Collective Mining Begins Mobilizing a Fourth Drill Rig to Test Six New High-Grade Porphyry Targets Within a 400 Metre Radius of the Apollo System
Collective Mining Begins Mobilizing a Fourth Drill Rig to Test Six New
High-Grade Porphyry Targets Within a 400 Metre Radius of the Apollo
System
• Exploration fieldwork has identified six well mineralized and outcropping porphyry and
related style targets within a 400 metre radius of the Apollo system with assay results
for soil and rock samples as follows:
o Gold values up to 8.29 g/t (range of 0.18 g/t to 8.29 g/t);
o Silver values up to 346 g/t (range of 0.2 g/t to 346 g/t); and
o Copper Values of up to 0.14% Copper (range of 31 ppm – 1,410 ppm Cu).
• Surface mapping at all six targets has outlined the same style of porphyry mineralization
as the Apollo system, namely altered porphyry with vein stockwork, inter -mineral
breccia with oxide followed by sulphides in the matrix and overprinting late-stage
porphyry veins (“CBM Veins”).
• Although the amount of rock and soil exposure in the sampling radius covering each of
the six target areas is limited due to vegetation, historical landslides and volcanic ash
cover, the scale of the areas and tenor of the assay results are similar to the original
outcrop of the Apollo system . The Company estimates that there is no more than 5%
rock exposure anywhere at the Guayabales project.
• For comparison, the outcrop of the Apollo porphyry system prior to drilling only
measured 10 metres in diameter. Subsequent drilling has outlined a porphyry system
that to date measures 150 metres by 13 0 metres at surface, which then expands in
dimensions quickly at depth to up to 500 metres wide and remains open.
• Surface sampling was carried out in oxidized material and if the oxidation zone shares
similar characteristics to the Apollo system, the copper and silver grades have been
reduced by leaching. Recent drill results from Pad 6 and Pad 7 at Apollo corroborates
this assertion.
• A fourth drill rig is being mobilized to the project and is expected to initiate testing of
the six new targets in late Q2, 2023.
• Six additional holes have been completed at the Apollo system with assay results
expected in the near term. APC-41, APC-42 and APC-45 are shorter holes designed to
test the contact zones between the i nter-mineral breccia and porphyry host rock in
search of higher -grade sub zones. APC-44 and APC 46 are longer holes (up to 425
metres in mineralization) drilled from Pad 6 as part of a fan pattern to assess the shallow
mineralization in this area and APC-47 is an exploratory hole drilled to the east from Pad
4 to test for mineralization beginning from below surface.
Ari Sussman, Executive Chairman commented: “T he discovery of these new mineralized porphyry
outcrops around Apollo are both exciting and significant for the Company . The original discovery
outcrop of Apollo only covered a 10 metre radius and subsequent drilling has demonstrated that
Apollo has the morphology of an inverted carrot with limited surface expression. This fact puts
these new targets into perspective and highlights that the Apollo area is highly prospective for
further exploration. We only found these new outcrops because of various recently excavated
tracks emplaced to service and supply the drilling pads . I am looking forward to new drill rigs
turning at these targets in the near term .”
Toronto, Ontario, April 18, 2023 - Collective Mining Ltd. (TSXV: CNL, OTCQX:
CNLMF) (“Collective” or the “Company”) is pleased to announce ex ploration results from six
newly generate porphyry and related style targets located within the Apollo target area at the
Guayabales project located in Caldas, Colombia. The Apollo porphyry system is a high- grade,
bulk tonnage copper-silver- gold system, which owes its excellent metal endowment to an o lder
copper-silver and gold porphyry system being overprinted by younger precious metal rich,
carbonate base metal vein systems (intermediate sulphidation porphyry veins ) within a magmatic,
hydrothermal inter-mineral breccia body currently measuring 395 metres x 385 metres x 915
metres and open for expansion .
