Collective Mining Drills 162.20 Metres at 3.90 g/t Gold Equivalent From Surface at the Newly Discovered Contact Zone and Expands the Strike Length of the Apollo System
Collective Mining Drills 162.20 Metres at 3.90 g/t Gold Equivalent From
Surface at the Newly Discovered Contact Zone and Expands the
Strike Length of the Apollo System
• Drill hole APC-45, which is the first hole into the Contact Zone in the southernmost part
of the Apollo porphyry system from Pad 7, intersected an abundance of sheeted CBM
veins overprinting earlier porphyry mineralization. Remarkably continuous high-grade
gold-silver-copper was intersected over the entire core length with results as follow:
o 162.20 metres @ 3.90 g/t gold equivalent commencing from surface (consisting
of 2.59 g/t gold, 29 g/t silver and 0.56% copper);
o The linear strike length for the Contact Zone between APC-45 and previously
announced discovery holes APC-41 and APC-42 now measures approximately
150 metres and remains open to the northeast along strike for further expansion;
and
o Three additional holes designed to test various parts of the Contact Zone (APC-
53, APC -58 and APC -59) have been completed . Assay results for APC-53, a
northeastern directed step-out hole are anticipated in June while results for
APC-58 and APC-59 are expected in July.
• Hole APC-48 was drilled to the southwest from Pad 7 and successfully expanded the
overall footprint of the shallow mineralization to the southwest . Interestingly, the hole
exited the brecciated portion of the Apollo porphyry system and continued to the end
of the interval in a mineralized precursor porphyry unit with overall results as follows:
o 114.40 metres @ 2.38 g/t gold equivalent commencing from surface (consisting
of 1.71 g/t gold, 15 g/t silver and 0.29% copper) within 236.70 metres @ 1.35 g/t
gold equivalent.
• As a result of APC -48, the maximum known strike length of the system has increased
to 435 metres (previously 385 metres) with the overall maximum known dimensions
now measuring 435 metres strike x 385 metres width x 915 metres vertical. The system
remains open for expansion in most directions.
• Hole APC-47 was drilled in an easterly direction from Pad 4 in order to cut across the
system in an area of the block model with limited information. A long and continuous
interval of high -grade gold -silver and copper mineralization was intersected with
results as follows:
o 307.60 metres @ 2.53 g/t gold equivalent from 226.80 metres downhole
(consisting of 1.40 g/t gold, 53 g/t silver and 0.25% copper).
• Two drill holes, APC -49 and APC-55 were designed to explore the depth potential of
the Apollo system from Pad 6 to the northeast and northwest res pectively. Detailed
visual logging of both holes indicates that long and continuous zones of
minerali zation were encountered from surface to downhole depths of 840 metres and
790 metres respectively. APC -49 was terminated while still in mineralization due to a
drilling related issue while APC-55 will expand the over dimensions of the Apollo
system to the northeast if it is mineralized to the end of the interval . Assay results f or
these holes are expected in late June 2023.
• Eleven ad ditional holes have been completed at the Apollo system with assay results
expected in the near term. All eleven 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 to the end of Q2, 2023. Once onsite, the
fourth rig will focus on testing the six new exploration targets directly surrounding the
Apollo system as well as regional targets within the three-kilometre porphyry corridor
(see press release dated April 18, 2023, for further details).
Ari Sussman, Executive Chairman commented: “ The Contact Zone at the Apollo system continues
to intercept impressive high-grade mineralization and importantly can now be traced over a
meaningful strike length . June 2023 is shaping up to be a n exciting and important month for the
Company with assay results expected for Contact Zone drill hole APC -53 and deep holes APC -49
and APC-55. Additionally, our aggressive exploration focus will expand with a fourth rig scheduled
to arrive on site in late June. This rig will be designated to systematically test exploration targets
surrounding the Apollo porphyry system and the greater Guayabales project. ”
Toronto, Ontario, May 30, 2023 - Collective Mining Ltd. (TSXV: CNL, OTCQX:
CNLMF) (“Collective” or the “Company”) is pleased to announce a ssay results from a further
three drill holes as well as visual observations for two long drill holes which tested the depth
potential 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 435 metres x 395 metres x 915 metres and open for expansion .
Details (See Table 1 and Figures 1-3)
The 2023 Phase II drilling program is advancing on schedule with eighteen holes completed and
results announced. A further eleven holes have been drilled and await assay results from the lab. The
objectives of the 2023 program are to define high-grade mineralization, the 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 grassroots exploration. Since the announcement
of the discovery hole at Apollo in June 2022, a total of 4 9 drill holes (approximately 21 ,487 metres)
have been completed and assayed.
