Collective Mining Announces the Initiation of Drilling at the Box Target, a Large and Mineralized Outcropping Gold-Rich Porphyry System
Collective Mining Announces the Initiation of Drilling at the Box Target, a Large and
Mineralized Outcropping Gold-Rich Porphyry System
Toronto, Ontario, October 5, 202 1 – Collective Mining Ltd. (TSX V: CNL) (“Collective” or the
“Company”) is pleased to announce, as part of its 7,500-meter maiden drill program, that it is mobilizing
a second diamond drill rig to the Guayabales Project, Colombia. The new drill rig is expected to begin
operating before the end of October 2021 and will be targeting a grass-root generated large-scale and
mineralized outcropping gold-rich porphyry system within the Bo x target area (“Box”). Box is one of
the five major grass-root drill-ready target areas identified at the Guayabales Project by the Company
in 2021. The Guayabales Project is situated contiguous and imme diately along strike and to the
northwest of Aris Gold’s multi-million-ounce deposit. The Comp any interprets the abundant precious
metal mineralization encountered throughout the Guayabales proj ect to be related to multiple
mineralized styles that include gold-copper-molybdenum porphyries and associated breccia as well
as high grade, precious and base metal vein systems that are su perimposed on and enrich the
porphyry bodies.
Highlights (Table 1 and Figures 1 to 5)
The porphyry zone (“CPZ”) within the Box is a coincidental str ong gold, silver, copper and
molybdenum soil anomaly characteriz ed by high-grade veins overp rinting porphyry
mineralization. In turn, the mi neralization is situated directl y within coincidental magnetic
chargeability and resistivity geophysical anomalies typical of a porphyry system.
The surface area for the CPZ at Box measures 500 metres by 400 metres and is open in all
directions for expansion.
The CPZ has returned channel and grab sampling from three diff erent styles of mineralization;
polymetallic veins, porphyry stockwork and disseminated sulphide. Samples for the high-grade
veins returned a range of intercepts grading up to 14.8 g/t gold and 276 g/t silver. These high-
grade veins are superimposed on porphyry veinlets, stockwork an d disseminated sulphide
mineralized systems with grades ranging from 0.4 g/t to 1 g/t gold with select results as follows:
Table 1 Rock and Channel Sample Results at the Box Target
Sample ID Au g/t Ag g/t Length Mineralization
CM000068 14.80 176 * Polymetallic Shear zone
CM000077 9.62 254 * Polymetallic Fault
CM000112 5.14 239 1.0 Polymetallic Fault
CM000382 4.96 73 * Polymetallic Stockwork
CM000384 2.31 71 * Polymetallic Fault
CM000070 2.22 65 * Polymetallic Vein
CM002397 1.68 101 0.9 Polymetallic Fault
CM000300 1.62 24 * Polymetallic Vein
CM000984 0.94 9 2.0 Porphyry Stockwork
CM001148 0.89 2 2.0 Porphyry Stockwork
CM000985 0.87 6 2.0 Porphyry Disseminated
CM002440 0.79 1 0.5 Shear Zone Contact
CM000987 0.78 10 2.0 Porphyry Disseminated
CM000982 0.56 20 2.0 Porphyry Disseminated
CM002358 0.51 4 2.0 Porphyry Stockwork
CM002395 0.47 47 2.0 Polymetallic Disseminated
CM002394 0.45 22 2.0 Porphyry Disseminated
CM002160 0.44 4 2.0 Porphyry Disseminated + Stockwork
CM000298 0.44 17 0.7 Porphyry Disseminated
CM002396 0.43 75 1.7 Polymetallic Disseminated
CM000383 0.42 19 * Porphyry Stockwork
CM002405 0.41 0 2.0 Porphyry Disseminated
*Grab sample
“The deep penetrating, high resolution IP work when combined with our exploration data has been an
effective targeting tool in defin ing multiple targets consistin g of different mineralization styles at the
Guayabales Project. As a result, the Company is now beginning a robust drill program to test our initial
five targets over the balance of the year and into 2022. Importantly, we expect that initial assay results
from drilling at the Donut target, which commenced in September, will be available prior to the end of
October,” commented Ari Sussman, Executive Chairman.
Details
The CPZ within the Box is in the western portion of the Guayaba les Project and is hosted within
multiple porphyritic diorites which intrude into carbonaceous s chist and siltstone country rocks.
Previously, the Company announc ed channel and rock sample resul ts from small porphyry and
polymetallic vein outcrops within the Box target (see press release dated July 29, 2021). The Company
has now undertaken extensive additional surface work and geophy sical surveys at the Box target
which define a central, mineralized porphyry zone, referred to as the impregnated zone and enveloped
by high grade, polymetallic veins to the north, west and south of the porphyry body (see Figure 1).
The CPZ contains gold mineraliz ed stockwork and sheeted vein sy stems hosting quartz-pyrite-
molybdenite-magnetite-chalcopyrite assemblages that are associa ted with potassic alteration. The
mineralized vein systems are coi ncident with soil anomalies for copper (>500ppm), molybdenum
(>3ppm) and gold (>100 ppb) and cover an area of 500 meters by 400 meters. The mineralized
porphyry system is impregnated by late stage polymetallic veins which host gold, silver, sphalerite,
and galena sulphides. Located to the North and South of the por phyry zone are additional zones of
polymetallic veins which fringe the main porphyry bodies and ar e associated with extensive sericite-
chlorite alteration. The polyme tallic veins locate within inter secting structures and have northeast,
northwest and east-west orientations.
Outcrop exposure within Box is limited due to extensive landslides and colluvium cover. Geophysical
surveys were therefore undertaken to assist in target definitio n and included airborne magnetics and
a deep penetrating, ground IP survey. Three-dimensional modelling of all this data has highlighted the
presence of a zone of chargeabilit y highs associated with inter mediate resistive bodies which are
coincident with an intermediat e magnetic anomaly. The geophysic al anomalies demonstrate an
excellent coincidence with the CP Z as defined by geological map ping, soil and rock sampling. The
magnetic survey also highlights a clear, NE-SW trending structu ral corridor which is interpreted to
have facilitated emplacement of the CPZ and vein systems in between the various country rocks.
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.
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 pr oduction. Management and insider s own approximately 41% of the
outstanding shares of the Company and as a result are fully ali gned with shareholders. Collective
currently holds an option to earn up to a 100% interest in two projects located in Colombia: (i) the San
Antonio project; and (ii) the Guay abales Project. With an aggre ssive grassroots exploration program
in 2021 outlining five major targets at the Guayabales Project, the Company recently initiated a maiden
7,500 metre drill program with a sole purpose to make the next major discovery in Colombia. Initial
assay results from this drill program are anticipated in Q4, 2021.
Contact Information
Collective Mining Ltd.
Paul Begin, Chief Financial Officer
Tel. (416) 451-2727
FORWARD-LOOKING STATEMENTS
This news release contains certa in forward-looking statements, including, but not limited to,
statements about the maiden drill program, 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” 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 invol ve 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.
Figure 1: Plan View of the Guayabales Project and the Box Target
Figure 2: Plan View of the Box Target Area (Gold Values (g/t))
Figure 3: Molybdenum Rock Geochemistry of the CPZ (Porphyry Zone)
Figure 4: Plan View and North-South IP Section Over the CPZ Highlighting Chargeability and
Resistivity
Figure 5: Box: Porphyry Style Stockwork Mineralization and Veinlets in Outcrop Samples