Collective Mining Drills 271.30 Metres at 3.35 g/t Gold Equivalent from Surface and Expands the Dimensions of the High-Grade Shallow Zone of the Apollo Porphyry System to the West
Collective Mining Drills 271.30 Metres at 3.35 g/t Gold Equivalent from
Surface and Expands the Dimensions of the High-Grade Shallow Zone
of the Apollo Porphyry System to the West
• Hole APC-43, cut the longest continuous interval drilled to date of high-grade copper-
silver-gold mineralization beginning at surface from Pad 7 at the Apollo system with
results as follows:
• 271.30 metres @ 3.35 g/t gold equivalent (consisting of 2.37 g/t gold, 23 g/t silver
and 0.42% copper) in drill hole APC-43 including:
o 19.30 metres @ 4.28 g/t gold equivalent from surface in oxides, and
o 32.30 metres @ 4.65 g/t gold equivalent from 19.30 metres downhole, and
o 42.05 metres @ 5.29 g/t gold equivalent from 214.7 metres downhole.
• As a result, the hole has extended the vertical dimension of the system in the
southernmost part of the deposit to 270 metres (an increase of 100 metres).
• Step out drill hole APC-40 also intercepted high-grade copper-silver-gold mineralization
beginning from surface as follows:
• 169.25 metres @ 2.81 g/t gold equivalent (consisting of 1.93 g/t gold, 19 g/t silver
and 0.38% copper) in drill hole APC-40 including:
o 16.75 metres @ 3.37 g/t gold equivalent from surface in oxides, and
o 11.95 metres @ 9.57 g/t gold equivalent from 18.25 metres downhole, and
o 44.85 metres @ 3.99 g/t gold equivalent from 87.85 metres downhole.
• APC-40 successfully extended the strike length of the shallow mineralization to
the west of the previously known mineralization envelope and as a result has
expanded the maximum known area of shallow mineralization to 150 metres X
130 metres (previously 130m X 130m).
• The grade tenor and continuity of the intersections in APC-40 and APC-43 reflect an
increased understanding of the dip and geometry of the southernmost, high- grade
portion of the Apollo system. The surface dimensions of the shallow mineralization
remain open for further expansion with drill holes from newly completed Pad 9 and Pad
10 now underway.
• Five additional holes have been completed from Pad 6 and Pad 7 with assay results
expected in the near term. APC -44 is the longest hole drilled to date as part of the
shallow drilling program and cut more than 425 metres of continuous visual
mineralization beginning at surface. APC-41 and APC-42 were shorter holes designed to
test the contact between the breccia and the quartz diorite porphyry with very intense
late-stage porphyry veining observed in APC-42. Assay results are expected in the near
term.
• The Company has commenced a long step out drill hole of up to 1 ,000 metres to the
northwest from Pad 6. Presently, the hole (APC -49) is cutting mineralization, which
began at surface, to its current depth of 783 metres.
Ari Sussman, Executive Chairman commented: “T he latest assay results continue to demonstrate
that the Apollo system has world- class grades for an outcropping bulk tonnage porphyry syst em.
With a strong treasury now in hand due to the recently closed financing, the Company will
aggressively look to expand the Apollo system with step out deep drill holes like APC-49 currently
underway and by testing satellite targets within the Apollo area. More details on the revised and
expanded drilling plan for the remainder of 2023 will be provided shortly. ”
Toronto, Ontario, April 11, 2 023 - Collective Mining Ltd. (TSXV: CNL, OTCQX:
CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from a n
additional two drill holes completed from Pad 7. Drilling at Apollo in 2023 has been focused on
discovering and defini ng sha llow, high -grade minerali zation below surface outcrops . With
additional financing in place, the Company has expanded the aim of the program to include long
step out holes. The Apollo porphyry deposit is a high -grade, bulk tonnage copper-silver- gold
system, which owes its excellent metal endowment to an o lder 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
body currently measuring 395 metres x 385 metres x 915 metres and open for expansion .
Details (See Table 1 and Figures 1-5)
The Phase II drilling program of 2023 is advancing on schedule with eleven holes completed and a
further five holes in the lab awaiting assay results. Since the discovery of the Apollo porphyry system
was announced in June 2022 , a total of 42 drill holes (approximately 18,000 metres) have been
completed and assayed. Assay results and geological observations for APC-40 and APC -43 are
summarized below.
APC-40 was drilled to the southwest from Pad 7 to a maximum downhole depth of 214.55 metres and
was targeted to intersect the contact zone between the mineralized breccia and the adjacent porphyry
mineralization to the southwest. The hole intersected continuous and strong copper, silver and gold
mineralization from surface bedrock to a depth of 169.25 metres ( 188 metres vertical due to
topography) with the following assay results highlighted below:
• 169.25 metres @ 2.81 g/t gold equivalent (consisting of 1.93 g/t gold, 19 g/t silver
and 0.38% copper) including:
o 16.75 metres @ 3.37 g/t gold equivalent from bedrock in oxides, and
o 11.95 metres @ 9.57 g/t gold equivalent from 18.25 metres, and
o 44.85 metres @ 3.99 g/t gold equivalent from 87.85 metres.
