Collective Mining Drills 792.25 Metres at 1.71 g/t Gold Equivalent from Surface for the Largest Grade Accumulation Intercepted to Date at the Apollo Porphyry System
Collective Mining Drills 792.25 Metres at 1.71 g/t Gold Equivalent from
Surface for the Largest Grade Accumulation Intercepted to Date at the
Apollo Porphyry System
• Step-out hole APC-55 w as drilled from Pad 6 to the northeast and intercepted
continuous gold- silver-copper mineralization from surface over a significant core
length as follows:
o 792.25 metres @ 1.71 g/t gold equivalent commencing from surface (consisting
of 0.88 g/t gold, 39 g/t silver and 0.18% copper) including:
o 48.8 metres @ 3.2 3 g/t gold equivalent from surface in the oxide plus
transition zone
• APC-55 returned 1,356 g/t gold equivalent on a grams X metres basis, which represents
the largest grade accumulation drilled to date into the Apollo porphyry system.
• APC-55 has extended the strike length of the Apollo system to the northeast with
maximum known dimensions now measuring 455 metres by 395 metres by 915 metres.
• Hole APC-49 was drilled from Pad 6 to the northwest and intersected continuous gold-
silver-copper mineralization from surface over a significant core length as follows:
o 847.25 metres @ 1. 09 g/t gold equivalent from surface (consisting of 0.64 g/t
gold, 16 g/t silver and 0.14% copper)
• APC-49, which was drilled to depth in an area with no prior drilling , demonstrated
excellent continuity of mineralization over its entire core length. The hole was
terminated in mineralization due to a drilling related issue with the final 15.85 metres
averaging 0.52 g/t gold equivalent.
• Four rigs are now operating at the project with n ine holes currently in the lab for
analysis. Additional assay results are expected in the near term.
Ari Sussman, Executive Chairman commented: “ The Apollo system continues to deliver
unusually high- grade intercepts for a porphyry deposit over significant core lengths with today’s
results being two of the longest holes ever drilled by the Company . I am most pleased that
mineralization in both holes began directly from surface and the size of the Apollo sy stem was
once again expanded as a result of APC-55. I am excited about the prospect of what the
Guayabales project will deliver in the second half of 2023 as we embark on the aggressive
growth phase of our 2023 drilling program where expansion of the Apollo porphyry system and
making a new discove ry are our top priorities .”
Toronto, Ontario, June 27, 2023 - Collective Mining Ltd. (TSXV: CNL, OTCQX:
CNLMF) (“Collective” or the “Company”) is pleased to announce a ssay results from t wo drill
holes designed to test depth extensions and high-grade minerali zation 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 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 and diorite porphyry bodies currently measuring 455 metres x
395 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 2023 Phase II drilling program is advancing on schedule with 24 holes completed and results
announced with an additional nine holes awaiting assay results from the lab. The objectives of the
2023 program are to define high-grade mineralization, the dimensions of the Apollo porphyry system
near surface, expand the 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 55 drill holes (approximately 23,907 metres) has been
completed and assayed.
This press release outlines results from two, long step out holes. APC-49 and APC-55 were drilled to
test high grade, shallow mineralization, and depth extensions in previously undrilled areas. Both holes
were drilled from Pad 6 with APC -49 directed steeply to the n orthwest and APC -55 drilled to the
northeast. Results for these holes are summarized below:
APC-49 was drilled steeply to the northwest from Pad 6 to a maximum downhole depth of 852.90
metres (908 metres vertical due to topography). The hole was designed to test the northwestward
continuity of the deposit at depth. The hole intercepted saprolite and oxidized sulphide material
(transition zone) from 5.7 metres downhole until 28.6 metres. Below this the hole passed into fresh
rock consisting of angular breccia with a sulphide cement matrix containing chalcopyrite (up to 0.8 %),
pyrite (up to 1.2%) and 0.8% pyrrhotite and some areas of mineralized porphyry (without breccia).
Various sheeted carbonate base metal veins (“CBM”) and veinlet zones associated with higher grade
gold, which overprint and flood the matrix hosting the earlier breccia -porphyry mineralization, were
observed and contain carbonate associated with sphalerite and galena. The hole bottomed in
mineralization due to drilling problems with the last 15.85 metres from 837.1 metres downhole
returning 0.52 g/t gold equivalent. Complete assay results for the hole are summarized in Table 1 with
highlights as follows:
• 847.25 metres @ 1.09 g/t gold equivalent from 5.65 metres (consisting of 0.64 g/t
gold, 16 g/t silver and 0.14% copper) including:
o 22.9 metres @ 1.36 g/t gold equivalent from 5.65 metres downhole in the
oxide plus transition zone,
o 42.35 metres @ 2.78 g/t gold equivalent from 491.5 metres downhole in a
CBM rich zone and
o 30.95 metres @ 2.12 g/t gold equivalent from 625.6 metres downhole in a
CBM rich zone.
Importantly, APC-49 confirms that the system remains wide open at depth in the northwest area of the
deposit and future directional drilling will look to expand the system and tighten up drill spacing.
