Collective Mining Drills 56.60 Metres at 10.05 g/t Gold Equivalent Within 329.75 Metres at 3.10 g/t Gold Equivalent in Step Out Drilling Along the Contact Zone and Discovers a New Vein System at Apollo
Collective Mining Drills 56.60 Metres at 10.05 g/t Gold Equivalent
Within 329.75 Metres at 3.10 g/t Gold Equivalent in Step Out Drilling
Along the Contact Zone and Discovers a New Vein System at Apollo
Hole APC-53 was drilled from Pad 10 with the aim of stepping out to the northeast at depth
along the recently discovered high-grade Contact Zone in the Apollo system. Prior to
intercepting the Contact Zone downhole, a new bulk tonnage high-grade, sheeted, precious
metal vein system was discovered beginning directly from surface with results as follows:
145.0 metres @ 2.11 g/t gold equivalent from surface.
This new bulk tonnage and high-grade discovery remains open in all directions and will
likely follow a northwest-southeast corridor. A follow up hole to this new discovery,
APC-63, is currently underway.
Further along drill hole APC-53, the Contact Zone was intersected as planned. A remarkably
continuous long zone of high-grade gold-silver-copper mineralization was cut in the hole
and included a very high-grade section with assay results below:
329.75 metres @ 3.10 g/t gold equivalent from 232.95 metres downhole including;
o 56.60 metres @ 10.05 g/t gold equivalent from 277.65 metres downhole.
The Contact Zone along the southeastern edge of the system has now been extended to
370 metres (previously 150 metres) and remains open to the northeast for further
expansion. Additional drill holes testing the Contact Zone have been completed with assay
results expected in July 2023. Furthermore, hole APC-53, has increased the overall
dimensions of the Apollo porphyry system to the northeast (see Figure 1).
Three additional drill holes intercepted high-grade gold-silver-copper mineralization. Holes
APC-50 through APC-52 confirm that shallow high-grade mineralization begins at or near
surface from drill Pads 9 and 10. Furthermore, all three holes added volume to the block
model at shallow elevations where no prior drilling had taken place with assay results as
follows:
137.70 metres @ 2.60 g/t gold equivalent from 53.30 metres downhole (consisting of
0.74 g/t gold, 52 g/t silver and 0.66% copper) in APC-50 from Pad 9.
112.55 metres @ 2.26 g/t gold equivalent from 163.30 metres downhole (consisting of
1.27 g/t gold, 22 g/t silver and 0.41% copper) in APC-51 from Pad 9.
190.30 metres @ 2.46 g/t gold equivalent from 1.9 metres downhole (consisting of 1.19
g/t gold, 43 g/t silver and 0.41% copper) in APC-52 from Pad 10.
Seven additional holes have been completed with assay results expected in the near
term. All seven holes intersected cumulative mineralization over varying yet significant
downhole drill lengths. Three drill rigs are operating on site with a fourth rig expected
to begin operating prior to the end of Q2, 2023. Once on site, the fourth rig will focus on
testing the six new exploration targets directly surrounding the Apollo system as well
as regional targets within the three-kilometre porphyry corridor (see press release dated
April 18, 2023, for further details).
Ari Sussman, Executive Chairman commented: “Hole APC-53 is very significant for the Company.
Firstly, we have discovered a high-grade and bulk tonnage sheeted vein system located above
the Apollo porphyry system. The vein system has potential to be traced over significant distances
to both the northwest and to the southeast and if drilling corroborates this potential, the overall
footprint of the shallow mineralization at Apollo would expand significantly. Follow up drilling is
underway from Pad 10 with hole APC-63 stepping out at a shallow angle further to the northeast.
“Secondly, the thick intercept in APC-53 testing the contact zone cut remarkably high grades and
displayed excellent continuity over a long interval. This interval is the second highest grade
intercept (grams x metres) ever drilled at the project and has more than doubled the known strike
length of the high-grade Contact Zone.
“With drilling now fully transitioned into expansion mode for the Apollo porphyry system and the
testing of newly generated targets, we are truly excited to see what other potential may lie ahead.”
Toronto, Ontario, June 13, 2023 – Collective Mining Ltd. (TSXV: CNL, OTCQX: CNLMF)
(“Collective” or the “Company”) is pleased to announce assay results for the first four holes
drilled from newly constructed Pads 9 and 10 within the Apollo porphyry system (“Apollo”) at the
Guayabales project located in Caldas, Colombia. Apollo is a high-grade, bulk tonnage copper-
silver-gold system, which owes its excellent metal endowment to an older 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 and diorite porphyry bodies currently measuring 435 metres x 395 metres x 915 metres
and open for expansion.
