Collective Mining Drills 426 Metres at 1.51 g/t Gold Equivalent in Step- Out as well as 47.25 Metres at 5.45 g/t Gold Equivalent Near Surface at its Bulk Tonnage Main Breccia Discovery in Colombia
Collective Mining Drills 426 Metres at 1.51 g/t Gold Equivalent in Step-
Out as well as 47.25 Metres at 5.45 g/t Gold Equivalent Near Surface at
its Bulk Tonnage Main Breccia Discovery in Colombia
• Drilling results from two step out holes, APC-22 and APC-23, have expanded the copper-
silver-gold footprint of the Main Breccia discovery at the Apollo target to the north and
east.
• Step-out drill hole APC-22, which expanded the system more than 100 metres to the
north, intersected 426 metres @ 1.51 g/t gold equivalent.
• Near the beginning of hole APC-22, two shallow zones of high -grade mineralization
were encountered highlighted by 47.25 metres @ 5.45 g/t gold equivalent from 60 metres
vertical.
• APC-22 was terminated at 734 metres depth due to rig capacity and bottomed while still
in mineralization averaging 3.3 metres @ 0.48 g/t gold.
• Step-out drill hole APC-23, which intersected a mix of continuously mineralized angular
breccia (higher grade) and flour breccia (lower grade), expanded the system to the east
by intercepting 71.7 metres @ 1.01 g/t gold equivalent.
• Assay results are still pending for holes 25 through 30 drilled into the Main Breccia
system at the Apollo target with the 2023 program set to kickoff over the coming days.
Ari Sussman, Executive Chairman commented: “APC-22 is an important drill hole for the
Company. Firstly, it significantly expanded the mineralized footprint of the system to the north -
northeast and remains completely open for further expansion. Secondly, the near surface high-
grade intercept in the hole, which was enriched by both porphyry style copper and gold and low
sulphidation derived precious metals flooding the breccia matrix , opens up a new high-grade area
for drilling . Drill hole APC- 29, for which we do not yet have assay results and was drilled from the
same pad, intersected similar style mineralization near surface at even greater intensity than APC -
22. We believe that we have a “tiger by the tail” and that the system will continue to grow both in
grade and scale with further drilling .”
Toronto, Ontario, January 11, 2023 - Collective Mining Ltd. (TSXV: CNL, OTCQX:
CNLMF) (“Collective” or the “Company”) is pleased to announce a ssay results from t wo step-
out holes and one shallow hole drilled into the Main Breccia discovery at the Apollo target
(“Apollo”), which is part of the Guayabales project located in Caldas, Colombia. The Main Breccia
discovery is a high- grade, bulk tonnage copper-silver- gold porphyry -related system, which owes
its excellent metal endowment to multiple phases of mineralization which include s older copper -
silver-gold porphyry mineralization and younger, overprinting, precious metal rich sheeted
carbonate base metal vein systems.
Details (See Table 1 and Figures 1–4)
Assay results for twenty-five diamond drill holes have now been announced at Apollo with results for
a further six holes expected in the near term. This press release deals with results from two step out
holes drilled to extend the deposit northwards and eastwards, and a shallow hole drilled on the western
side of the deposit. Results and details of three drill holes are summarized below.
APC-22 is a step out hole drilled to the north-northeast from Pad 3 to a maximum depth of 734.8
metres and intercepted three mineralized zones. The two shallow zones are located directly
beneath surface outcrops with the initial 47.25 metre intercept commencing at 89.25 metres downhole
(60 m etres vertical), and a second zone start ing at 167 m etres downhole with 16.80 m etres of
mineralization (100 metres vertical). Mineralization in these shallow zones is hosted within the matrix
of angular quartz diorite breccia with sulphides consisting of chalcopyrite (1%-2.5%), pyrrhotite (1%)
and pyrite (1%-1.5%). Finally, the third zone, which starts at 308.80 metres downhole (276 metres
vertical) hit 424.10 metres of continuous mineralization until the end of the drillhole at 734.80 metres
in length (650 metres vertical). This long and continuous zone of mineralization consists of chalcopyrite
(0.5%) and pyrite (1%-2%) in the breccia matrix which is in turn overprinted by multiple zones of
sheeted carbonate base metal (“ CBM”) vein material, which are predominantly sphaleri te rich with
minor galena. The hole bottomed in mineralization due to the limitations of the drill rig with assay
results as follows:
o 47.25 metres @ 5.45 g/t gold equivalent consisting of 4.65 g/t Au, 22 g/t Ag, 0.39%
Cu and 30 ppm Mo from 89.25 metres downhole (60 metres vertical depth).
o 16.80 metres @ 4.56 g/t gold equivalent consisting of 2.59 g/t Au, 79 g/t Ag, 0.50%
Cu and 20 ppm Mo from 167.0 metres downhole (100 metres vertical depth).
o 426.0 metres @ 1.51 gold equivalent consisting of 1.05 g/t Au, 23 g/t Ag, 0.08% Cu
and 10 ppm Mo from 308.80 metres downhole (276 metres vertical depth) and
includes; 64.85 metres @ 3.67 g/t gold equivalent, 25.8 metres @ 2.59 g/t gold
equivalent and 15.55 metres @ 2.04 g/t gold equivalent.
