Collective Mining Discovers the Outcrop at Surface of the Main Breccia Discovery at Apollo
Collective Mining Discovers the Outcrop at Surface of the Main
Breccia Discovery at Apollo
• Recent geological mapping of rocks exposed by pad 3 drill access tracks have
confirmed that the Main Breccia discovery at the Apollo Target daylights at surface
north and east of the drill pad.
• Recently completed drill hole, APC -14, which was drilled due north from pad 3 ,
intersected the Main Breccia approximately 50 metres below the newly discovered
northern outcrop. The hole cut more than 240 metres in total of favorable mineralization
within the Main Breccia. Assay results for drill holes APC -11 through APC -14 are
anticipated in the near term.
• Visual observation of the shallow portion of drill hole APC -14, indicates a marked
increase in chalcopyrite leading to the possibility that copper grades will be higher than
seen elsewhere in the Main Breccia discovery. Additionally, the Company’s conviction
that the porphyry source for the Main Breccia discovery lies due south has now been
increased. As a result, exploratory drill holes are currently being finalized to test the
southern porphyry target.
• The discovery o f the northern outcrop of the Main Breccia coupled with visual
observations in drill hole APC -14 has extended the strike length of the system to the
southwest by 35 metres. As a result, the Main Breccia discovery now measures 385
metres in strike by 100 metres across by 500 metres vertical and remains open in most
directions for further expansion . With respect to the eastern outcrop , exploration
drilling is required to determine its geometry and how it might connect with the Main
Breccia as presently it lies outside of the current working model.
Toronto, Ontario, September 22, 2022 – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF)
(“Collective” or the “Company”) is pleased to announce that visual observations from outcrop mapping
and shallow diamond drill hole APC-14, confirm that the Main Breccia discovery at the Apollo target
(“Apollo”) daylights at surface over significant areas located to the north and east of drill pad 3 in the
southern part of the discovery. Apollo is one of eight grassroot generated porphyry related targets at
the Guayabales project, located in Caldas, Colombia. The Main Breccia discovery at Apollo is a high-
grade, bulk tonnage copper-gold-silver porphyry-related breccia target with previously announced
intercepts including hole APC-2, which intersected 207.15 metres @ 2.68 g/t AuEq and APC-8,
which intersected 265.75 metres @ 2.44 g/t gold equivalent (See press releases dated August
10th and September 13th respectively). 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.
“Confirmation that the Main Breccia discovery at Apollo extends to surface enhances future
possibilities for the project. Additionally, the fact that we see a noticeable increase in chalcopyrite near
surface in the southern part of the Main Breccia discovery has ou r team excited that the porphyry
source is nearby and is likely located beneath the robust, yet untested high -grade copper-in-soil
anomaly located due south of drill pad 3. As a result, our team is busy planning exploration drill holes
to test for the porphyry source with additional details to be provided shortly,” commented Ari Sussman,
Executive Chairman.
Details (See Figures 1 to 3)
The Company recently completed geological mapping of new outcrop exposure created by tracks
designed to service the drill rig at Pad 3 at Apollo. This work has confirmed exposure of mineralized
angular breccia at surface as part of the Main Breccia discovery first announced by the Company on
June 22, 2022 . Logging visuals from recently completed diamond hole APC-14, which was drilled
beneath a portion of the northern outcrop area, intersected mineralized angular breccia commencing
at 50 metres vertically below surface. The following observations are highlighted:
• During the last two weeks the surface exploration team has identified various outcrops with
mineralized angular breccia locating north of Pad 3. Geological observations in all outcrop
areas highlight mineralized angular breccia with iron oxides and sulfides within the matrix
between the clasts with a partial overprint of sericite alteration. Two historical samples taken
from a very limited exposure of breccia outcrop within this area returned 0.6 g/t gold ,18 g/t
silver and 0.1% copper and 4.1 g/t gold and 29.3 g/t silver respectively. The recently excavated
surface exposures have been systematically sampled and assay results are pending.
• Visual observations from a recently completed diamond hole, APC-14, drilled to the north from
Pad 3 and directly underneath a portion of the northern outcrop area, highlighted the presence
of angular breccia hosting pyrite and significant chalcopyrite mineralization in disseminations
and as replacement within the breccia matrix. This hole intercepted mineralized breccia from
approximately 84 metres downhole (50 metres vertical) down to 132 metres with a second
zone commencing at 197 metres and finishing at approximately 391 metres downhole. Assay
results for this and other holes are expected in the near term.
• The Apollo target area, as defined to date by limited surface outcrops, rock sampling of CBM
veins and available breccia exposures plus copper and molybdenum soil geochemistry, covers
an 800-meter X 700-meter area. This Apollo target area hosts the Company’s new grassroots
Main Breccia discovery which, based on recent drill results, measures up to 385 metres in
strike length by 100 metres in width and 500 metres vertical. The Main Breccia discovery
remains open in most directions and drill holes will continue to confirm and expand the
discovery. Within the broader target there are additional, yet untested breccia, porphyry and
vein targets which could facilitate further expansion at Apollo.
Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target
Figure 2: Plan View of the Main Breccia Discovery at the Apollo Target, Highlighting in Green
the Newly Discovered Areas Where the Main Breccia Outcrops at Surface and Assay Results
from Drill Holes Announced to Date
Figure 3: Photos of Various Surface Exposures of Angular Breccia Discovered to the North and
East of Drill Pad 3
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
grassroots 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 Fel low 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 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 forw ard-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 readers that actual
results will be consistent with these for ward-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.