Collective Mining Commences its Phase II Drilling Program at Apollo
Collective Mining Commences its Phase II Drilling Program at Apollo
• Three diamond drill rigs will be turning by the end of January with two of the rigs already
coring and the third anticipated to start operating before the end of the month.
• Two rigs will be focused on drilling the copper-silver-gold rich Main Breccia system at
Apollo from two newly constructed drill pads (pad 6 and pad 7) with details as follows:
o Holes drilled from pad 6 will in general be deep holes and will target shallow
mineralization directly below high-grade surface outcrops and extensions to the
overall size of the footprint of the Main Breccia system. The pad is located in the
southcentral portion of the system sitting directly above outcropping
mineralized angular breccia (Main Breccia style mineralization). The initial drill
hole from this pad, APC-31, is advancing on sch edule and is currently within
mineralized breccia consisting of pyrite, chalcopyrite (copper mineral) , and
overprinted late-stage carbonate base metal (“ CBM”) vein material ( sphalerite
and galena). The CBM veins are responsible for a significant percentage of the
gold and a portion of the silver in the Main Breccia system.
o Holes drilled from pad 7 will be shallow in nature (150 metres to 300 metres) and
will target near surface high-grade mineralization which has recently been
intercepted directly below mineralized outcrops. A recent example of this high -
grade mineralization was encountered in drill hole APC-22, which intercepted two
zones of mineralizat ion assaying 47.25 metres @ 5.45 g/t AuEq at 60 metres
below surface and 16.80 metres @ 4.56 g/t AuEq at 100 metres below surface
(see press release dated January 11, 2023) . Drilling will ensue in the next 7 -10
days from Pad 7.
• The third rig just began drilling at pad 8 (hole APC-32), which is located 150 metres south
of the southernmost known boundary of the Main Breccia system . Holes drilled from
this pad will focus on the newly generated porp hyry target located directly below the
high-grade coincidental c opper and molybdenum soil anomalies within mineraliz ed
porphyry diorite hosting chal copyrite veins (see press release dated December 14,
2022).
• Assay results are expected in the near term for Apollo target drill holes APC-25 through
APC-30 completed as part of the phase I program, which culminated in December 2022.
Ari Sussman, Executive Chairman commented: “W e have an exciting and busy year ahead of us
at the Guayabales project . We will remain aggressive with the drill bit in pushing the geological
boundaries of the Apollo target as we look to remain on a steep trajectory of growth at the Main
Breccia system while drilling untested surrounding targets to try and make a new and impactful
discovery . Also, we will continue to leverage our various strategi c alliances to design and
implement new and innovative programs and platforms with our stakeholders as part of our
“Collective” model, which is based on inclusiveness, transparency, and honesty. With such a
remarkable geological and mineral endowment on the property and an excellent local
management team in place, I believe the odds are in our favor to continue adding significant value
for the Company and its shareholders in 2023.”
Toronto, Ontario, January 17, 2023 - Collective Mining Ltd. (TSXV: CNL, OTC QX:
CNLMF) (“Collective” or the “Company”) is pleased to announce t he commencement of a
phase II diamond drill program at the Main Breccia discovery at the Apollo target (“Apollo”), which
is part of the Guayabales project located in Caldas, Colombia. The M ain Breccia discovery is a
high-grade, bulk tonnage copper -silver-gold porphyry -related system, which owes its excellent
metal endowment to multiple phases of mineralization which includes older copper -silver-gold
porphyry mineralization and younger, overprinting, precious metal rich sheeted carbonate base
metal vein systems. The phase II program wil l begin with three diamond drill rigs with potential to
increase the number of rigs as the program progresses.
Details (See Figures 1–2)
The Phase II program commenced with shallow drilling of near surface, high grade minerali z ation
below mineralized breccia outcrops in the southern and central areas of the Main Breccia discovery
from newly constructed drill pads, 6 and 7. The rig at pad 6 is currently drilling and entered the
mineralized zone close to the drill hole collar. The rig at pad 7 is expected to commence operations
in the next 7- 10 days. Furthermore, a new drill pad ( pad 8) has been constructed 150 south of the
southernmost modelled boundary of the Main Breccia system at Apollo to test the recently discovered
porphyry target. Key highlights of the initial plan are as follows:
Main Breccia System
• New drill holes AP C-31 and APC-33 (pads 6 and 7 respectively) will focus on testing the
shallow and high-grade mineralization located just below surface outcrops in the south and
central portions of the deposit. This target area was drilled with APC -22 with recently
announced results (see press release dated January 11, 2023) as follows:
o 47.25 metres @ 5.45 g/t gold equivalent consisting of 4.65 g/t Au, 22 g/t Ag, 0.39% Cu
and 30 ppm Mo from 89.25 metres downhole (60 metres vertical depth).
o 16.80 metres @ 4.56 g/t gold equivalent consisting of 2.59 g/t Au, 79 g/t Ag, 0.50% Cu
and 20 ppm Mo from 167.0 metres downhole (100 metres vertical depth).
