Collective Mining Expands Apollo to the Southwest and at Depth by Intersecting 389.45 Metres at 1.36 g/t Gold Equivalent up to 935 Metres Below Surface o Four directional holes drilled into the Apollo Porphyry System (“Apollo”) have expanded the
Collective Mining Expands Apollo to the Southwest and at Depth by
Intersecting 389.45 Metres at 1.36 g/t Gold Equivalent up to 935 Metres
Below Surface
o Four directional holes drilled into the Apollo Porphyry System (“Apollo”) have expanded the
wireframed envelope to the southwest , intercepted high -grade mineralization at the deepest
vertical depth drilled to date and improved upon the grade profile below 1,500 metres elevation
in a sparsely drilled area.
o APC70-D4 intersected 389.45 metres @ 1.36 g/t gold equivalent up to 9 35 metres below
surface with the final 21.8 metres of this intercept grad ing 4.41 g/t gold equivalent . APC70-
D4 has locally extended the system by 100 metres to the southwest and intercepted the
deepest mineralization ever encountered at Apollo.
o APC70-D1, which was drilled to the south across the Apollo system at a near true angle,
intersected 199.40 metres @ 1.65 g/t gold equivalent , including 26.5 metres @ 3.48 g/t gold
equivalent to a max imum vertical depth of 745 metres below surface .
o APC70-D2, which was drilled to the southeast also at a near true angle to the Apollo system,
intersected 168.20 metres @ 1.32 g/t gold equivalent , including 21.35 metres @ 3.11 g/t gold
equivalent to a maximum vertical depth of 625 metres below surface .
o APC70-D3, which was drilled to the southwest, intersected 168.80 metres @ 1.82 g/t gold
equivalent to a maximum vertical depth of 654 m etres below surface. The hole bottomed
while still in mineralization with the final 4.7 0 metres grading 1.4 0 g/t gold equivalent
indicating potential for further expansion of the mineralized envelope .
o Visual logging of recently completed directional drill hole APC70 -D5 and APC88 -D1 have
intercepted a potential expansion at depth for Apollo as well as a new porphyry unit located
north of Apollo under the Olympus system. Assay results for both holes are expected in
January.
o Drilling continues at the Guayabales project with four rigs, two operating at the Apollo and
Trap targets respectively and a backlog of assay results expected in the near future.
Ari Sussman, Executive Chairman commente d: “Our directional drill program is off to an excellent
start by demonstrating that orthogonal drilling improves the grade profile locally due to an
abundance of zones flooded with mineralized CBM vein fluid . Additionally , directional drilling is
making it much easier for the Company to test and expand the Apollo envelope by allowing the
Company to quickly reach areas that are not possible to drill from surface due to topography. V isual
observations of holes APC70-D5 (Pad 1) and APC88- D1 (Pad 14) notes intercepts of more than
500 metres (APC70-D5) and 500 metres plus a second zone of more than 200 metres (APC -88-
D1) indicating that a potential material size increase to the envelope of the system will be
forthcoming upon receipt of assays in early Q1, 2024 .”
Toronto, Ontario, December 11 , 2023 - Collective Mining Ltd. (TSX: CNL, OTCQX:
CNLMF) (“Collective” or the “Company”) is pleased to announce a ssay results from the first
four directional drill holes into the Apollo porphyry system (“Apollo ”). Apollo hosts an outcropping
high-grade, bulk tonnage gold -silver- copper-tungsten porphyry system measuring 520 metres x
395 metres x 935 metres (previously 915 metres) which remains o pen for further expansion.
Presently there are four diamond drill rigs operating at the Guayabales project as part of the
Company’s planned 42,000 metre drilling program for 2023.
Details (See Table 1 and Figures 1-5)
This press release outlines the first results from the mother hole (APC-70) and four directional holes
(APC70-D1 to D4) drilled from the end of the mother hole and designed to test for grade continuity at
depth as well as western extensions to the Apollo porphyry system. APC-70 was drilled due south
from Pad 1 and its directional holes form a fan pattern from southeast to southwest , intersecting the
Apollo system more perpendicularly than prior drilling.
APC-70 was the mother hole for this first directional program and was drilled steeply to the south from
Pad 1 to a final downhole depth of 293.30 metres. The principal objective of this hole was to reach the
optimal depth to commence the directional drillholes . T he hole intersected shallow minerali zation
related to carbonate and base metal (“CBM”) veining at 83.30 metres downhole for 22.70 metres with
assays results as follows:
• 22.70 metres @ 1.18 g/t gold equivalent from 83.30 metres downhole.