Details (See Table 1 and Figures 1- 5)
The 2023 Phase II drilling program is advancing on schedule with twenty-two holes completed and
results announced. A further seven holes have been drilled and await assay results from the lab. The
objectives of the 2023 program are to define high-grade mineralization and the dimensions of the
Apollo porphyry system near surface, expand the overall size of the system through step-out and
directional drilling and drill test multiple new targets generated through grassroots exploration. Since
the announcement of the discovery hole at Apollo in June 2022, a total of 54 drill holes (approximately
22,997 metres) have been completed and announced.
This press release outlines results from four new holes testing the Apollo system. APC-50 and APC-
51 were shallow holes drilled from Pad 9 and were designed to test gaps in the current mineralization
block model. APC-52 and APC-53 were also drilled into untested areas from Pad 10 with APC-53
designed to step out along the Contact Zone (where the inter-mineral breccia ends at a contact with
quartz diorite porphyry and is overprinted by multiple zones of sheeted CBM veins) to the northeast.
APC-50 was the first hole ever drilled from Pad 9 and was completed at a maximum downhole depth
of 264.20 metres. The hole was designed to test the eastward extension of the shallow portion of the
central high-grade core of the deposit where no drilling had yet to be completed. The hole intercepted
angular breccia commencing at 53.30 metres downhole (30 metres vertical) with sulphide
mineralization flooding the matrix and consisting of chalcopyrite (up to 1.3%), pyrite (up to 1.5%) and
1% pyrrhotite. The complete assay results for the hole are summarized in Table 1 with highlights as
follows:
137.70 metres @ 2.60 g/t gold equivalent from 53.30 metres downhole (consisting of
0.74 g/t gold, 52 g/t silver and 0.66% copper) including:
o 28.55 metres @ 0.93% copper, 0.87 g/t gold and 79 g/t silver from 64.95 metres
downhole.
The hole outlines the presence of shallow mineralization with high copper grades and adds volume to
the mineralization block model as this area had not previously been drill tested. As expected, a well-
defined post mineral dyke was encountered from surface until the start of mineralization.
APC-51 was drilled to the south from Pad 9 and was designed to test the extension of high-grade
mineralization at depth within the southern portion of the Apollo system. The hole was drilled steeply
to a maximum downhole depth of 435.65 metres and intercepted mineralized breccia from 163.30
metres downhole (160 metres vertical). Sulphides impregnating the breccia matrix consisted of
chalcopyrite (up to 1%), pyrite (0.5%-1.5%) and pyrrhotite (1.2%) with assay results as follows:
112.55 metres @ 2.26 g/t gold equivalent from 163.30 metres downhole (consisting of
1.27 g/t gold, 22 g/t silver and 0.41% copper) including;
o 21.10 metres @ 3.25 g/t gold equivalent from 198.25 metres downhole which
includes 0.72% copper.
The hole confirms the continuity of the high-grade zone in the south part of the Apollo Porphyry System
and again adds volume to the mineralization block model as the area had not been previously drill
tested.
APC-52 was the first shallow hole drilled to the west from Pad 10 and was designed to test for shallow
mineralization in an untested area of the current mineralization block model. Surprisingly, the hole
encountered a robust sheeted vein system directly from surface before transitioning to breccia until a
downhole depth of 190.20 metres (160 metres vertical). The intercept begins with iron oxide veinlets
and veins within porphyry host rock down to 20 metres followed by disseminated sulphides of pyrite
(0.3%-1.0%) and pyrrhotite (0.1%-0.3%) within crackle brecciated quartz diorite associated with strong
sericite-chlorite alteration to 56 metres downhole. From 56 metres, typical angular breccia was
encountered with high-grade copper-silver-gold mineralization relating to a sulphide matrix of
chalcopyrite (0.5%), pyrite (up to 1%) and 0.5% pyrrhotite. Additionally, the hole was overprinted by
late stage CBM sheeted vein fluid with sphalerite and galena sulphides in association with carbonate.
A zone with a higher percentage of chalcopyrite (+2%) was also encountered downhole from 157
metres to 182.80 metres with overall assay results as follows:
190.30 metres @ 2.46 g/t gold equivalent from 1.9 metres downhole (consisting of 1.19
g/t gold, 43 g/t silver and 0.41% copper) including;
o 34.05 metres @ 5.16 g/t gold equivalent from 56.95 metres downhole; and
o 25.80 metres @ 3.76 g/t gold equivalent from 157 metres downhole which
includes 0.75% copper.
APC-53 was drilled from Pad 10 to a final downhole depth of 602.45 metres and was designed to test
the high-grade Contact Zone at depth to the northeast of previously announced Contact Zone holes
APC-41, APC-42 and APC45 (refer to press releases dated April 25, 2023 and May 30, 2023).
