Collective Mining Drills its Best Hole to Date in a New High-Grade Subzone Cutting 519.10 Metres at 2.74 g/t Gold Equivalent from Surface o APC-72 intersected 519.10 metres grading 2. 74 g/t gold equivalent from surface including
Collective Mining Drills its Best Hole to Date in a New High-Grade Subzone
Cutting 519.10 Metres at 2.74 g/t Gold Equivalent from Surface
o APC-72 intersected 519.10 metres grading 2. 74 g/t gold equivalent from surface including
290.80 metres grading 3.45 g/t gold equivalent in a remarkably continuous and newly
discovered high-grade subzone within the eastern portion of the Apollo porphyry system
(“Apollo”) .
o At 1,424 g/t gold equivalent on a gram x metre basis, APC-72 represents the largest grade
accumulation drilled to date at Apollo .
o APC-74 was drilled perpendicular to the Apollo brecciated porphyry and returned a near to
true width intercept of 222.35 metres grading 2.07 g/t gold equivalent commencing at a
vertical depth of 260 metres below surface. The hole also cut a near surface extension of
the system in the northeast near the drill hole collar where no prior shallow drilling ha s
taken place .
o Exploration drilling for the remainder of 2023 has two principal objectives :
o Expansion of the Apollo porphyry system to the north, west and depth through
directional drilling. Five directional holes have been completed with two additional
holes underway with assays pending.
o Exploration drilling at the ME and Trap targets. Three holes have been completed at
ME with assay results pending and drilling at Trap is expected to commence in
November. Three widely spaced reconnaissance holes were drilled at Trap in 2022
with the discovery hole intersecting copper-silver-gold mineralization yielding 102.3
metres @ 1.53 g/t AuEq (see press release dated September 27, 2022).
Ari Sussman, Executive Chairman commente d: “Our team continues to unlock value at Apollo with
an intelligent approach to geological targeting resulting in the identification of a significant new
subzone of cross cutting mineralization, which has now been validated by the amazing drill hole
APC-72. Additionally, the direction al drilling program is progressing very well with potential lateral
and vertical visual extensions to the Apollo system in hand . We anticipate results from the first fan
of directional holes in November .”
Toronto, Ontario, October 30 , 2023 - Collective Mining Ltd. (TSX: CNL, OTCQX:
CNLMF) (“Collective” or the “Company”) is pleased to announce a ssay results for four holes
drilled in the Apollo target area, which is part of the Guayabales project located in Caldas,
Colombia. The Apollo target area, which covers an area measuring 1. 2 kilometres x 1 kilometres,
already hosts a n outcropping high-grade, bulk tonnage copper-silver-gold porphyry system
(“Apollo”) and additional yet untested or lightly tested porphyry targets. The porphyry system at
Apollo 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 s (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 and open for
expansion .
Details (See Table 1 and Figures 1-4)
This press release outlines results from four holes drilled within and peripheral to the Apollo system.
APC-72 and APC-74 were drilled in the opposite direction, northeast and southwest, respectively, to
fill gaps in the current wireframe model and to test for high grade mineralization. APC-72 intersected
a new high -grade subzone within the block model in an area with limited prior drilling . APC-71 and
APC-73 were drilled in the northeast and southwest respectively and designed to test for lower grade
mineralization peripheral to the brecciated porphyry body and forming part of the overall footprint of
Apollo.
APC-72 was drilled northeast wards from Pad 10 to a final downhole depth of 528.45 metres (523
metres vertical due to topography). The hole commenced in grade from surface within oxides and
transition zone and drilled continuous mineralization to the end of the hole passing through an upper
zone of sheeted carbonate base metal (“ CBM”) veining before continuing into brecciated porphyry
over its 519.10 metres in length. The first 227.75 metres downhole from surface intersected a
stockwork of CBM veining which overprints mineralized, quartz diorite porphyry with sulphide content
averaging as follows: sphalerite (0.5%), galena (0.3%), pyrite (1.0%) and pyrrhotite (0.2%). The hole
entered brecciated porphyry at 230.30 metres depth and remained in such for the balance of the hole
with numerous quartz diorite clasts observed and a sulphide cement matrix consisting of abundant
chalcopyrite (up to 4.0%), pyrite (up to 4.0%) and pyrrhotite (up to 0.8%) with some overprinting CBM
veins. The complete assay results for the hole are summarized in Table 1 with highlights as follows:
• 519.10 metres @ 2.74 g/t gold equivalent from surface (consisting of 2.12 g/t gold, 36 g/t
silver and 0.10% copper) including:
o 290.80 metres @ 3.45 g/t gold equivalent from 230.30 metres downhole.
