Collective Mining Drills 359.15 Metres at 3.32 g/t Gold Equivalent from Surface, Including 35.30 Metres at 8.06 g/t Gold Equivalent in Oxides at the Apollo Porphyry System
Collective Mining Drills 359.15 Metres at 3.32 g/t Gold Equivalent from
Surface, Including 35.30 Metres at 8.06 g/t Gold Equivalent in Oxides
at the Apollo Porphyry System
• Assay results for two holes APC-33 and APC-35, intended to test the mineralized outcrop
of the Apollo porphyry system , intersected significant continuous high-grade copper-
silver-gold mineralization from surface as follows:
• 359.15 metres @ 3.32 g/t gold equivalent ( consisting of 1. 84 g/t gold, 48 g/t silver
and 0.48% copper) in drill hole APC-35 including:
o 35.30 metres @ 8.06 g/t gold equivalent from surface in oxides, and
o 47.85 metres @ 5.58 g/t gold equivalent from 318.30 metres to the end of the
hole.
• 374.70 metres @ 2.22 g/t gold equivalent (consisting of 0.85 g/t gold, 53 g/t silver
and 0.34% copper) in drill hole APC-33 including:
o 42.85 metres @ 4.50 g/t gold equivalent from surface in oxides.
• The intersection in drill hole APC-35 is the highest grade (grams X metres) hole drilled
to date at the Apollo porphyry system.
• Both holes terminated while still in strong mineralization at over 350 metres vertical
depth. Deeper drilling is planned as part of the 2023 Phase II program.
• Significant and continuous copper mineralization was intersected in both drill holes
beginning directly below the oxide zone of mineralization and continuing to the end of
the holes.
• Four additional drill holes have been completed from drill Pads 6 and 7 with all four
holes appear ing to have interse cted continuous mineralization from bedrock to
downhole lengths of up to 275 metres. Assay results are pending.
• Outcrop mapping and sampling in the south and central portions of the Apollo porphyry
system has outlined a 130 metres X 130 metres area of known surface mineralization
which is open in all directions. Two new pads (9 and 10) are under construction and
once operational will provide more drilling options to test this expanding area of surface
and shallow mineralization.
Ari Sussman, Executive Chairman commented: “T he Apollo deposit continues to demonstrate that
it is in a rare class of discoveries combining both high -grades of copper, silver and gold hosted
within a bulk tonnage porphyry system. Surprises through drilling continue to be positive with APC -
35 being the highest grade i ntercept at the project to date. Importantly, the hole began and ended
in two separate high-grade subzones of mineralization . Once the shallow portion of the drill
program is completed in the coming weeks, we will immediately begin drilling significantly longer
holes to test the full potential of the system from surface to depth. Assay turnaround continues to
be quick and more results are expected in the near term.”
Toronto, Ontario, March 15, 2023 - 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 6 as part of the Phase II program at the Guayabales
project located in Caldas, Colombia. The aim of the Phase II program is to test and define through
drilling the shallow portion of the Apollo porphyry system as well as continue expanding the system
through step- out drilling . The Apollo porphyry deposit is a high-grade, bulk tonnage copper-silver-
gold system, which owes its excellent metal endowment to an ol der copper -silver and gold
porphyry system being overprinted by younger precious metal rich, carbonate base metal vein
systems (low and intermediate sulphidation porphyry veins ) within a magmatic, hydrothermal
intermineral breccia body currently measuring 395 metres x 385 metres x 915 metres and open
for expansion .
To watch a short video of David Reading, Special Advisor to Collective Mining, speak about the assay
results announced today, please click here.
Details (See Table 1 and Figures 1-3)
The Phase II drilling program of 2023 is advancing on schedule with seven holes completed and a
further three in progress. The aim of this program is to define the high- grade mineralization and
dimensions of the Apollo porphyry system near surface while continuing to expand the size of the
system through step-out drilling. To date, a total of 34 drill holes (approximately 16,000 metres) have
been completed and assayed at the Apollo target with the majority of the holes testing the Apollo
porphyry system.
Assay results for the first drill hole (APC-31) from the 2023 Phase II program was announced on
February 23, 2023 and intersected 384.7 Metres at 2.46 g/t Gold Equivalent from surface which
included high-grade oxide mineralization of 42.35 metres averaging 5.08 g/t gold equivalent.
A further two holes, APC-33 and APC-35 have now been completed from Pad 6 with assay results
and geological observations summarized below.