This press release outlines results from three holes. APC-45 and APC-48 were drilled in southerly and
south westerly directions from Pad 7 while APC-47 was drilled to the east from Pad 4 . APC-45 was
designed to test the Contact Zone (where the intermineral breccia ends at a contact with quartz diorite
porphyry) at shallow levels in the southern portion of the deposit . APC-48 was designed to test the
mineralization potential in the porphyry host rock to the south of the Apollo system while APC-47 was
designed to test a large void in the block model for the Apollo system. Additionally, visual observations
are provided f or two long holes, APC -49 and APC -55, which were drilled to the northwest and
northeast respectively from Pad 6. Results for all holes are summarized below:
APC-45 was drilled steeply (-85°) in a southerly direction from Pad 7 to a maximum downhole depth
of 238.4 metres and was designed to test the Contact Zone between breccia and porphyry host units
as well as the high-grade copper mineralization previously encountered at shallow levels in this area.
The mineralized interval of oxidation (saprolite) commenced from surface to 17.05 metres and was
then followed by a transition zone to 39.55 metres down hole. The transition zone hosts iron oxides
formed from the oxidation of the original sulphides hosted within the matrix of the breccia and within
veins. Below the zone of oxidation, the intercept passed into fresh rock consisting of mineralised quartz
diorite breccia with a sulphide matrix composition of 1.5% chalcopyrite, pyrite up to 5% and pyrrhotite
(up to 3.0%). Continuous mineralization was encountered until 162.20 metres (160 metres vertical). A
high-grade zone of carbonate base metal veins (“CBM veins”) was intercepted from just below the
transition zone until 54 metres depth. Notably, exceptional and continuous mineralization was
intercepted along the interval with grades increasing as the hole approached the physical contact
between breccia and quartz diorite porphyry The Contact Zone contains excellent gold, silver and
copper grades associated with the sulphide matrix and overprinting quartz -carbonate and sulphide
veining with complete assay results for the hole as follows:
• 162.20 metres @ 3.90 g/t gold equivalent commencing from surface (consisting
of 2.59 g/t gold, 29 g/t silver and 0.56% copper) and including:
o 17.05 metres @ 3.50 g/t gold equivalent in oxide and transition zones;
o 36.95 metres @ 5.08 g/t gold equivalent from 17.05 metres downhole in a
sheeted CBM zone; and
o 27.10 metres @ 6.70 g/t gold equivalent from 127.90 metres downhole at
the breccia to porphyry contact.
APC-47 was drilled in an easterly direction from Pad 4 to a maximum downhole depth of 636.3 metres
and was designed to test multiple zones of CBM veins overprinting the mineralized breccia in the
central eastern side of the deposit where limited information was available in the block model. The drill
hole intercept ed porphyry mineralization with CBM sheeted veins overprinting in part at shallow
downhole depths before passing into mineralized breccia at a downhole depth of 226.80 metres (220
metres vertical). Continuous porphyry mineralization with overprinting sheeted CBM vein material was
observed in the breccia until 534.40 metres downhole. The mineralized breccia’s sulphide matrix hosts
chalcopyrite (1%), pyrite (1%-2.5%) plus some pyrrhotite with multiple zones of sphalerite and galena
observed. Three principal high-grade zones were intersected at downhole depths of 233.15 metres to
261.50 metres, 354.40 metres to 372.20 metres and 396.00 metres to 413.10 metres with assay
results for the complete hole as follows:
• 307.60 metres @ 2.53 g/t gold equivalent from 226.80 metres downhole
(consisting of 1.40 g/t gold, 53 g/t silver and 0.25% copper) including:
o 28.35 metres @ 5.06 g/t gold equivalent from 233.15 metres downhole in
a sheeted CBM zone;
o 17.80 metres @ 4.81 g/t gold equivalent from 354.40 metres downhole in
a sheeted CBM zone; and
o 17.10 metres @ 6.62 g/t gold equivalent from 396.00 metres downhole in
a sheeted CBM zone.