APC70-D1 was the first deflection from the mother hole and was drilled due south to a final directional
downhole depth of 624.10 metres (745 metres vertical from surface due to depth of mother hole). The
hole entered brecciated porphyry at 229.30 metres downhole and continued in minerali zation for
199.40 metres . The minerali zed breccia zone consists of a sulphide matrix cement hosting
chalcopyrite (up to 0.4%), pyrite (up to 1.6%) and pyrrhotite (up to 0.8%) as well as later and
overprinting CBM vein sulphides such as sphalerite (up to 0.8%), galena (up to 0.3%) and trace
amounts of fine, free gold with assay results as follows:
• 199.40 metres @ 1.65 g/t gold equivalent from 229.30 metres downhole (consisting of
1.46 g/t gold, 11 g/t silver and 0.04% copper) including:
o 32.90 metres @ 2.32 g/t gold equivalent from 281.40 metres downhole and;
o 26.50 metres @ 3.48 g/t gold equivalent from 402.20 metres downhole.
APC70-D1 encountered better grades than previously modelled in this area from drill holes APC-17
and APC-49 and as a result will improve the grade block model in this location. Directional drilling
perpendicular to the breccia body has also identified multiple zones of sheeted CBM veins which were
intersected from downhole depths of 229.30 metres, 281.40 metres and 402.2 metres over intersection
lengths ranging from 22.3 metres to 32.90 metres with grades between 2.32 g/t gold equivalent to 3.48
g/t gold equivalent.
APC70-D2 was drilled in a southeast direction from the mother hole to a maximum downhole deflection
depth of 501.80 metres (625 metres vertical from surface due to depth of mother hole) . The hole
encountered sheeted CBM vein zones at 15.00 metres and 181.40 metres downhole depths fo r
intervals of 11.70 metres and 5.90 metres, with grades of 1.52 g/t gold equivalent and 1.78 g/t gold
equivalent, respectively. The hole entered brecciated porphyry at 213.10 metres depth and intersected
168.20 metres of mineralization consisting of a sulphide cement matrix hosting chalcopyrite (up to
0.3%), pyrite (up to 1.5%) and pyrrhotite (up to 1.0%) with CBM vein sulphides such as sphalerite (up
to 0.3%) and galena (up to 0.2%). The following assay results are highlighted:
• 11.70 metres @ 1.52 g/t gold equivalent from 15.00 metres downhole (consisting of 1.38
g/t gold, 10 g/t silver and 0.02% copper) and;
• 168.20 metres @ 1.32 g/t gold equivalent from 213.10 metres downhole (consisting of
1.14 g/t gold, 11 g/t silver and 0.03% copper) including:
o 21.35 metres @ 3.11 g/t gold equivalent from 240.00 metres downhole.
APC70-D2 also encountered better grades than previously modelled in this area due to the presence
of multiple zones hosting sheeted CBM veins (see Table 1) and as a result will improve upon the grade
block model in this location.
APC70-D3 was drilled southwest to a maximum directional depth of 481.10 metres (654 metres
vertical from surface due depth of mother hole) . At the beginning of the hole, sheeted CBM vein
mineralization was intersected over intervals between 5.10 metres and 28.45 metres with grade s of
up to 3.33 g/t gold equivalent. Beginning at 245 metres downhole, brecciated porphyry mineralization
was intercepted over a total of 168.80 metres. The sulphide mineralization in the breccia matrix in this
interval consists of chalcopyrite (up to 0.3%), pyrite (up to 1.1%), sphalerite (up to 0.6%), galena (up
to 0.8%) and pyrrhotite (up to 1.5%). The following assay results are highlighted:
• 168.80 metres @ 1.82 g/t gold equivalent from 245.50 metres downhole
(consisting of 1.59 g/t gold, 14 g/t silver and 0.03% copper) including:
o 21.65 metres @ 2.27 g/t gold equivalent from 247.95 metres downhole and;
o 108.80 metres @ 2.21 g/t gold equivalent from 305.50 metres downhole.
The APC70-D3 intercept has extended the Apollo system locally for a further 25 metres to the
southwest into an area with no previous drilling. Furthermore, the hole bottomed in
mineralization with the final 4.7 metres grading 1.4 g/t gold equivalent, opening the opportunity
for further mineralization extensions in this area.
