Collective Mining Discovers Plutus, a New Major Porphyry Centre Located Five Hundred Metres East of the Apollo Porphyry System
Collective Mining Discovers Plutus, a New Major Porphyry Centre
Located Five Hundred Metres East of the Apollo Porphyry System
• Exploration fieldwork has discovered a new porphyry target located five hundred
metres east of the high -grade Apollo Porphyry Deposit and referred to as the Plutus
Porphyry Centre (“Plutus”).
• To date, Plutus covers 1, 000 metres by 720 metres in area and hosts multiple
mineralization styles including porphyry veining, porphyry related breccia
mineralization and late-stage carbonate base metal (‘CBM”) veins.
• Within Plutus are two areas of interest:
o A 650-metre diameter quartz diorite porphyry which is coincidental with a
magnetic high and overprinted by high -grade copper and molybdenum soil
anomalies averaging greater than 300 ppm for copper and greater than 30 ppm
for molybdenum. The porphyry intrusive hosts areas of vein stockwork which
include magnetite and quartz veining plus molybdenite and chalcopyrite.
o Anchoring the porphyry on its north -western flank are hydrothermal breccia
bodies including the previously sparsely drilled Donut Breccia discovery with
intercepts from surface including 163 metres @ 1.3 g/t AuEq and 104 metres @
1.3 g/t AuEq.
• Reconnaissance rock chip and shallow auger sampling of oxidized (leached) surface
material at Plutus has yielded the following results:
o Gold values up to 4.90 g/t (range of 0.03 g/t to 4.90 g/t);
o Silver values up to 100 g/t (range of 0.10 g/t to 100 g/t);
o Copper rock chip values up to 1,482 ppm (56 ppm to 1,482 ppm);
o Molybdenum rock chip values up to 113 ppm (0.2 ppm to 113 ppm)
• Drilling is expected to commence at Plutus in August 2023. Four rigs are now operating
at the project with eleven holes currently in the lab for analysis. Additional assay
results are expected in the near term from further drilling at Apollo and surrounding
targets.
Ari Sussman, Executive Chairman commented: “ The Guayabales project continues to
demonstrate its rema rkable geological endowment . Hard work by the technical team has outlined
the Plutus Porphyry Centre, which is the largest target outlined to date at the project . Given the
sheer scale of Plutus, three pads are being constructed ahead of drilling which is expected to
commence in mid to late August . We will be aggressive in testing Plutus and are hopeful of making
another discovery to rival the Apollo porphyry system.”
Toronto, Ontario, July 18, 2023 - Collective Mining Ltd. (TSXV: CNL, OTCQX:
CNLMF) (“Collective” or the “Company”) is pleased to announce a ssay results and field
observations f rom recent reconnaissance exploration work undertaken in the new Plutus Porphyry
Centre (“Plutus”), located 500 metres east of 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 older 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 and diorite porphyry bodies currently
measuring 455 metres x 395 metres x 915 metres and open for expansion .
To watch a short video of Richard Tosdal , renowned porphyry expert and Special Advisor to
Collective Mining, review the Plutus discovery please click here.
Details (See Figures 1-3)
This press release outlines results from surface reconnaissance exploration work undertaken at the
newly discovered Plutus Porphyry Centre ( “Plutus”). Plutus is located 500 metres to the east of the
Apollo Porphyry in an area with very sparse outcrop due to landslide and ash cover. Results and
observations from Plutus are summarized below.
