Collective Mining Expands 2022 Drilling Program at the Guayabales Project
Collective Mining Expands 2022 Drilling Program at the
Guayabales Project
Toronto, Ontario, November 16, 2022 – Collective Mining Ltd. (TSXV: CNL) (OTCQX:
CNLMF) (“Collective” or the “Company”) is pleased to announce that it has expanded the scope of
its 2022 drill program at the Guayabales project. Following the Company’s recent $10.7 million bought
deal financing, combined with the exploration team’s analysis of recent assay results, the Board of
Directors has approved an additional 3, 000 metres of drilling at the Apollo target (“Apollo”) over the
balance of 2022. As a result, the Company now expects to complete approximately 23,000 metres of
drilling in 2022.
The Company has already released assay results from the first 14 holes at Apollo and expect s to
release additional results from holes APC-15 through APC-25 over the near term. Three rigs continue
to turn at Apollo with the majority of holes focused on expanding the Main Breccia discovery which
has nearly tripled in potential dimension with recent drilling results and now measures 385 metres
along strike by 350 metres across by 825 metres depth . Presently, drill holes APC-26 through APC-
28 are advancing on schedule. Previously announced results from the Main Breccia discovery at
Apollo include:
Hole Intercept
(m)
Au (g/t) Ag (g/t) Cu % Zn % Pb % Mo % AuEq (g/t) *
APC-2 207.15 1.46 45 0.31 0.08 0.05 0.002 2.68
APC-8 265.75 1.26 55 0.22 0.07 0.05 0.045 2.44
APC-12 237.70 1.15 72 0.38 0.08 0.07 0.001 2.88
* See press releases dated August 10th, September 13th and October 6th respectively.
While plans for the 2023 drill program are currently being finalized for the Board of Directors approval
prior to year-end, the Company plans to continue its aggressive drilling approach at Apollo with an aim
of expanding the Main Breccia discovery even further while testing other targets at Apollo in 2023.
“Drilling at the Guayabales project in 2022 has yielded remarkable success with four distinct
discoveries made across five tested targets. The obvious highlight has been the Main Breccia system
at Apollo; a truly exciting high-grade and bulk tonnage copper- silver-gold discovery. Importantly, the
Guayabales project is located in the heart of a 500+ year old mining camp with ten fully permitted and
operating mines located within three kilometers of the project. As a result, infrastructure is abundant
with hydroelectric power traversing the project in multiple locations and abundant skilled mining labor
located in the surrounding towns. We look forward to continue advancing the project aggressively and
are confident that Guayabales will be an important contributor to the Colombian government’s bold
plan to produce energy transition metals in the near term,” s tated Ari Sussman, Executive Chairman
of Collective Mining.
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 based
in Canada, 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 a major bulk -tonnage and high- grade
copper, silver and gold discovery at the Apollo target. The Company’s near -term objective is to
continue with expansion drilling while increasing confidence in the highest -grade portions of the
system.
Management, insiders and close family and friends own nearly 35% of the outstanding shares of the
Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV
under the trading symbol "CNL" and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of
National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information
contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc
in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the
Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin,
Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the
sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a
secured storage facility for future assay verification. No capping has been applied to sample
composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Contact Information
Collective Mining Ltd.
Steven Gold, Vice President, Corporate Development and Investor Relations
Tel. (416) 648-4065
FORWARD-LOOKING STATEMENTS
This news release contains certain forward- looking statements, including, but not limited to,
statements about the drill programs, including timing of results, and Collective’s future and intentions.
Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”,
“anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these
words, or similar words or phrases, have been used to identify these forward -looking statements.
These statements reflect management’s current beliefs and are based on information currently
available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors
could cause actual results, performance, or achievements to differ materially from the results
discussed or implied in the forward- looking statements. These factors should be
considered carefully, and readers should not place undue reliance on the forward-looking statements.
Although the forward- looking statements contained in this news release are based upon what
management believes to be reasonable assumptions, Collective cannot assure readers that actual
results will be consistent with these forward- looking statements. These forward- looking statements
are made as of the date of this news release, and Collective assumes no obligation to update or revise
them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this news release.