Collective Mining Discovers a New High-Grade Zone at the Breccia to Porphyry Contact by Drilling 104.8 Metres Grading 5.56 g/t Gold Equivalent from Surface at Apollo
Collective Mining Discovers a New High-Grade Zone at the Breccia to
Porphyry Contact by Drilling 104.8 Metres Grading 5.56 g/t Gold
Equivalent from Surface at Apollo
• Two reconnaissance holes were drilled eastwards from Pad 6 at the Apollo system to
test the potential for high grade mineralization at the eastern contact zone where the
inter-mineral breccia and the host porphyry vein stockwork meet. Based on prior
observations, the concept to be proved was that the contact zone forms a trap for the
accumulation of excess metal driven by the location where the late-stage carbonate
base metal veins enter the system. The scout hole, APC-41, was drilled obliquely to the
contact and was not optimally situated to fully test the zone. Based on the logging of
that hole, APC-42 was then appropriately drilled orthogonal to the contact zone.
• APC-42, which expanded the overall dimensions of the Apollo system modestly to the
southwest intersected high-grade gold-silver-copper mineralization from surface over
a broad interval with the highest accumulation (grams X metres) of oxide material
encountered to date as follows:
• 104.8 metres @ 5.56 g/t gold equivalent (consisting of 4.21 g/t gold, 68 g/t silver
and 0.3% copper) including:
o 44.6 metres @ 6.99 g/t gold equivalent from surface in oxides; and
o 20.0 metres @ 6.59 g/t gold equivalent from 84.80 metres downhole.
• APC-41, which was drilled at a suboptimal angle, also intercepted high -grade
mineralization from surface with a robust oxide zone as follows:
• 82.1 metres @ 3.09 g/t gold equivalent (consisting of 2.81 g/t gold, 13 g/t silver
and 0.1% copper) including:
o 28.1 metres @ 3.67 g/t gold equivalent from surface in oxides.
• Six a dditional holes have been completed at the Apollo system with assay results
expected in the near term. All six holes intersected cumulative mineralization over
varying yet significant downhole drill lengths. Three drill rigs are operating on site with
a fourth rig expected to begin operating prior the end of Q2, 2023.
Ari Sussman, Executive Chairman commented: “This new step -out drilling into the eastern area of
the Apollo system has outlined a new and important high-grade zone where extensive quartz
stockwork veining has resulted in an abundance of high -grade metal being trapped at the interface
between breccia and porphyry. A drill hole from Pad 10, located northeast from Pad 6, is underway
to test this new high -grade zone along the contact to the northeast. The surprises at Apollo
continue to be positive and I am confident that not only will the Apollo porphyry system continue
to grow with further exploratory drilling but that we will make new discoveries in the near term by
remaining aggressive with our drilling. ”
Toronto, Ontario, April 25, 2023 - Collective Mining Ltd. (TSXV: CNL, OTCQX:
CNLMF) (“Collective” or the “Company”) is pleased to announce a ssay results from a further
two drill holes completed within the Apollo porphyry system (“Apollo”) at the Guayabales project
located in Caldas, Colombia . Apollo 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 .
To watch a short video of David Reading, Special Advisor to Collective Mining, speak about the
assay results announced today, please click here.
Details (See Table 1 and Figures 1-4)
The Phase II drilling program of 2023 is advancing on schedule with thirteen holes completed and
results announced. A further six holes have been drilled and await assay results from the lab. The
objectives of the 2023 program is to define the high-grade mineralization and dimensions of the Apollo
porphyry system near surface, expand the size of the system through step-out and directional drilling
and drill test multiple new targets generated through grassroot exploration. Since the announcement
of the discovery hole at Apollo in June 2022, a total of 4 4 drill holes (approximately 18,400 metres)
have been completed and assayed.
This press release announces results from two exploratory holes drilled eastwards from Pad 6 and
designed to test the contact zone between the porphyry and inter-mineral breccia. The first hole, APC-
41, was drilled to the northeast at a shallow angle and was suboptimal in design as it was drilled
oblique to the contact zone. Based on the understanding gained from the first hole, APC-42 was drilled
steeply due east and intercepted the contact zone at an orthogonal angle. Assay results and geological
observations for both holes are summarized below:
APC-42 was drilled steeply to the east from surface at Pad 6 to a maximum downhole depth of 126.3
metres. The mineralized interval includes 44.55 metres of combined saprolite and saprock with iron
oxides formed from the oxidation of the sulphides hosted within the matrix of the breccia and within
veins. Below the oxidized zone, the intercept passes into fresh rock with a sulphide composition of
0.5% chalcopyrite, 1.5% pyrite and pyrrhotite (up to 0.5%). One of the characteristic features of this
intercept is the fact that it passes through a contact zone between breccia and porphyry. This zone
contains both mineralized breccia and a stockwork of sulphide bearing quartz and carbonate veins
within the adjacent porphyry material , all of which are associated with intense sericite alteration.
