Collective Mining Discovers New High-Grade Vein and Breccia Systems at Apollo Including 17.5 Metres at 12.79 g/t Gold and 21 g/t Silver
Collective Mining Discovers New High-Grade Vein and Breccia
Systems at Apollo Including 17.5 Metres at 12.79 g/t Gold and 21 g/t
Silver
• APC-4, which is the first hole drilled to test a grassroot generated vein target located
shallower and above the Main Breccia discovery at Apollo cut a near surface zone of
sheeted veins and returned:
o 17.5 metres @ 12.79 g/t gold and 21 g/t silver (65 metres vertical)
• APC-7 and predecessor scout hole OLCS-3 were drilled to test a grassroot generated
breccia target located 250 metres to the north of the Main Breccia discovery at Apollo
and intersected multiple zones of mineralization between 45 metres and 320 metres
below surface including:
o 41.8 metres @ 1.07 g/t gold equivalent; and
o 38.4 metres @ 1.51 g/t gold equivalent
• Four rigs continue to actively drill at the Guayabales project with assay results
anticipated in the near term for two holes as follows:
o APC-6 and APC-8 tested the Main Breccia discovery at Apollo with both holes
intersected more than 265 metres of potentially favourable mineralization
Toronto, Ontario, September 7, 2022 – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF)
(“Collective” or the “Company”) is pleased to announce assay results from reconnaissance holes
completed designed to test new ideas at the Apollo target (“Apollo”) at the Company’s Guayabales
project located in Caldas, Colombia. Targets within Apollo consists of hydrothermal breccia, porphyry
and vein systems including the recently discovered copper-gold-silver Main Breccia highlighted
by drill hole APC-2, which intersected 207.15 metres @ 2.68 g/t AuEq (see press release dated
August 10, 2022). A pollo is one of eight porphyry-related target zones situated within a three-by-four-
kilometre cluster area generated by the Company through grassroots exploration at the Guayabales
project. As part of its fully funded 20,000+ metre drill program for 2022, there are currently three
diamond drill rigs operating at the Apollo target with an additional rig drilling from underground at the
Olympus target.
“Our very first reconnaissance drill holes undertaken outside of the Main Breccia at Apollo has led to
some very positive and exciting surprises which include the presence of a high grade late-stage
porphyry related CBM vein zone adjacent to our exciting Main Breccia discovery. These discoveries
attest to the amazing potential of the Apollo target area, which continues to expand as we step -out
with drilling. Over the coming months, our drilling will be aggressively focused on flushing out the multi-
million-ounce potential of the Main Breccia discovery at Apollo , but without question th e new
discoveries announced today highlight excellent additional opportunities for follow up in the future,”
commented Ari Sussman, Executive Chairman.
Details (See Table 1 and Figures 1 – 3)
The Company recently completed five scout and reconnaissance diamond drill holes to test various
conceptual targets locating within the Apollo area but outside of the Main Breccia discovery. APC-4
was designed to test a zone of northwest trending high grade , carbonate base metal veins (“CBM”),
located shallower and above the Main Breccia system. APC-7 and the earlier drilled scout hole, OLCS-
3, drilled beneath surface soil anomalies and discovered new, mineralized breccia bodies located
approximately 250 metres north of the Main Breccia system.
APC-4, which was drilled to the southeast from Pad 2, intersected a high-grade zone of sheeted CBM
veins and returned:
• 17.5 metres @ 12.79 g/t Au and 21 g/t Ag from 132.3 metres (65 metres vertical) including
0.65 metres @ 331.47 g/t Au and 53 g/t Ag
Mineralization relates to multiple sheeted CBM veins hosting sphalerite and pyrite sulphides.