APC-72 returned much higher grades than expected and has materially improved the grade block
model for this portion of the deposit. The hole has yielded the largest grade accumulation
intersected to date at Apollo with 1,424 g/t gold equivalent on a gram x metre basis.
APC-74 was drilled southwest from P ad 5 to a maximum downhole depth of 532.10 metres (425
metres vertical due to topography). The hole commenced in grade at 33.95 metres downhole with a
28.35 metre zone of brecciated porphyry mineralization overprinted by CBM veins. At 272.20 metres
downhole, continuous mineralization was intercepted for 222.35 metres and consisted of an upper
portion of sheeted CBM veins for 53.6 metres followed by 168.75 metres of high grade, brecciated
porphyry. The sheeted CBM vein zone hosts sphalerite (up to 0.3%), galena (up to 0.1%) and pyrite
(up to 1.0%), while the brecciated porphyry zone below this hosts a sulphide matrix fill consisting of
chalcopyrite (up to 1.0%), pyrite (up to 1.5%), sphalerite (up to 0.3%), galena (up to 0.3%), pyrrhotite
(up to 0.7%) and some fine, free gold in traces. The following assay results are highlighted:
• 28.35 metres @ 1.28 g/t gold equivalent from 33.95 metres downhole (consisting of 0.74
g/t gold, 31 g/t silver and 0.06% copper) including:
o 13.45 metres @ 1.90 g/t gold equivalent from 33.95 metres downhole and;
• 222.35 metres @ 2.07 g/t gold equivalent from 272.20 metres downhole (consisting of
1.61 g/t gold, 25 g/t silver and 0.09% copper) including:
o 168.75 metres @ 2.38 g/t gol d equivalent from 325.80 metres downhole in
brecciated porphyry mineralization.
APC-74 was drilled perpendicular to the Apollo brecciated porphyry and therefore the intercept of
222.35 metres represents a near true width of the main porphyry body in this location . The hole
was drilled into an area of the deposit with very little previous drilling and will improve the current
wireframe model. Furthermore, the upper 28.35 metres intercept of brecciated porphyry confirms an
extension of the Apollo porphyry system to the north.
APC-71 was drilled east-southeast from Pad 5 to test the northeastern extremity of the Apollo porphyry
system outside of the brecciated portion of the porphyry system. The hole was drilled to a maximum
downhole depth of 353.35 metres (276 meters vertical due to topography) and encountered, from
surface, 90.75 metres of porphyry mineralization with veinlets of magnetite (up to 0.5%) and pyrite (up
to 0.8%). At 131.95 metres, the hole intersected a second mineralized zone for 57.05 metres in length
consisting of brecciated porphyry body with a sulfide matrix consisting of chalcopyrite traces, pyrite
(up to 0.4%), sphalerite (up to 0.3%), galena (up to 0.2%) and pyrrhotite traces. The following assay
results as highlighted:
• 90.75 metres @ 0.53 g/t gold equivalent from surface (consisting of 0.10 g/t gold, 23 g/t
silver and 0.04% copper) including:
o 26.55 metres @ 1.30 g/t gold equivalent from 70.20 metres downhole and;
• 57.05 metres @ 0.70 g/t gold equivalent from 131.95 metres downhole (consisting of
0.54 g/t gold, 10 g/t silver and 0.02% copper) including:
o 16.95 metres @ 1.58 g/t gold equivalent from 131.95 metres.
The minerali zed intercepts drilled in APC -71 confirms the continuity of the recently announced
northeast extension to the system in hole APC-67 which intercepted 55.55 metres @ 1.31 g/t AuEq
(see press release dated September 7, 2023).