Hole APC-23 was drilled south from pad 5 to a maximum downhole length of 454.9 metres. This step-
out hole aimed to test for an eastern extension to the Main Breccia system . The hole intercepted
mineralization over 71.7 metres begining at 311.4 metres downhole. Mineralization in this eastern area
occurs in both angular (higher grade) and fluid breccia (lower grade) morphologies and is associated
with sulphide cement containing both pyrite and pyrrhotite with some overprinting CBM veins with
assay results as follows:
o 71.70 metres @ 1.01 g/t gold equivalent, including 17.3 metres grading 1.69 g/t gold
equivalent.
Hole APC-24 was a shallow hole drilled south-southwest from Pad 4 to test for western extensions to
the main breccia. The hole drilled to a maximum downhole length of 349.9 metres and only intersected
mineralized crackle breccia from 101 metres (85 metres vertical depth). Gold and silver mineralization
relates to matrix sulphides including pyrite (1%) and pyrrhotite (0.5%) with overprinting CBM veinlets
containing sphalerite and some galena. The crackle breccia locates peripherally and above the Main
Breccia system. Steeper drilling is thus required in this area to intersect the Main Breccia body.
Nevertheless, mineralization was observed in the crackle breccia and returned the following results:
o 50.60 metres @ 1.28 g/t gold equivalent from 101 metres downhole depth (85 metres
vertical) including 10.15 metres @ 2.25 g/t gold equivalent.
In 2022, a total of 14,975 metres (31 holes) were drilled at the Apollo target. To date assay results
have been released for 25 holes with results for the holes that remain outstanding expected in early
2023.
The Company’s 2023 drill program will begin in the coming days and will focus on targeting the high-
grade subzones within the Main Breccia system while simultaneously expanding the potential size of
the system. Additionally, the Company will remain aggressive in testing new targets at Apollo including
the newly generated copper and molybdenum porphyry target located 150 metres south of the Main
Breccia system.
The Apollo target area, as defined to date by surface mapp ing, rock sampling and copper and
molybdenum soil geochemistry, covers an 1,000 metres X 1,200 metres area. The Apollo target area
hosts the Company’s M ain Breccia discovery plus a vein system located above and on the eastern
flank of the Main Breccia dis covery. Multiple additional untested breccia, porphyry and vein targets
have been generated with drilling to begin testing these targets in Q1, 2023. The overall Apollo target
area also remains open for further expansion.
Table 1: Apollo Target Assays Results for Holes APC-22 to APC-24
HoleID From
(m)
To
(m)
Intercept
(m)
Au
(g/t)
Ag
(g/t)
Cu
%
Mo
%
AuEq
(g/t)*
APC-22 89.25 136.50 47.25 4.65 22 0.39 0.003 5.45
167.00 183.80 16.80 2.59 79 0.50 0.002 4.56
and 308.80 734.80 426.00 1.05 23 0.08 0.001 1.51
Incl 406.15 471.00 64.85 3.16 33 0.08 0.001 3.67
568.10 593.90 25.80 2.23 25 0.05 0.001 2.59
665.85 681.40 15.55 1.59 26 0.07 0.001 2.04
APC-23 311.35 383.05 71.70 0.86 10 0.02 0.001 1.01
359.1 376.4 17.30 1.47 14 0.04 0.001 1.69
APC-24 101.00 151.60 50.60 1.15 10 0.02 0.001 1.28
Incl 110.05 120.20 10.15 2.19 8 0.01 0.003 2.25
128.75 134.75 6.00 2.04 11 0.02 0.001 2.15
and 316.25 317.65 1.40 4.85 26 0.08 0.001 5.15
*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) and 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 3.75 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.
Figure 1: Plan View of the Main Breccia Discovery at Apollo Highlighting Drill Holes APC-22 &
APC-23 and Outstanding Holes Which May Expand the Main Breccia Mineralized Footprint
Figure 2: Plan View of the Guayabales Project Highlighting the Apollo Target
Figure 3: Apollo Target: Main Breccia Cross Section with Core Photo Highlights from APC-22
Figure 4: Apollo Target: Core Photo Highlights from APC-23