Collective Mining Drills 503.25 Metres at 2.00 g/t Gold Equivalent from Surface at the Guayabales Project’s Apollo System
Collective Mining Drills 503.25 Metres at 2.00 g/t Gold Equivalent from
Surface at the Guayabales Project’s Apollo System
• APC-65 intersected 503.25 metres grading 2. 0 g/t gold equivalent from surface crossing
outcropping sheeted CBM vein mineralization before transitioning into brecciated
porphyry. APC-65 increased the volume in the recently wireframed internal block model of
the outcropping sheeted CBM vein system located above the brecciated porphyry and on a
gram x metres basis is the sixth hole ever drilled at Apollo measuring greater than 1,000 g/t
gold equivalent .
• APC-68 intersected 45.0 metres grading 1.14 g/t gold equivalent close to surface in
minerali zed porphyry overprinted by sheeted CBM vein mineralization . As a result of this
interval , the Apollo porphyry system has been extended a further 30 metres to the n orth.
• Drill hole APC -69, which is the only hole drilled to date testing Target 5 located peripheral
to the east the Apollo porphyry system, intersected 78.35 metres grading 1.32 g/t gold
equivalent from surface, followed by 78.3 metres grading 0.82 g/t gold equivalent in a zone
of sheeted CBM vein mineralization . The mineralization encountered in APC -69 is now
being interpreted as a 70 metre extension to the east of the surface footprin t of the Apollo
porphyry system .
• Due to drill hole APC -65, the overall area of the outcropping mineralization located within
the area covered by the Apollo system has increased to 320 metres strike by 220 metres
width (previously 260 metres strike by 220 metres width) and remains open for further
expansion. Drilling from Pad 12 is now underway with the aim of continuing to expand the
footprint of outcropping mineralization to the north.
• Nine new holes have now been completed in the Apollo system with assa ys anticipated in
the short term. Of particular i nterest is APC -72, which cut more than 500 metres of intense
visible mineralization . Additionally, two initial reconnaissance holes have been completed
at both the Plutus target and the ME target with drilling continuing at both newly discovered
porphyry c entres. Initial assay results for Plutus and ME are anticipated in October 2023.
Ari Sussman, Executive Chairman commente d: “It is an exciting time for the Company with five
rigs now actively turning at the Guayabales project. Three of the rigs are focused on lateral and
vertical expansion of the Apollo porphyry system while the remaining two rigs are drilling the Plutus
and ME porphyry centres for the first time. At Apollo, drilling continues to intersect remarkably
continuous mineralization over significant core lengths and we have just completed our first fan of
four directiona l drill holes, all of which intercepted mineralized porphyry . Outside of Apollo,
mineralized breccia of over 100 metres in length has been intercepted at both the Plutus and ME
targets with assay results for holes drilled at both targets expected in the near term . Guayabales
is truly blessed with a remarkable endowment of metal and our corporate strategy of remaining
aggressive with drilling will continue unabated .”
To watch a short video of David Reading, Special Advisor to Collective Mining, reviewing todays
assay results , please click here.
Toronto, Ontario, September 26 , 2023 - Collective Mining Ltd. (TSX: CNL, OTCQX:
CNLMF) (“Collective” or the “Company”) is pleased to announce as say results for three holes
drilled in the Apollo target area, which is part of the Guayabales project located in Caldas,
Colombia. Apollo already hosts a n outcr opping high-grade, bulk tonnage copper-silver- gold
porphyry system and multiple recently generated yet untested targets surrounding it. The porphyry
system at Apollo owes its excellent metal endowment to an older copper -silver and gold porphyry
system being overprint ed by younger precious metal rich, carbonate base metal veins
(intermediate sulphidation porphyry veins ) within a magmatic, hydrothermal inter-mineral breccia
and diorite porphyry bodies currently measuring 520 metres x 395 metres x 915 metres a nd open
for expansion .