Surprisingly, the hole intercepted a robustly enriched zone of north-west and east-west trending
overprinting sheeted CBM veins from surface to 145 metres depth. This new discovery is located
above the Apollo porphyry system and has potential to be traced in all directions while adhering to a
north-west to south-east trend. The mineralization in this new zone relates to sheeted and stockwork
carbonate and base metal veinlets and veins with the principal sulphides consisting of sphalerite
(0.3%-1%), galena (0.3%-1%), pyrite (0.3%-1.5%) and pyrrhotite (0.2%-0.6%). Further downhole at
232.95 metres depth (225 metres vertical) below this new discovery, the Contact Zone was intercepted
over 329.75 metres and consisted of mineralized angular breccia with abundant chalcopyrite (up to
2.5%), pyrite (1%-7%) and 1% pyrrhotite as well as CBM vein system sulphides such as sphalerite
(0.2% to 3%) and galena (0.1% to 3%). An extremely high-grade subzone of 56.60 metres was
encountered at 277.65 metres downhole with an abundance of CBM vein sulphides flooding the matrix.
Assay results for APC-53 are as follows:
145.0 metres @ 2.11 g/t gold equivalent commencing from surface in the newly
discovered vein system, and
329.75 metres @ 3.10 g/t gold equivalent from 233 metres downhole (consisting of 2.30
g/t gold, 42 g/t silver and 0.16% copper) in the Contact Zone including;
o 56.60 metres @ 10.05 g/t gold equivalent.
APC-53 is an important exploration hole in the context of the Apollo system as it has:
Expanded the footprint of the shallow mineralization with the discovery of the new outcropping
vein system. The vein system is being driven from the porphyry engine at depth and has
potential to be extended over significant distances along strike to the northwest above the
Apollo porphyry system and to the southeast. Drilling is currently underway to trace the vein
system to the northeast and northwest with follow up holes planned shortly to the south of
APC-53.
More than doubled the length of the high-grade Contact Zone, which now measures 370
metres and is open along strike to the northeast. Two additional holes testing the Contact
Zone have been completed with a third hole currently being drilled.
The Contact Zone has the potential to extend to deep vertical depths given its metal
endowment is being driven exclusively by a source intrusion. Directional drilling will begin in
early Q3 at Apollo and will target the depth extensions of the zone.
Extended the Apollo porphyry system to the northeast by 35 metres in this location.
Apollo Drill Program
Seven additional holes have been completed at the Apollo system with assay results expected in the
near term. All holes intersected bulk tonnage mineralization over significant core lengths.
The Company presently has three diamond drill rigs operating at the Apollo project. A fourth drill rig is
expected to be at the project in June 2023 and is going to test new exploration targets identified around
Apollo as well as other targets at the Guayabales project.
The Apollo 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 copper-silver-gold 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 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)
Table 1: Assay Results for APC-50, APC-51, APC-52, and APC-53
Hole # From (m) To (m) Length (m) Au g/t Ag g/t Cu % Mo % AuEq
g/t*
CuEq
%*
APC-50 53.30 191.00 137.70 0.74 52 0.66 0.002 2.60 1.39
incl 64.95 93.50 28.55 0.87 79 0.93 0.003 3.55
and incl 180.70 187.70 7.00 2.74 9 0.05 0.002 2.90
APC-51 163.30 275.85 112.55 1.27 22 0.41 0.002 2.26 1.20
incl 198.25 219.35 21.10 1.50 39 0.72 0.002 3.25
and incl 260.80 275.85 15.05 2.72 13 0.14 0.002 3.08
APC-52 1.90 192.20 190.30 1.19 43 0.41 0.001 2.46 1.31
incl 56.95 91.00 34.05 4.73 26 0.12 0.001 5.16
and incl 157.00 182.80 25.80 0.46 138 0.75 0.002 3.76
APC-53 0 145.00 145.00 1.79 22 0.03 0.001 2.11
incl 21.00 58.30 37.30 2.91 15 0.02 - 3.06
and incl 89.40 114.80 25.40 3.03 52 0.07 0.002 3.80
and incl 129.00 144.40 15.40 2.96 24 0.04 0.001 3.28
and 232.95 562.70 329.75 2.30 42 0.16 0.001 3.10
Incl 277.65 334.25 56.60 8.58 97 0.21 0.001 10.05
410.70 429.80 19.10 3.08 19 0.04 - 3.32
*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 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 Drilling Highlighting Drill Holes APC-50, APC-51, APC-52 and APC-53
Figure 2: Cross Section Highlighting APC-53 and the Newly Discovered Sheeted Vein System
and High-Grade Contact Zone