APC-73 was drilled steeply in a westerly direction from Pad 3 to test for lower grade mineralization
outside to the south of the brecciated portion of the Apollo porphyry system. The hole was drilled to a
maximum downhole depth of 551.75 metres (579 metres vertical due to topography) . The hole
intersected two zones of mineralization. The first, at 114.30 metres downhole consisting of 79.70
metres of porphyry mineralization with c -type veins of chalcopyrite ( up to 0.3%), pyrite (up to 1.2%)
and pyrrhotite (up to 0.3%). Below this, at 290.75 metres downhole, a second intercept of 53.40 metres
was encountered and consist ed of intercalated breccia zones with disseminated porphyry
mineralization. The breccia zones host a sulphide cement matrix consisting of chalcopyrite (up to
0.5%), pyrite (up to 1%) and pyrrhotite (up to 1%). The following assay results are highlighted:
• 79.70 metres @ 0.53 g/t gold equivalent from 114.30 metres downhole (consisting of
0.29 g/t gold, 9 g/t silver and 0.05% copper) including:
o 19.70 metres @ 0.96 g/t gold equivalent from 152.65 metres downhole and;
• 53.40 metres @ 0.52 g/t gold equivalent from 290.75 metres downhole.
APC-73 highlights the significant potential for a large and lower grade halo of porphyry mineralization
located peripheral to the main brecciated porphyry body . This low -grade halo has had very limited
drilling to date and is open in all directions. Future definition of the halo has the potential to significantly
increase the size and scale of the surface and shallow footprint at Apollo.
Exploration Drill Program and Assay Update
The 2023 Phase II drilling program is advancing on schedule with assay results reported for 43 holes
and an additional 10 holes awaiting assay results from the lab. Since the announcement of the
discovery hole at Apollo in June 2022, a total of 74 drill holes (approximately 32,536 metres) have
been completed and assayed.
With five diamond drill rigs now operating at site, the Company is advancing with the following
objectives:
1. Expanding the Apollo porphyry system both laterally and vertically. The Company is currently
advancing with directional drilling for the first time with five holes now complete. Two drill rigs
are actively drilling at Apollo.
2. Drill test the Marmato Extens ion (“ME”) porphyry centre for the first time in search of both a
high-grade sheeted CBM vein system at shallow elevations and a potential buried porphyry
system at depth. One drill rig is currently active at ME with three holes now complete awaiting
assay results from the lab.
3. Drill test the Trap target in the northern portion on the Guayabales project. Three widely
spaced reconnaissance holes were completed at Trap in 2022 with the discovery hole, TRC-
1 assaying 102.2 metres @ 1.53 g/t gold equivalent and containing similar mineralization to
the Apollo porphyry system.
4. Fly airborne geophysics on the Plutus target ahead of first phase drilling of the large and
untested coincidental copper and molybdenum in soil anomaly covering the central and
southern portion of the target area.
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 include 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)
Table 1: Assay Results for APC-71, APC-72, APC-73 and APC-74
Hole # From (m) To (m) Length (m) Au g/t Ag g/t Cu % Mo % AuEq g/t*
APC-71 6.00 96.75 90.75 0.10 23 0.04 0.003 0.53
Incl 70.20 96.75 26.55 0.29 64 0.04 0.004 1.30
and 131.95 189.00 57.05 0.54 10 0.02 0.000 0.70
Incl 131.95 148.90 16.95 1.21 24 0.04 0.000 1.58
APC-72 2.00 521.10 519.10 2.12 36 0.10 0.001 2.74
incl 2.00 229.75 227.75 1.49 21 0.05 0.001 1.84
and incl 230.30 521.10 290.80 2.62 47 0.14 0.001 3.45
APC-73 114.30 194.00 79.70 0.29 9 0.05 0.003 0.53
Incl 152.65 172.35 19.70 0.59 18 0.06 0.002 0.96
and 290.75 344.15 53.40 0.18 9 0.12 0.003 0.52
APC-74 33.95 62.30 28.35 0.74 31 0.06 0.002 1.28
Incl 33.95 47.40 13.45 1.15 44 0.09 0.002 1.90
and 272.20 494.55 222.35 1.61 25 0.09 0.001 2.07
Incl 272.20 325.80 53.60 0.73 19 0.07 0.001 1.09
and Incl 325.80 494.55 168.75 1.89 27 0.09 0.002 2.38
*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 for gold are based on metallurgical results announced on October 17, 2023.
Recovery rates for copper, molybdenum and silver are speculative as limited metallurgical work has been completed to date on these
metals. True widths are unknown, and grades are uncut.
Figure 1: Plan View of APC-70, APC-71, APC-72 and APC-73
Figure 2: Cross Section Highlighting Holes APC-72 and APC-74