Details (See Table 1 and Figures 1-3)
Exploration fieldwork has identified six target areas with outcropping porphyry style mineral ization
which are located within a 400 metre radius of the Apollo porphyry system. These new targets were
generated by geological mapping, soil sampling and most importantly the emplacement of new tracks
to enable supplies and equipment to be transported to the current drill pads in the area. Two key
characteristics pertinent to understanding the potential impact of the targets and their associated metal
values in rock and soil are as follows:
A. Collectively, the targets consist of all the same mineralization styles observed in the Apollo
system, namely early -stage porphyry style with various porphyry veinlets, inter -mineral
breccia, and late stage CBM veins which host higher values of gold and si lver. The copper
values range between 31 ppm and 1,410 ppm and reflect leaching of copper and silver due to
surface oxidation. The leaching of copper in oxides at Apollo has been observed in all oxidized
material drilled from Pad 6 and Pad 7. Copper values near surface in these drill holes display
very similar grades to those observed in the six outcrops outlined in this release. Gold values
range from 0.18 g/t to 8.29 g/t and silver values from 0.2 g/t to 346 g/t with variation in both
cases related to the mineralization styles encountered.
B. Cognizance must be taken of the surface area and 3D morphology of the Apollo porphyry
system when assessing these new porphyry outcrops. The original Apollo discovery outcrop
was only 10 metres in diameter and was the only exposure identified prior to the drilling of
discovery hole APC-1. The discovery outcrop had gold, silver, and copper values in the ranges
of 0.07 to 4.1 g/t gold, 1.9 to 29 g/t silver and 377 to 1,023 ppm copper. After the erection of
multiple drill pads, another two outcrop areas were located at Apollo following the construction
of various tracks which were emplaced to service the various drill rigs with equipment and
supplies. There is only approximately 5% outcrop exposure at the Guayabales project due to
the dense vegetation and the covering of primary rock surfaces by historic landslide fill and
young volcanic ash. Furthermore, drilling at the Apollo deposit has demonstrated that the
surface expression is relatively small with a maximum known diameter at present of 150
metres whereas at depth this expands quickly to a known diameter of up to 500 metres. The
deposit is still open in all directions.
The following brief descriptions and data are summarized for each outcrop target:
Target 1:
This target is located 200 metres west of the Apollo outcrop area. This outcrop has dimensions of 20
metres by 3 metres and hosts early-stage porphyry mineralization as well as clast supported crackle
breccia with an iron oxide matrix cement of 3% to 5% in volume. Drusy quartz veining is superimposed
on the breccia. Pervasive and strong sericite alteration overprints the rock exposures. Gold grades
range from 1.13 g/t to 0.34 g/t with silver ranging from 0.2 g/t to 6.6 g/t and copper in the range of 90
ppm to 224 ppm.
Target 2:
This target is located 300 metres northeast of the Apollo system , has outcrop dimensions of 120
metres by 60 metres and contains a couple of historical and shallow artisanal mines. Geological
mapping has identified altered porphyry hosting angular breccia with quartz diorite clasts. The matrix
of the breccia has total sulphides of up to 5% which is predominantly pyrite with some chalcopyrite.
CBM veinlets overprint the breccia and trend NW and EW. Alteration is strong and defined by sericite
and chlorite. Gold values range from 8.29 g/t to 1.51 g/t, silver from 10 g/t to 346 g/t and copper from
72 ppm to 362 ppm.
Target 3:
Target 3 is located 300 metres east-northeast of the Apollo system and has outcrop dimensions of 15
metres by 3 metres. The outcrop area hosts angular breccia with quartz diorite clasts with an iron
oxide cement (1%-2%) after sulphides. Strong Sericite-chlorite alteration is observed. The target has
subsequently been expanded to 75 metres by 170 metres by anomalous gold in soil values. Rock
samples range from 0.18 g/t to 0.63 g/t gold, silver ranges from 2 g/t to 68 g/t and copper from 43 ppm
to 277 ppm.
Target 4:
This target is located 250 metres east of the Apollo system with dimensions measuring 20 metres x 4
metres and host crackle breccia of diorite composition and altered porphyry rocks. Breccia cement
hosts 2%-3% iron oxide after sulphide while both the porphyry and breccia units are overprinted by
CBM veinlets. Strong sericite alteration is observed in the outcrop. The target has been expanded to
150 metres by 100 metres by anomalous gold in soil values . Rock samples range from 0.90 to 4.31
g/t gold, 1 g/t to 56 g/t silver and copper ranges from 125 ppm to 323 ppm.
Target 5:
This target area is located 100 metres due east of the Apollo system and has dimensions measuring
15 metres by 10 metres. Geology observed includes altered porphyry, angular breccia and late stage
CBM vein lets. The breccia matrix hosts 3% -5% iron oxides after sulphide with s trong sericit ic
alteration. Anomalous soil sample results for gold have expanded the target area to 200 metres by
100 metres. Rock samples range from 0.56 g/t to 5.59 g/t gold, 6 g/t to 70 g/t silver and copper ranges
from 477 ppm to 833 ppm.