Details (See Table 1 and Figures 1-4)
This press release outlines results from three holes drilled with the aim of expanding various portions
of the Apollo porphyry system. Drill hole APC-65 was drilled northeastwards to test and expand the
recently discovered upper zone of sheeted CBM vein mineralization as well as the brecciated porphyry
body directly below. Exploratory holes APC-68 and APC-69 were drilled westwards from Pad 1 and
eastwards from Pad 10, respectively, to test for potential extensions to the Apollo system.
APC-65 was drilled steeply northeastwards from Pad 10 to a maximum downhole depth of 530.75
metres (529 meters vertical due to topography). The hole intersected continuous mineralization
over 503.25 metres commencing from surface. The first 126.25 metres downhole cut the recently
discovered outcropping sheeted CBM vein zone, located above and adjacent to the main brecciated
porphyry body. The first 59 metres of this zone was drilled in mineralized saprolite and oxidized vein
material. Upon exiting the weathered zone, sheeted CBM vein mineralization was intercepted hosting
up to 3% pyrite and sphalerite respectively. Below this, the hole continues for 377 metres downhole in
the brecciated porphyry zone with a sulphide cement matrix hosting up to 1 .0% chalcopyrite, 2.0%
pyrite, 0.2% sphalerite, 0.1% galena and pyrrhotite (up to 1.0%) with assay results as follow:
• 503.25 metres @ 2.00 g/t gold equivalent from surface (consisting of 1.55 g/t gold, 23 g/t
silver and 0.10% copper) including:
o 126.25 metres @ 1.45 g/t gold equivalent from surface in shallow sheeted CBM
vein mineralization;
o 56.65 metres @ 4.78 g/t gold equivalent from 126.90 metres downhole in
mineralized brecciated porphyry with CBM vein fluid overprint and;
o 64.20 metres @ 2.42 g/t gold equivalent from 325.60 metres in mineralized
brecciated porphyry.
APC-65 has added volume to the recently completed internal wireframed block model covering
the outcropping sheeted CBM vein zone located above and peripheral to the main brecciated
porphyry body.
On a gram x metre basis, APC -65 returned 1,007 g/t gold equivalent, which represents the sixth
intercept ever drilled at Apollo measuring more than 1,000 g/t gold on a gram x metre basis.
APC-68 was drilled west from Pad 1 to a final downhole depth of 353.40 metres (276 metres vertical
due to topography) and intersected sheeted CBM mineralization to the north and above the current
known dimensions of the Apollo porphyry system. The CBM vein miner alization overprints quartz
diorite porphyry rock and is intersected downhole for 45.5 metres from a shallow depth of 76.50
metres. The CBM veins contain sulphides of 0.1% chalcopyrite, pyrite (up to 1.5%), 0.1% galena, and
sphalerite (up to 0.1%). Assay results for this interval are as follows:
• 45.50 metres @ 1.14 g/t gold equivalent from 76.50 metres downhole (consisting of 0.82
g/t gold, 18 g/t silver and 0.03% copper) including:
o 2.90 metres @ 10.55 g/t gold equivalent from 76.50 metres downhole and;
o 0.75 metres @ 8.33 g/t gold equivalent from 98.15 metres downhole.
APC-69 was drilled to the east from Pad 10 to a final downhole depth of 576.90 metres (568 metres
vertical due to topography ) with the aim of testing Target 5, which i s one of a series of targets
surrounding the Apollo porphyry system. The hole intersected brecciated porphyry from surface in the
first interval followed by a zone of sheeted CBM veins from further downhole. No prior drilling has been
performed in this area of the Apollo target. The first zone of 78.35 metres , which once again
commences at surface, consists of oxidized vein and breccia material for 70 metres followed by fresh
rock consisting of brecciated porphyry with a sulphide matrix hosting trace of chalcopyrite, pyrite
(1.0%), sphalerite (0.1%) and pyrrhotite (0.5%). A second zone of sheeted CBM veins was intersected
from 221.40 metres downhole with assay results as follows:
• 78.35 metres @ 1.32 g/t gold equivalent from surface downhole (consisting of 1.12 g/t
gold, 12 g/t silver and 0.02% copper) including:
o 5.65 metres @ 6.44 g/t gold equivalent from 55.00 metres downhole in brecciated
porphyry mineralization.
