Collective Mining Drills 180.6 Metres Grading 2.43 g/t Gold Equivalent in the Newly Discovered Main Breccia at the Apollo Target
Collective Mining Drills 180.6 Metres Grading 2.43 g/t Gold Equivalent
in the Newly Discovered Main Breccia at the Apollo Target
• APC-3 intersected a broad , high-grade zone of breccia mineralization with multiple,
overprinting carbonate base metal veins beginning at 200 metres below surface and
returned:
o 180.6 metres @ 2.43 g/t gold equivalent.
• APC-5 also intersected the main breccia structure with some overprinting carbonate
base metal veining beginning at 135 metres below surface and yielded:
o 268.00 metres @ 1.50 g/t gold equivalent.
• Three rigs continue to actively drill at Apollo with four additional completed holes
awaiting assay results in the near term.
o APC-6 and APC-8 were designed to test the main breccia target at Apollo and
both holes intersected more than 2 65 metres of potentially favourable
mineralization.
o APC-4 and APC-7 were NOT designed to test the main breccia target but rather
two grassroot concept targets at Apollo. Both holes intersected potentially
favorable mineralization with APC -4 cutting a 10 -20-metre-thick zone of
carbonate base metal veins with visible gold observed in one vein and APC-7
cutting 3 mineralized zones of favorable angular breccia down-hole between 20-
40 metres thick.
Toronto, Ontario, August 29, 2022 – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF)
(“Collective” or the “Company”) is pleased to announce assay results from two additional holes
completed at the Apollo target (“Apollo”) at the Company’s Guayabales project located in Caldas,
Colombia. Apollo is a newly discovered high-grade copper-gold-silver porphyry-related breccia and is
one of eight porphyry-related targets situated within a three-by-four-kilometre cluster area generated
by the Company through grassroots exploration at the pro ject. 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.
“These latest drill intercepts demonstrate the remarkably continuous nature of this mineralized breccia
and overprinting CBM vein system which is now expanding with every drill hole that we complete. With
multiple overprinting events depositing mineralization into the system, the Apollo main breccia has all
the right markers to evolve into a large-scale discovery. We will remain aggressive with drilling for the
balance of 2022,” commented Ari Sussman, Executive Chairman.
A short video presented by David Reading discussing the results can be seen by clicking here.
Details (See Table 1 and Figures 1 – 4)
Five diamond drill holes with accompanying assay results have now been announced at Apollo and
resulted in expansion of this main breccia and overprinting vein system with dimensions of up to 300
metres along strike by 100 metres across by 400 metres vertical . The target remains open in all
directions and has the potential to evolve into a significant high- grade, bulk tonnage mineralized
system.
Drill holes APC-3 and APC-5 were drilled in opposite directions from two separate drill pads (Pads 2
and 3) to the northeast and southwest respectively to test continuity of the mineralized breccia
previously intersected in holes APC-1, APC-1W and APC-2 and to test the early working model of the
geometry of the main breccia (see press releases dated April 27, 2022, June 22 and July 6, 2022) .
The following results are highlighted:
• APC-3:
180.60 metres @ 2. 43 g/t AuEq from 303.40 metres down hole (200 m etres vertical)
including:
21.10 metres @ 3.47g/t AuEq from 304.9 metres down hole, and
46.60 metres @ 5.13 g/t AuEq from 363.1 metres down hole.
APC-3 is the first hole drilled from a newly constructed pad (Pad 3) located approximately 400 metres
to the south of Pad 1 (Holes APC-1 and 1W) and 300 metres to the southwest of Pad 2 (Hole APC-2
and APC-5).
• APC-5:
268.00 metres @ 1.50 g/t AuEq from 210.5 metres down hole (135 m etres vertical)
including:
16.35 metres @ 2.55 g/t AuEq from 210.3 metres down hole,
19.20 metres @ 3.03 g/t AuEq from 252.6 metres down hole, and
22.25 metres @ 2.92 g/t AuEq from 456.6 metres down hole.
APC-5 was drilled from Pad 2 to the SW with a steeper inclination and a 200-metre vertical difference
from the previous intercept reported in APC-2.
• Mineralization is remarkably continuous along the axis of both intercepts and is hosted within
an angular breccia with a sulphide matrix consisting of chalcopyrite (Cu), pyrite and pyrrhotite.
Additionally, overprinting carbonate base metal porphyry veins flood the breccia matrix in various
locations along the mineralized interval yielding the higher-grade intercepts in both holes. The breccia
clasts are all quartz diorite and diorite in composition and this hydrothermal system is clearly linked to
a porphyry system.
• A further four holes (APC-4, APC-6, APC-7 and APC-8) have now been completed with APC-9, APC-
10 and APC-11 now being drilled.
o APC-6 and APC-8 were designed to test the main breccia target at Apollo and both
holes intersected more than 265 metres of potentially favourable mineralization.
o APC-4 and APC-7 were NOT designed to test the main breccia target but rather
two grassroot concept targets at Apollo. Both holes intersected potentially
favorable mineralization with APC -4 cutting a 10 -20-metre-thick zone of
carbonate base metal veins with visible gold observed in one vein and APC -7
cutting 3 mineralized zones of favorable angular breccia down-hole between 20-
40 metres thick.
• The Apollo target 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 main 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)
Cu
%
Zn % Pb
%
Mo
%
AuEq
(g/t)*
APC-3 303.40 484.00 180.60 1.52 39 0.16 0.13 0.11 0.001 2.43
Incl 304.90 326.00 21.10 2.86 24 0.04 0.28 0.28 0.001 3.47
363.10 409.70 46.60 3.78 58 0.20 0.33 0.27 0.001 5.13
APC-5 210.25 478.25 268.00 0.89 22 0.13 0.11 0.07 0.002 1.50
Incl 210.25 226.60 16.35 1.95 20 0.04 0.308 0.23 0.001 2.55
252.60 271.80 19.20 2.61 14 0.04 0.271 0.13 0.000 3.03
456.00 478.25 22.25 2.30 21 0.04 0.332 0.24 0.002 2.92
and 496.80 510.65 13.85 0.71 9 0.02 0.144 0.11 0.001 1.00
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) + (Cu (%) x 1.96 x 0.95) + (Mo (%) x 7.35
x 0.95)+(Zn(%)x 0.86 x 0.95)+ (Pb(%)x 0.44 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Mo – US$15.00/lb, Zn –
US$1.75/lb, Pb – US$0.9/lb, Ag – $20/oz and Au – US$1,400/oz and recovery rates of 95% for Au, Ag, Cu, Mo, Zn and
Mo. 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.
Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target
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 with Traces of drill holes completed to date in the Main Breccia Discovery
at Apollo
Figure 4: Apollo Target Cross Section N-S with Core Photo Highlights for APC-5
Marketing Services Agreement
The Company is pleased to announce an agreement with Proven and Probable ("PP") to provide
investor relations services to the Company, subject to approval by the TSX Venture Exchange (the
"TSX-V"). PP will provide investor relations services to increase exposure to and awareness of
Collective. Services include, but not limited to:
Displaying Collective on its sponsor webpage.
Conduct interviews with management and advisors and publish them on their website and
other virtual channels.
Publish third party media regarding Collective on their website and other virtual channels.
The agreement with PP has a term of one year, for which they will be paid an annual fee of USD
$72,000. PP currently owns 3,250 common shares of Collective.
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, 89.4 metres at 2.46 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 sampl e
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