APC-7 and OLCS -3 were drilled to the southwest from Pad 1 and intersected multiple mineralized
breccia bodies at various depths and returned the following intercepts:
• APC-7: 25.55 metres @ 0.69 g/t AuEq from 85.65 metres (98 metres vertical);
• APC-7: 38.40 metres @ 1.51 g/t AuEq from 199.85 metres (195 metres vertical);
• APC-7: 20.45 metres @ 0.89 g/t AuEq from 325.0 metres (320 metres vertical); and
• OLCS-3: 41.8 metres @ 1.07 g/t AuEq from 37.0 metres (45 metres vertical)
In addition to the new CBM vein discoveries a further two reconnaissance holes were drilled south
from Pad 1 and southeast from Pad 2 to respectively test for breccia mineralisation and a mineralised
porphyry body. Diamond Hole APC-9 had to be discontinued due to drilling problems and stopped
short of the target zone. Diamond Hole APC-10 intersected altered quartz diorites with a porphyry vein
stockwork and hosting anomalous copper, molybdenum, and gold values. The hole is interpreted to
be peripheral to the main porphyry target as defined by copper soil anomalism and surface mapping.
Further drilling is wa rranted in the future to better test both conceptual targets. Drill holes APC-12,
APC-13 and APC-14 are underway with all three holes targeting the Main Breccia discovery at Apollo.
Assay results for holes APC-6 and APC-8 are expected in the near term, with both holes intercepting
more than 265 metres of potentially favourable mineralization.
The Apollo tar get area, as defined to date by surface mapping, rock sampling and copper and
molybdenum soil geochemistry, covers an 800 metre X 700 metre area. The Apollo target area hosts
the Company’s new grassroots M ain Breccia discovery plus additional yet untested breccia,
porphyry and vein targets. The Apollo target area also remains open for further expansion.
Table 1: Assays Results
HoleID From
(m)
To
(m)
Intercept
(m)
Au
(g/t)
Ag
(g/t)
AuEq
(g/t)* Notes
APC-4 132.30 149.80 17.50 12.79 21 New sheeted vein discovery
143.60 144.25 0.65 331.47 53
APC-7 85.65 111.20 25.55 0.40 23 0.69 New Northern Breccia discovery
Incl 110.10 111.20 1.10 5.62 158 7.48
APC-7 199.85 238.25 38.40 1.30 21 1.51
Incl 207.10 222.35 15.25 2.29 33 2.62
and 325.00 345.45 20.45 0.49 31 0.89
OLCS-3 37.00 78.80 41.80 0.64 34 1.07 New Northern Breccia discovery
Incl 38.50 48.90 10.40 1.67 36 2.08
73.60 78.80 5.20 0.78 117 2.33
APC-9 NSV**
APC-10 NSV**
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) utilizing metal prices of Ag – $20/oz and Au –
US$1,400/oz and recovery rates of 95% for Au, Ag. Recovery rate assumptions are speculative as no 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.
** NSV: No significant Values
.
Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target Area
Figure 2: Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their
Related Soil Anomalies and Drill Holes Completed or Currently Underway
Figure 3: Plan View of Apollo with Drill Hole Traces Completed to Date Highlighting the New
High-Grade Vein System and Northern Breccia System Discoveries from Pad 2 and Pad 1
Respectively
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit
www.collectivemining.com
Collective Mining is an exploration and development company focused on identifying and exploring
prospective mineral projects in South America. Founded by the team 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 significant new mineral discoveries and
advance the projects to production. Management, insiders and close family and friends own nearly
45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.
The Company 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 on both the Guayabales and San Antonio
projects, a total of eight major targets have been defined. The Company has made significant
grassroot discoveries at both projects with near-surface discovery holes at the Guayabales project
yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut
target and recently, at the Apollo target, 207.15 metres at 2.68 g/t AuEq, 180.6 metres at 2.43 g/t AuEg
and 87.8 metres at 2.49 g/t AuEg. At the San Antonio project, the Company intersected, from surface,
710 metres at 0.53 AuEq. (See related press releases on our website for AuEq calculations)
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 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 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 labora tory 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 storage facility for future assay verification. No capping has been applied to sample
composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Contact Information
Collective Mining Ltd.
Steven Gold, Vice President, Corporate Development and Investor Relations
Tel. (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 other 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 assumptions, Collective cannot assure reader s 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 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.