APC-55 was drilled to the northeast from Pad 6 and was designed to test for an extension of shallow
high-grade mineralization to depth within the northeast portion of the Apollo system . The hole was
drilled to a maximum down hole depth of 909.45 metres ( 855 metres vertical ) with mineralization
beginning at surface. The hole intercepted saprolite and oxidized sulphide material (transition zone)
from surface until 48.80 metres down hole. Below this depth, the hole passed into fresh rock consisting
of angular breccia with a sulphide cement matrix containing chalcopyrite (up to 1.0 %), pyrite (up to
2.0%) and pyrrhotite (up to 1.2%) with some interfingering areas of mineralized porphyry (without
breccia). Four sheeted CBM vein and veinlet zones at 184.7 metres, 364.2 metres, 431.8 metres and
591.5 metres downhole were observed with vein sulphides (sphalerite and galena) overprinting the
earlier porphyry mineralization in the breccia matrix. C omplete assay results for the hole are
summarized in Table 1 with highlights as follows:
• 792.25 metres @ 1.71 g/t gold equivalent from surface (consisting of 0.88 g/t gold,
39 g/t silver and 0.18% copper) including:
o 48.8 metres @ 3.23 g/t gold equivalent from surface in an oxide plus
transition zone,
o 21.55 metres @ 3.66 g/t gold equivalent from 184.7 metres downhole in a
CBM rich zone,
o 31.05 metres @ 2.37 g/t gold equivalent from 364.2 metres downhole in a
CBM rich zone,
o 21.65 metres @ 2.36 g/t gold equivalent from 431.75 metres downhole in a
CBM rich zone and
o 16.50 metres @ 2.34 g/t gold equivalent from 591.5 metres downhole in a
CBM rich zone.
APC-55 returned 1,356 g/t gold equivalent on a grams X metres basis, which represents the largest
grade accumulation drilled to date into the Apollo porphyry system. APC-55 has also extended the
strike length of the mineralized system to the northeast with maximum know overall dimensions now
measuring 455 metres by 395 metres by 915 metres. The multiple north-west and east-west trending
CBM vein systems intersected along the hole at both shallow and deeper elevations highlight an
excellent opportunity for high grade mineralization to be found over significant vertical dimensions.
Apollo Drill Program Outline and Assay Update
Nine additional holes have been completed at the Apollo system with assay results expected in the
near term with all holes except one intersect ing bulk tonnage mineralization over significant core
lengths.
With four diamond drill rigs now operating at site, the Company is focused on:
1. Expanding the Apollo porphyry system and the recently discovered high-grade Contact Zone
2. Stepping-out along the newly discovered high-grade Vein Zone situated above the Apollo
porphyry system along a northwest to southeast corridor (where it does not come to surface)
3. Testing the six newly generated targets surrounding the Apollo porphyry system
4. Testing a new porphyry target named Plutus, which is located approximately one kilometre
east of Apollo. Further details on Plutus will be announced s hortly once all surface
geochemistry assay results have been delivered, verified, and compiled.
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 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 geo logists 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
Hole # From (m) To (m) Length (m) Au g/t Ag g/t Cu % Mo % AuEq g/t*
APC-49 5.65 852.90 847.25 0.64 16 0.14 0.001 1.09
incl 5.65 28.55 22.90 1.13 11 0.06 0.001 1.36
and incl 76.60 240.60 164.00 0.44 40 0.47 0.002 1.77
and incl 253.80 293.85 40.05 0.25 32 0.46 0.001 1.46
and incl 443.85 466.10 22.25 1.14 12 0.03 0.002 1.36
and incl 491.45 533.80 42.35 2.65 11 0.03 0.001 2.78
and incl 559.10 585.20 26.10 1.49 12 0.04 0.000 1.68
and incl 625.60 656.55 30.95 1.80 20 0.04 0.001 2.12
and incl 837.05 852.90 15.85 0.44 3 0.01 0.002 0.52
APC-55 0.00 792.25 792.25 0.88 39 0.18 0.001 1.71
incl 0.00 48.80 48.80 2.93 15 0.10 0.002 3.23
and incl 49.55 80.45 30.90 1.99 14 0.13 0.001 2.35
and incl 96.00 145.55 49.55 1.79 65 0.15 0.002 2.93
and incl 184.70 206.25 21.55 2.97 38 0.14 0.001 3.66
and incl 364.15 395.20 31.05 1.56 47 0.12 0.000 2.37
and incl 431.75 453.40 21.65 1.75 36 0.09 0.001 2.36
and incl 591.50 608.00 16.50 1.99 22 0.05 0.001 2.34
*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 0.8 5) utilizing
metal prices of Cu – US$3.85/lb, Ag – $24/oz Mo - US$25.00/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 dat e.
True widths are unknown, and grades are uncut.
Figure 1: Plan View of Drilling Highlighting Drill Holes APC-49 and APC-55 and Visual Intercepts
for Holes for Which Assay Results are Anticipated in the Near Term
Figure 2: Core Photo Highlights of APC-55
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 options 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 expand the overall dimensions of the system, which remains open in most directions .