APC-35 was drilled steeply to the northwest from Pad 6 to a maximum depth of 366.15 metres (350
metres vertical). The hole was designed to test the potential for shallow, high-grade mineralization
located 50 metres west of APC-31. The hole intersected continuous mineralization from surface
down to its final depth where it was terminated while still in strong mineralization ( final 3.45m
averaging 1.11 g/t gold equivalent ). APC-35 is the highest -grade mineralization (grams X metres)
reported from drilling to date as follows:
• 359.15 metres @ 3.32 g/t gold equivalent ( consisting of 1. 84 g/t gold, 48 g/t silver
and 0.48% copper) including:
o 35.30 metres @ 8.06 g/t gold equivalent from surface (in oxides), and
o 47.85 metres @ 5.58 g/t gold equivalent from 318.30 metres.
The mineralized interval starts directly below overburden at 7 metres and into saprolite and oxide
material until 42.30 metres before transitioning into fresh mineralized angular breccia rock consisting
of chalcopyrite (0.2% to 1.5%), pyrite (1% to 2%) and some pyrrhotite (~1%). The minerali zation is
overprinted by carbonate-base metal veins containing sphalerite and galena and high grades of gold
particularly from 318.30 metres downhole. Gold grades are significantly higher in the oxidized portion
of the intercept while copper and silver grades are consistently high throughout the whole intercept
below the oxidized zone.
APC-33 was drilled steeply to the north from Pad 6 to a maximum depth of 381.35 metres (360 metres
vertical). The hole was also designed to test the potential for shallow, high grade mineralization located
50 metres east of APC-31. The hole intersected continuous mineralization from surface down to
its final depth where it was terminated while still in strong mineralization (last 4.44 metres grade 1.7
g/t gold equivalent) and averaged:
• 374.70 metres @ 2.22 g/t gold equivalent (consisting of 0.85 g/t gold, 53 g/t silver
and 0.34% copper) including:
o 42.85 metres @ 4.50 g/t gold equivalent from surface (in oxides).
The mineralized interval starts directly below overburden at 6.65 metres and into saprolite and oxide
material until 49.50 metres before transitioning into fresh mineralized angular breccia rock consisting
of chalcopyrite (0.2% to 1.2%), pyrite (1% to 2.5%) and some pyrrhotite (~1%). The sulphides fill the
breccia matrix and are surrounded by clasts of quartz diorite and diorite. The mineralization is
overprinted by carbonate -base metal veins containing sphalerite and galena. Gold grades are
significantly higher in the oxidized portion of the intercept where copper grades are depleted.
Outcrop mapping and sampling in the south and central portions of the system has outlined a 130
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 . Visual observations f rom
another four completed holes indicate continuous intercepts from surface over core lengths ranging
from more than 100 metres to more than 275 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 drill pads, numbered 9 and 10, are under construction to provide further drilling options to
test and expand upon the area which the Apollo porphyry system outcrops at surface.
The Apollo target area, as defined to date by surface mapping, rock s ampling 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 geologists find more outcrop areas with porphyry veining, breccia, and
late stage, sheeted, carbonate base metal veins.
Table 1: Assays Results for APC-33 and APC-35
HoleID From
(m)
To
(m)
Intercept
Interval
(m)
Au
(g/t)
Ag
(g/t)
Cu
%
Mo
%
AuEq
(g/t)*
CuEq
(%)**
APC-33 6.65 381.35 374.70 0.85 53 0.34 0.002 2.22 1.21
Inlc** 6.65 49.50 42.85 3.87 40 0.12 0.001 4.50
APC-35 7.00 366.15 359.15 1.84 48 0.48 0.002 3.32 1.82
Incl** 7.00 42.30 35.30 7.96 22 0.09 0.001 8.06
318.30 366.15 47.85 5.47 19 0.05 0.002 5.58
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.83 x 0.95)+ (Mo (%)*9.14 x 0.95) an d
CuEq (%) i : (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 3.75 x 0.95) CuEq (%) is calculated as
follows: (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 5.0 x 0.95). utilizing metal prices of Cu –
US$4.00/lb, Ag – $24/oz Mo US$20.00/lb and Au – US$1,500/oz and recovery rates of 95% for Au, Ag, Mo and Cu. 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
Oxidation zone**
Figure 1: Plan View of the Apollo Porphyry System Highlighting Drill Holes APC-33 & APC-35
Figure 2: Core Photo Highlights and Cross Section for Drill Holes APC-33 and APC-35
Figure 3: Plan View of the Guayabales Project Highlighting the Apollo Target Area
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 option s 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 while
continuing to expansion the overall dimensions of the system, which remains open in all directions .
Management, insiders and close family and friends own nearly 52% 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 Instrument 43 -101 (“NI 43- 101”) and has reviewed and verified that the technic al
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, Minerals
and Mining and of the Society of Economic Geology (SEG).
Technica l 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.
Information Co ntact:
Follow Executive Chairman Ari Sussman (@Ariski) 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.