APC-48 was drilled steeply ( -75°) in a south westerly direction from Pad 7 to a maximum downhole
depth of 354.55 metres and was designed to test the potential of mineralization outside of the breccia
to the southwest. The mineralized interval of oxidation commenced from surface to 12.40 metres and
consists of saprolite followed by a transition zone down to 39.55 metres. The transition zone hosts iron
oxides formed from the oxidation of the original sulphides hosted within the matrix of the breccia and
within veins. Below the zone of oxidation, the intercept passed into fresh rock consisting of quartz
diorite breccia with a matrix of chalcopyrite (0.8%), pyrite (up to 2.5%) and 1% pyrrhotite. A high-grade
zone was encountered within the transition zone from 13.15 metres to 31.40 metres downhole with
numerous sheeted CBM veins overprinting the breccia matrix. APC-48 exited the mineralized breccia
at 114.40 metres (112 metres vertical) and entered a mineralized precursor stage of porphyry
mineralization from 128.10 metres to 236.70 metres grading 0.4 0 g/t gold equivalent over 108.60
metres. APC-48 is notable for extending the maximum known strike length of the Apollo system by 50
metres to the southwest with the maximum known overall system dimensions now measuring 435
metres x 395 metres x 915 metres. Assay results for APC-48 are as follows:
• 114.40 metres @ 2.38 g/t gold equivalent commencing from surface (consisting
of 1.71 g/t gold, 15 g/t silver and 0.29% copper) and including:
o 12.40 metres @ 1.65 g/t gold equivalent in oxide and transition zones
from surface; and
o 18.25 metres @ 6.32 g/t gold equivalent from 13.15 metres downhole in
a sheeted CBM zone.
Visual Observations for Drill Holes APC-49 and APC-55 (see Figure 1)
Two step out drill holes were recently completed from Pad 6. APC-49 was drilled to the northwest and
encountered over 840 metres of continuous, downhole mineralization from surface. The hole contains
an upper zone rich in chalcopyrite (up to 1.5%) to 300 metres downhole and below that multiple zones
with overprinting CBM veins were encountered. The hole was stopped at 852.90 metres (900 metres
vertical) while still in mineralized breccia due to drilling related challenges.
Drill hole APC -55 was drilled to the northeast from Pad 10 and also intersected continuous
mineralization from surface to a downhole depth of 790 metres (752 metres vertical). The upper portion
of the intercept (to 400 metres downhole depth ) contains strong chalcopyrite mineralization of up to
1.5% in the breccia matrix as well as overprinting CBM veins . Below 400 metres, the hole continues
in mineralized breccia including various zones of sulphide rich CBM veins and veinlets containing high
amounts of sphalerite and galena. APC-55 has the potential to extend the Apollo porphyry system to
the northeast and again highlights the presence of multiple CBM zones in the northeast and eastern
sector of the Apollo deposit below the copper rich zone. The Company plans to undertake directional
drilling in this area.
Apollo Drill Program
Eleven additional holes have been completed at the Apollo system with assay results expected in the
near term. All holes intersected bulk tonnage mineralization over significant core lengths.
The Company presently has three diamond drill rigs operating at the Apollo project. A fourth drill rig is
expected to be at the project in June 2023 and is going to test new exploration targets identified around
Apollo as well as other targets at the Guayabales project.
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. (see press release dated April
18, 2023)
Table 1: Assay Results APC-45, APC-47 and APC-48
Hole # From
(m)
To
(m)
Intercept
Interval (m)
Au
(g/t)
Ag
(g/t)
Cu
%
Mo
%
AuEq
(g/t)*
CuEq
(%)* Notes
APC-45 - 162.20 162.20 2.59 29 0.56 0.003 3.90 2.08
Incl - 17.05 17.05 3.13 16 0.13 0.001 3.50 oxide +
transition zone
17.05 54.00 36.95 4.93 7 0.11 0.003 5.08
127.90 155.00 27.10 4.20 54 1.09 0.003 6.70 Contact Zone
APC-47 21.00 49.25 28.25 0.77 10 0.93 mineralization
in porphyry
100.95 108.75 7.80 0.92 8 1.03 mineralization
in porphyry
APC-47 226.80 534.40 307.60 1.40 53 0.25 0.001 2.53 1.35
Incl 233.15 261.50 28.35 3.84 65 0.24 0.001 5.06
354.40 372.20 17.80 4.19 42 0.09 0.001 4.81
396.00 413.10 17.10 5.19 90 0.19 0.001 6.62
APC-48 - 236.70 236.70 0.90 11 0.17 0.003 1.35
Incl - 114.40 114.40 1.71 15 0.29 0.003 2.38 1.27
- 12.40 12.40 1.27 10 0.15 0.002 1.65 oxide +
transition zone
13.15 31.40 18.25 5.90 17 0.20 0.002 6.32
And incl 128.10 236.70 108.60 0.16 8 0.06 0.004 0.40 mineralization
in porphyry
*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) a nd
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 complet ed 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.
Figure 1: Plan View of Drilling Highlighting Drill Holes APC-45, APC-47, APC-48, APC-49 and
APC-55
Figure 2: Core Photo Highlights of the Contact Zone in APC-45