Target 6:
This target area is located 400 metres due southeast of the Apollo system and outcrops over a 30
metre diameter area. The outcrop hosts angular, polymictic, clast supported breccia (diorite and quartz
diorite) and altered porphyry with quartz veinlets. The matrix cement hosts visible sulphides of 3%-5%
and consists of chalcopyrite, sphalerite, galena and pyrite. Rock samples range from 0.39 g/t to 1.07
g/t gold, 6 g/t to 20 g/t silver and copper ranges from 32 ppm to 1,410 ppm.
Update on Apollo Drilling Progress
The Phase II drilling program of 2023 is advancing on schedule with thirteen holes completed and a
further six holes in the lab awaiting assay results. Since the discovery of the Apollo porphyry system
was announced in June 2022 , a total of 44 drill holes (approximately 18,978 metres) have been
completed and assayed.
Six additional holes have been completed from the three current drill pads with assay results expected
in the near term. APC-44 and APC-46 are long holes drilled in westerly direction with continuous visual
mineralization of up to 425 metres. APC-41, APC-42 and APC-45 are shorter holes designed to test
the contact zones between breccia and porphyry in potentially higher -grade areas. APC-47 is an
exploratory hole drilled to the east from Pad 4. Assay results are expected in the near term.
The Company presently has three diamond drill rigs operating at the Apollo project and additional
assay results are expected in the near term.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and
molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area, and represents a large
and unusually high-grade Cu-Ag-Au porphyry system . Mineralization styles include early-stage
porphyry veins, inter-mineral breccia mineralization and multiple zones of porphyry related late stage,
sheeted, carbonate-base metal veins with high gold and silver grades . The Apollo target area is still
expanding as the Company’s ge ologists have found multiple additional outcrop areas with porphyry
veining, breccia, and late stage, sheeted, carbonate base metal veins.
Table 1: Assay Results for Sampling Undertaken on Targets 1 to 6 in the Apollo Target Area
Target # Sample
Type Au (g/t) Ag (g/t) Cu (ppm)
Target 1 Rock 0.43 0.2 90.1
Target 1 Rock 0.34 0.2 104.8
Target 1 Rock 0.88 1.8 154.0
Target 1 Rock 0.91 0.6 121.1
Target 1 Rock 1.13 6.6 224.3
Target 2 Rock 1.51 10.3 71.8
Target 2 Rock 7.06 46.6 146.0
Target 2 Rock 4.10 78.0 254.0
Target 2 Rock 4.55 19.8 309.0
Target 2 Rock 8.29 345.6 424.5
Target 2 Rock 6.55 217.2 362.0
Target 3 Rock 0.18 3.4 155.9
Target 3 Soil 0.43 67.7 43.0
Target 3 Soil 0.63 2.2 277.0
Target 4 Rock 2.97 35.6 322.9
Target 4 Soil 0.90 1.3 131.1
Target 4 Soil 2.88 56.0 198.2
Target 4 Soil 4.31 1.2 124.6
Target 4 Rock 1.28 27.9 186.5
Target 5 Rock 5.59 57.5 833.1
Target 5 Rock 2.70 69.7 539.6
Target 5 Rock 2.41 32.7 507.7
Target 5 Soil 0.56 5.6 477.0
Target 6 Rock 0.60 19.8 1410.0
Target 6 Rock 0.39 15.8 217.3
Target 6 Rock 0.95 16.4 41.9
Target 6 Rock 0.65 6.0 31.5
Target 6 Rock 1.07 13.1 132.3
Note: The values on the table correspond to rock chip and soil samples and should not be relied upon as being representative of
average grades anticipated in any future resource estimate or mining scenario. Sample grades are uncapped and do not represent
true width of the mineralization.
Rock and Soil samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and L ima, Peru. Blanks,
duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush re jects
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.
Figure 1: Location and Assay Results of Rock and Soil Samples Taken From the Six Newly
Generated Porphyry and Related Style Targets Surrounding the Apollo System
Figure 2: Plan View of the Guayabales Project Highlighting the Apollo Target Area
Figure 3: Angular and Crackle Breccia in Target 6
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.