Most of this outcropping and shallow target remains untested with current known dimensions
from surface sampling cover a 150-metre diameter area. The target area remains open in all
directions for expansion.
• The program will also continue to undertake step -out drill holes designed to understand the
geometry and size of the Apollo Main Breccia discovery , which remains open to the north,
west, east and at depth. Recently announced step-out drill holes APC-17 and APC-22, both
bottomed in mineralized breccia due to drill rig capacity returning 2.75 metres @ 0.86 g/t gold
equivalent and 3 metres @ 0.48 g/t gold equivalent r espectively in their final metres (see press
release dated November 29, 2022, and January 11, 2023 ). Additionally, hole APC -28,
intercepted 600 metres of continuous mineralization and ended while still in the system.
Assays are outstanding for this hole and expected in the near term.
• A final feature of the phase II diamond drill program at the Main Breccia system will be to test
the following high grade mineralized subzones identified during the phase I program in 2022
as follows:
o Drilling will target a high-grade copper zone which daylights at surface in the southwest
portion of the Main Breccia system and plunges gently to the northeast. Previous
drilling into this zone intercepted chalcopyrite bearing copper mineralization which
includes grades of 72. 3 metres @ 0.63% copper (APC -17), 168.6 metres @ 0.5%
copper (APC-18) and 124.3 metres @ 0.63% copper (A PC-19) (see press release
dated November 29, 2022, and December 7, 2022). Significant gold and silver grades
were also intercepted in each of these holes.
o Drilling will also target m ultiple, high-grade gold sub zones related to sheeted CBM
veins and veinlets located in the upper, central, and lower portions of the breccia body.
Select previously announced assay results from these areas include intercepts of 46.6
metres @ 5.13 g/t gold equivalent (APC-3), 33.6 metres @ 7.3 g/t gold equivalent and
64.85 metres @ 3.67 g/t gold equivalent (APC -22) (see press release dated August
29, 2022, and January 11, 2023).
New Porphyry Target
• Hole APC-32 will be drilled from a newly constructed pad 8, which is located 150 metres south
of the southernmost modelled boundary of the Main Breccia system, to test below the
coincidental high-grade copper and molybdenum soil anomalies associated with a mineralized
porphyry diorite hosting chalcopyrite veins. The porphyry target covers an area measuring 250
metres by 150 metres and rem ains open for expansion in all directions . Recent, follow-up
reconnaissance geological work at surface has identified a potassic altered porphyry diorite
hosting quartz, molybdenum, and chalcopyrite veins. Surface rock chip sampling from limited
weathered (leached) outcrop has returned grades of up to 0.28% copper and 0.13%
molybdenum. The hole will be steeply inclined and drill directly below the highest soil and rock
chip values.
In 2022, a total of 14,975 metres (31 holes) were drilled at the Apollo target for the phase I program.
Assay results for twenty-five diamond drill holes have now been announced at Apollo with results for
the remaining six holes 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. The Apollo target area
hosts the Company’s M ain Breccia discovery plus a vein system located above and on the eastern
flank of the Main Breccia discovery . Multiple additional untested breccia, porphyry and vein targets
have been generated with drilling to begin testing these targets in Q1, 2023. The overall Apollo target
area also remains open for further expansion.
Figure 1: Plan View of the Main Breccia D iscovery at Apollo Highlighting the Initial Holes for
2023 from new Drill Pads 6,7 and 8
Figure 2: Plan View of the Guayabales Project Highlighting the Apollo Target
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 Gol d Inc. to Zijin Mining for
approximately $2 billion in enterprise value, Collective Mining is a copper, silver and gold
exploration company based in Canada, 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, and gol d Main Breccia discovery. The
Company’s near -term objective is to continue with expansion drilling of the Main Breccia discovery
while increasing confidence in t he highest -grade portions of the system.
Management, insiders and close family and friends own nearly 35% of the outstanding shares of
the Company and as a result, are fully aligned with shareholders. The Company is listed on the
TSXV under the trading sym bol "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 revie wed 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 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 s torage 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 (@Ariski) and Collective Mining (@CollectiveMini1)
on Twitter
Investors and Media
Steven Gold, Vice President, Corporate Development and Investor Relations
Tel. +1 (416) 648-4065
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 o ther
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 a ssumptions , Collective cannot 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 revi se them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of
the TSXV) accepts responsibility for the adequacy or accuracy of this news release.