• 78.30 metres @ 0.82 g/t gold equivalent from 221.40 metres downhole (consistin g of
0.64 g/t gold, 8 g/t silver and 0.05% copper) in porphyry with ove rprinting CBM veins
including:
o 7.70 metres @ 2.35 g/t gold equivalent from 257.70 metres downhole in porphyry
with overprinting CBM veins.
The mineralization encountered in APC-69 is now being interpreted a s a 70 metre eastward
extension from surface to the Apollo porphyry system.
Apollo Drill Program and Assay Update
The 2023 Phase II drilling program is advancing on schedule with assay results reported for 39 holes
and an additional 9 holes awaiting assay results from the lab. Since the announcement of the discovery
hole in June 2022, a total of 70 drill holes (approximately 30,570 meters) have been completed and
assayed at Apollo.
With five diamond drill rigs now operating at site, the Company is focused on:
1. E xpanding the Apollo porphyry system including depth extensions and high-grade sub-zones.
2. Further drilling to expand the newly discovered shallow and outcropping sheeted CBM vein
zone located above and peripheral to the Apollo brecciated porphyry body.
3. Test ing the two remaining recently generated targets surrounding the Apollo porphyry system.
Three targets have been drill tested to date with assay results reported.
4. Testing Plutus, a new large-scale porphyry target located approximately 1,000 metres east of
Apollo.
5. Test ing ME, another new porphyry centre located approximately 800 metres southeast of
Apollo.
6. Generating new exploration targets for drill testing in 2024.
The Apollo 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 copper -silver-gold porphyry system. Mineralization styles inclu de early -stage porphyry
veins, inter -mineral brecciated porphyry mineralization and multiple zones of late stage, sheeted,
carbonate-base metal veins with high gold and silver grades. The Apollo area is still expanding as the
Company’s geologists 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)
Results for holes outlined in this press release are summarized below:
Table 1: Assay Results for APC-65, APC-68 and APC-69
Hole # From (m) To (m) Length
(m) Au g/t Ag g/t Cu % Mo % AuEq
g/t*
APC-65 - 503.25 503.25 1.55 23 0.10 0.001 2.00
incl 126.90 183.55 56.65 4.75 9 0.02 0.001 4.78
and incl 282.00 307.85 25.85 1.94 63 0.29 0.001 3.26
and incl 325.60 389.80 64.20 1.95 30 0.06 0.001 2.42
and incl 423.10 465.45 42.35 3.12 21 0.04 0.001 3.41
APC-68 76.50 122.00 45.50 0.82 18 0.03 0.005 1.14
incl 76.50 79.40 2.90 10.05 52 0.02 0.002 10.55
and incl 98.15 98.90 0.75 4.47 270 0.06 0.004 8.33
and incl 105.05 106.05 1.00 0.73 132 0.05 0.008 2.75
and incl 112.65 114.80 2.15 0.65 55 0.02 0.005 1.49
APC-69 0.30 78.65 78.35 1.12 13 0.02 0.000 1.32
Incl 55.00 60.65 5.65 5.33 84 0.04 0.001 6.44
and 221.40 299.70 78.30 0.64 8 0.05 0.000 0.82
Incl 257.70 265.40 7.70 1.61 29 0.23 0.000 2.35
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag g/t x 0.016 x 0.88) + (Cu (%) x 1.79 x 0.90)+ (Mo (%)*11.62 x 0.85) utilizing
metal prices of Cu – US$3.85/lb, Ag – $24/oz Mo - US$25/lb and Au – US$1,475/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 completed to date.
True widths are unknown, and grades are uncut.
Figure 1: Plan View of Drill Holes into the Apollo System Announced in this Release
Highlighting Stepout Holes APC-68 and APC-69 and the location of APC-65
Figure 2: Core Photo Highlights of APC-65
Figure 3: Core Photo Highlights of APC-69