Finally, the footwall zone of the porphyry is well altered and hosts mineralization associated with
disseminated pyrite and quartz-pyrite veins with assay results as follows:
• 104.8 metres @ 5.56 g/t gold equivalent (consisting of 4.21 g/t gold, 68 g/t silver
and 0.3% copper) including:
o 44.6 metres @ 6.99 g/t gold equivalent from surface in oxides; and
o 20.0 metres @ 6.59 g/t gold equivalent from 84.80 metres downhole in a
porphyry stockwork.
This intercept is followed by 19.35 metres @ 0.33 g/t gold equivalent from 106.95 metres downhole
and is hosted within quartz diorite porphyry.
APC-41 was drilled to the northeast from Pad 6 to a maximum downhole depth of 162.4 metres and
was designed to test the contact zone between breccia and porphyry. The mineralized interval starts
at 1.65 metres depth below the overburden and intersects 28.05 metres of combined saprolite and
saprock with iron oxides formed from the oxidation of the sulphides hosted within the matrix of the
breccia and within veins. Below the oxide zone, the intercept passes into fresh rock consisting of
quartz diorite breccia with a matrix of chalcopyrite (0.2%), pyrite (up to 2%) and 0.1% pyrrhotite before
exiting the breccia and entering into mineralized quartz diorite porphyry . As in APC-42, the contact
zone is characterised by a stockwork of sulphide bearing quartz and carbonate , porphyry veins
associated with intense sericite alteration. The sericite is overprinting earlier potassic alteration
(biotite). Finally, the footwall porphyry is altered and hosts mineralization associated with disseminated
pyrite and quartz-pyrite veins with assay results as follows:
• 82.1 metres @ 3.09 g/t gold equivalent (consisting of 2.81 g/t gold, 13 g/t silver
and 0.1% copper) including:
o 28.1 metres @ 3.67 g/t gold equivalent from surface in oxides.
This intercept is followed by a lower grade intercept of 57 metres @ 0.34 g/t gold equivalent from 83.7
metres downhole and is hosted within quartz diorite porphyry.
Six additional holes have been completed at the Apollo system with assay results expected in the near
term. All holes intersected bulk tonnage mineralization over core length of up to more than 500 metres.
APC-45 and APC-48 were shorter holes drilled from Pad 7, designed to test the contact zone between
the inter-mineral breccia and porphyry host rock in the southern portion of the deposit . APC-44 and
APC-46 were longer holes drilled from Pad 6 as part of the fan pattern of drilling to assess the shallow
mineralization in the central area of the system. APC-49 was a deeper hole drilled to the northwest
from Pad 6 and APC-47 was drilled eastwards from Pad 4.
The Company presently has three diamond drill rigs operating at the Apollo project with a fourth rig
expected to begin operating prior to the end of Q2, 2023. 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
Hole # From
(m)
To
(m)
Intercept
Interval
(m)
Au
(g/t)
Ag
(g/t)
Cu
%
Mo
%
AuEq
(g/t)*
CuEq
(%)* Zone
APC-41 1.65 83.70 82.05 2.81 13 0.10 0.002 3.09 1.65 Intermineral
Breccia
Incl** 1.65 29.70 28.05 3.44 15 0.07 0.001 3.67 Oxidation
zone
83.70 140.70 57.00 0.24 3 0.34 Porphyry
Host Rock
APC-42 0.00 104.80 104.80 4.21 68 0.30 0.001 5.56 2.97 Intermineral
Breccia
Incl** 0.00 44.55 44.55 6.48 37 0.10 0.001 6.99 Oxidation
zone
84.80 104.80 20.00 6.26 24 0.10 0.002 6.59 Intermineral
Breccia
APC-42 106.95 126.30 19.35 0.26 3 0.33 Porphyry
Host Rock
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag g/t x 0.016 x 0.88) + (Cu (%) x 1.87 x 0.90)+ (Mo (%)*11.43
x 0.85) and CuEq (%) is calculated as follows: (Cu (%) x 0.90) + (Au (g/t) x 0.51 x 0.97) + (Ag (g/t) x 0.009 x 0.88)+
(Mo(%)x 6.10 x 0.85) utilizing metal prices of Cu – US$4.10/lb, Ag – $24/oz Mo - US$25.00/lb and Au – US$1,500/oz
and recovery rates of 97% for Au, 88% for Ag, 85% for Mo, and 90% for Cu. Recovery rate assumptions are speculative
as limited metallurgical work has been completed to date. A 0.2 g/t AuEq cut -off grade was employed with no more
than 15% internal dilution. True widths are unknown, and grades are uncut.
(**) Zone of Oxidation
Figure 1: Plan View of Drilling Highlighting Assay Results of APC-41 and APC-42
Figure 2: Core Photo Highlights from Drill Hole APC-41
Figure 3: Core Photo Highlights from Drill Hole APC-42
Figure 4: Plan View of the Guayabales Project Highlighting the Apollo Target Area
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.
The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the
large-scale, bulk -tonnage and high -grade copper -silver-gold Apollo p orphyry system. The
Company’s near -term objective is to drill the shallow portion of the porphyry system while
continuing to expansion the overall dimensions of the system, which remains open in all directions .