb, Zn – 1.75 US$15.00/lb, Pb – US$1.00/lb, Ag –
$25/oz and Au – US$1,500/oz and recovery rates of 95% for Au, Ag, Cu; Zn; Pb and Mo. Recovery rate assumptions are speculative as no
metallurgical work has been completed to date.
Figure 1: Plan View of the Guayabales Project Highlighting the Trap Target
Figure 2: Trap Target has a 1.25 km Strike Length and is Open in Both Directions Along Strike
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Q ualified Person for this new s 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 Fello w of the Institute of Materia ls, Minerals and Mining and of the
Society of Economic Geology (SEG).
Technical Information
Rock samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia
and Lima, Peru. Blanks, duplicates, and certified reference sta ndards are inserted into the sample
stream to monitor laboratory per formance. Crush rejects and pul ps 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.
About Collective Mining Ltd.
To view the Company’s most recent investor presentation, please visit www.collectivemining.com
Collective Mining is an explorat ion and development company foc used on identifying and exploring
prospective mineral projects in South America. Founded by the t eam that developed and sold
Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the
Company is to repeat its past success in Colombia by making a significant new mineral discovery and
advancing the projection to pro duction. Management, insiders an d close family and friends own
approximately 40% of the outstandi ng shares of the Company and as a result, are fully aligned with
shareholders. Collective currently holds an option to earn up to a 100% interest in two projects located
in Colombia. As a result of an aggressive exploration program at both the Guayabales and San Antonio
projects a total of eleven ma jor targets have been defined. The Company is fortuitous to have made
significant grassroots discoverie s on both projects with discov ery holes of 302 metres 1.1 g/t AuEq
and 104 metres @ 1.3 g/t AuEq at the Guayabales project and 710 metres @ 0.53 AuEq at the San
Antonio project. (See press releases dated October 18th and 27th, 2021 and March 15, 2022, for AuEq
calculations.)
Contact Information
Collective Mining Ltd.
Steve Gold, Vice President, Corporate Development and Investor Relations
Tel. (416) 648-4065
To schedule a one-on-one meeting with management please use the following link:
https://calendly.com/collectivemining/30min?month=2021-11
FORWARD-LOOKING STATEMENTS
This news release contains certa in 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”, “coul d”, “expect”, “plan”, “intend”,
“anticipate”, “believe”, “estimate”, “predict” or “potential” o r the negative or other variations of these
words, or similar words or phr ases, have been used to identify these forward-looking statements.
These statements reflect managemen t’s current beliefs and are b ased on information currently
available to management as at the date hereof.
Forward-looking statements involv e significant risk, uncertaint ies, and assumptions. Many factors
could cause actual r esults, performance, or achievements to dif fer materially from the results
discussed or implied in the forward-looking statements. These f actors should be
considered carefully, and readers should not place undue reliance on the forward-looking statements.
Although the forward-looking st atements contained in this news release are based upon what
management believes to be reasonable assumptions, Collective ca nnot assure readers that actual
results will be consistent with these forward-looking statements. These forward-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 the TSXV nor its Regulati on Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this news release.