The mineralized interval starts from 1.5 metres depth with saprolite material followed by saprock and
then continues with iron oxides and sulphides until a downhole depth of 18.25 metres. Below the oxide
transition zone, the intercept passes into fresh rock consisting of quartz diorite breccia with a matrix
of chalcopyrite (0.5% to 1.2%), pyrite (up to 1.5%) and 1% pyrrhotite. Higher-grade zones encountered
from 18.25 metres and 87.85 metres downhole reflect zones with a hi gher percentage of sulphides
plus quartz and carbonate in the matrix and reflect areas of higher permeability within the porphyry
system.
APC-43 was drilled to the northwest from Pad 7 to a maximum downhole depth of 293 metres. The
hole targeted the steeply dipping, southern high-grade zone as outlined by previous drilling from Pad
7 (Holes APC-36 and APC-38). The hole intersected continuous mineralization from surface outcrop
to a downhole depth of 271.30 metres (282 metres vertical due to topography) with assay results as
follows:
• 271.30 metres @ 3.35 g/t gold equivalent (consisting of 2.37 g/t gold, 23 g/t silver
and 0.42% copper) including:
o 19.30 metres @ 4.28 g/t gold equivalent from surface in oxides, and
o 32.30 metres @ 4.65 g/t gold equivalent from 19.30 metres, and
o 16.90 metres @ 4.71 g/t gold equivalent from 127.80 metres, and
o 42.05 metres @ 5.29 g/t gold equivalent from 214.7 metres.
The mineralized interval starts from surface to 3.9 metres depth within saprolite material followed by
an additional 8.1 metres of saprock with iron oxides to 12 metres before transitioning into a zone with
an oxidized sulphide matrix. From 19.30 metres the intercept passes into fresh rock with a sulphide
composition of 0.5% to 1.3% chalcopyrite, 1.8% pyrite and pyrrhotite (up to 1.3%). The higher-grade
zones commencing at 19.30 metres and 214.70 metres downhole relate to zones with a higher
percentage of sulphides plus quartz and carbonate in the matrix and reflect areas of higher
permeability within the porphyry system.
The grade tenor and continuity of the intersections in APC -40 and APC -43 reflect an increased
understanding of the dip and geometry of the southern, high grade portion of the Apollo porphyry as
gained from previous initial drilling in this area (holes APC-36 and APC-38, see press release dated
March 30, 2023 for further details ). Outcropping minerali zation in the south dips steeply to the
northwest and APC-43 has extended the mineralization another 100 metres vertically in this direction.
APC-40 has extended the known area of shallow mineralization laterally and now measures 150
metres X 130 metres (previously 130 metres X 130 metres).
Outcrop mapping and sampling in the south and central portions of the system has outlined a 1 50
metre-by-130 metre area of known surface mineralization, which is open in all directions. Pads 6 and
7 have been designed with the objective of understanding the styles and tenor of the shallow, high-
grade mineralization from surface down to depths of up to 400 metres and Pad 6 is ideally situated for
further step out holes to understand grade continuity at depth. In particular, short holes from Pad 6
(APC-41 and APC -42) have been targeted to intersect high grades at the contact zone between
breccia and porphyry as previously announced in APC -29 which intersected 32 metres @ 10.48 g/t
gold equivalent from a downhole depth of 112.10 metres below surface. (see press release dated
January 31, 2023)
Deep drilling (APC-49) has recently commenced from Pad 6 with visuals highlighting continuous
porphyry and breccia style mineralization from surface to its current depth of 783 metres. Drilling of
APC-49 continues as of publication of this release and represents the longest mineralized intercept
drilled to date into the Apollo system.
Five additional shallow drill holes have been completed from drill Pads 6 and 7 with fan drilling in
various directions extending the outcropping minerali zation to the w est and northeast. Visual
observations indicate continuous mineralization fr om surface over core lengths ranging from more
than 80 metres to more than 425 metres. The Company presently has three diamond drill rigs
operating at the Apollo project and additional assay results are expected in the near term.
Two new pads have recently been completed (Pad 9 and Pad 10) with drilling underway from both
pads. The pad locations were chosen in order to provide more drilling options to test the potential for
westerly and easterly extensions of the shallow portion of the Apollo system.
The A pollo 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 i nclude 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.
Table 1: Assays Results for APC-40 and APC-43
Hole # From
(m)
To
(m)
Intercept
Interval
(m)
Au
(g/t)
Ag
(g/t)
Cu
%
Mo
%
AuEq
(g/t)*
CuEq
(%)*
APC-40 1.50 170.75 169.25 1.93 19 0.38 0.003 2.81 1.50
Incl** 1.50 18.25 16.75 2.90 16 0.18 0.002 3.37
18.25 30.20 11.95 9.45 8 0.16 0.002 9.57
87.85 132.70 44.85 2.58 30 0.61 0.005 3.99
APC-43 - 271.30 271.30 2.37 23 0.42 0.002 3.35 1.79
Incl** - 19.30 19.30 4.02 6 0.16 0.002 4.28
19.30 51.60 32.30 4.39 9 0.14 0.004 4.65
127.80 144.70 16.90 4.02 17 0.32 0.002 4.71
214.70 256.75 42.05 5.07 12 0.11 0.002 5.29
*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) and 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.
(**) Zone of Oxidation
Figure 1: Plan View of the Apollo Porphyry System Highlighting Drill Holes APC-40 & APC-43
Figure 2: NW – SE Cross Section Highlighting APC-43 and APC-36
Figure 3: Plan View of the Guayabales Project Highlighting the Apollo Target Area