The Plutus porphyry centre measures 1,000 metres by 720 metres in area and is defined by a large
porphyry intrusive in contact with breccia to its north-west. The intrusive body is outlined by soil
anomalies of copper, molybdenum, gold, tungsten, tin and bismuth which are coincident with a
magnetic susceptibility high. Soil copper values greater than 500 parts per million (“ppm”) and 30 ppm
molybdenum with highest values up to 1,482 ppm copper and 127 ppm molybdenum define a 650-
metre diameter area outlining the porphyry body. Surface geochemical soil, auger and rock sampling
assay results from Plutus displays the following ranges of results:
Rock Chip
o Gold rock chip values up to 4.90 g/t (range of 0.03 g/t to 4.90 g/t);
o Silver rock chip values up to 100 g/t (range of 0.10 g/t to 100 g/t);
o Copper rock chip values up to 1,290 ppm (56 ppm to 1,290 ppm);
o M olybdenum rock chip values up to 102 ppm (0.2 ppm to 102 ppm).
Soil
o G old soil values up to 4.80 g/t (range of 0.03 g/t to 4.80 g/t);
o Silver soil values up to 364 g/t (range of 0.10 g/t to 364 g/t);
o Copper soil values up to 835 ppm (0.3 ppm to 835 ppm);
o M olybdenum soil values up to 127 ppm (0.5 ppm to 127 ppm).
Auger
o Gold auger values up to 3.72 g/t (range of 0.03 g/t to 3.72 g/t);
o Silver auger values up to 56 g/t (range of 0.02 g/t to 56 g/t);
o Copper auger values up to 1,482 ppm (69 ppm to 1,482 ppm);
o Molybdenum auger values up to 113 ppm (1 ppm to 113 ppm).
The amount of rock and weathered exposures in the Plutus target area is limited to a few sparse
outcrops due to vegetation, historical landslides, and volcanic ash cover.
Observations from sur face mapping of the sparse outcrops and logging of auger drilling chips
highlights the presence of porphyry-related mineralization, including magnetite veins as well as pyrite,
chalcopyrite and molybdenite sulphide and quartz A, B, EB, and D type porphyry veins. The quartz
diorite porphyry exhibits both potassic and sericite alteration.
A north-western breccia area with multiple outcrops is located contiguous with the porphyry intrusive
body and includes the Donut Breccia discovery where previous drilling intercepts included 163 metres
@ 1.3 g/t AuEq from surface in DOC-3 and 104 metres @ 1.3 g/t AuEq from surface in DOC-2 (see
press release dated November 15, 2021 and October 18, 2021, respectfully). Follow up work in the
breccia area has identified additional outcrops located to the west and east of the area previously drill
tested with assay results pending from channel sampling of limited available exposures.
One rig will be mobilized to Plutus with drilling expected to commence in August 2023.
Apollo Drill Program Outline and Assay Update
The 2023 Phase II drilling program is advancing on schedule with 24 holes completed and results
announced with an additional eleven holes awaiting assay results from the lab. The objective of the
2023 drilling program is to define high- grade near surface mineralization of the Apollo porphyry
system, expand the size of the system through step -out and directional drilling and drill test multiple
new targets generated through grassroots exploration. Since the announcement of the discovery hole
at Apollo in June 2022, a total of 55 drill holes (approximately 23,907 metres) has been completed
and assayed.
Figure 1: Location of Apollo and Plutus Porphyry Centres
Figure 2A and 2B: Plutus Porphyry Centre as Outlined by Copper and Molybdenum in-Soil,
Auger and Rock Chip Geochemistry, Superimposed on Magnetic Susceptibility Data
Copper:
Molybdenum:
Figure 3: Plan View of the Guayabales Project Highlighting the Plutus 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 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 , continue to
expand the overall dimensions of the system through step out and direction drilling , which remains
open in most directions and drill test multiple new targets generated through grassroots exploration.
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 is listed on the
TSXV under the trading symbol "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 Instrum ent 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, Min erals
and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock, soils 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 storage facility for future assay verification. No capping has been
applied to sample composites. The Company utilize s a rigorous, industry -standard QA/QC
program.
Information Co ntact:
Follow Executive Chairman Ari Sussman (@Ariski73) and Collective Mining
(@CollectiveMini1) on Twitter.
Investors and Media
Paul Begin , Chief Financial Officer
+1 (416) 451 -2727
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.