APC70-D4 was drilled southwest to a maximum directional downhole depth of 728.25 metres (9 35
metres vertical from surface due to depth of mother hole). APC70-D4 is the deepest hole drilled to
date at Apollo, reaching depths of 935 metres below surface (1,075 RL).
From 45.25 metres to 197.80 meters the hole encountered a series of sheeted CBM vein intervals
hosted within quartz diorite porphyry . Beginning at 268.55 metres downhole, the hole intersected
389.45 metres of brecciated porphyry mineralization with sulphide matrix cement hosting chalcopyrite
(up to 0.2%), pyrite (up to 3.0%), sphalerite (up to 0.5%), galena (up to 0.2%) and pyrrhotite (up to
1.3%). The following assay results are highlighted:
• 4.25 metres @ 14.35 g/t gold equivalent from 119.35 metres downhole (consisting of
13.87 g/t gold, 60 g/t silver and 0.02% copper) and;
• 389.45 metres @ 1.36 g/t gold equivalent from 268.55 metres downhole (consisting of
1.17 g/t gold, 11 g/t silver and 0.03% copper) including:
o 84.25 metres @ 1.88 g/t gold equivalent from 456.25 metres downhole and;
o 21.80 metres @ 4.41 g/t gold equivalent from 636.20 metres downhole.
The results of directional hole APC70-D4 confirm the discovery of a 100-metre southwest depth
extension to the Apollo Porphyry system . Apollo remains open to the west for further
expansion and recent visual logging of new, westerly directed, directional hole APC70-D5 has
confirmed the discovery of over 500 metres of brecciated porphyry mineralization in this area.
Exploration Drill Program and Assay Update
Diamond drilling at the Guayabales project currently totals 128 drill holes (approximately 51,3 80
meters) completed and assayed. The 2023 Phase II drilling program is advancing on schedule with
assay results reported for 57 holes and an additional ten holes awaiting assay results from the
laboratory.
With f our 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 utilizing two rigs aimed at expanding the Apollo system to
the north, west and at depth.
2. 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 (see press release dated September 7,
2022) and containing similar mineralization to the Apollo porphyry system. Follow up drilling is
now underway and initial assay results are expected in due course.
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 gold- silver-copper tungsten 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-70, APC70-D1, APC70-D2, APC70-D3 and APC70-D4
Hole # From (m) To (m) Length (m) Au g/t Ag g/t Cu % Mo % WO3 % AuEq g/t*
APC-70 83.30 106.00 22.70 0.71 23 0.03 0.008 - 1.15
Incl 83.30 86.55 3.25 4.78 104 0.03 0.002 - 6.19
APC70-D1 229.30 428.70 199.40 1.46 11 0.04 0.001 - 1.65
Incl 229.30 251.60 22.30 1.82 31 0.08 0.002 - 2.36
and Incl 281.40 314.30 32.90 2.17 11 0.03 0.002 - 2.32
and Incl 341.10 372.90 31.80 1.67 9 0.03 0.001 - 1.81
and Incl 402.20 428.70 26.50 3.41 7 0.04 0.001 - 3.48
and 488.15 513.85 25.70 1.27 4 0.03 0.004 - 1.36
APC70-D2 15.00 26.70 11.70 1.38 10 0.02 0.000 - 1.52
and 181.40 187.30 5.90 1.25 34 0.04 0.000 - 1.77
Hole # From (m) To (m) Length (m) Au g/t Ag g/t Cu % Mo % WO3 % AuEq g/t*
and 213.10 381.30 168.20 1.14 11 0.03 0.001 - 1.32
Incl 240.00 261.35 21.35 2.83 20 0.04 0.001 - 3.10
and incl 296.90 324.20 27.30 2.32 16 0.04 0.001 - 2.55
and incl 366.00 381.30 15.30 1.44 10 0.05 0.001 - 1.64
APC70-D3 7.45 12.55 5.10 3.23 11 0.02 0.000 - 3.33
and 106.45 134.90 28.45 0.48 6 0.01 0.000 - 0.58
and 245.50 414.30 168.80 1.59 14 0.03 0.002 - 1.82
Incl 247.95 269.60 21.65 1.79 30 0.06 0.001 - 2.27
and Incl 305.50 414.30 108.80 2.00 14 0.03 0.002 - 2.21
and 476.40 481.10 4.70 0.99 28 0.01 0.002 - 1.40
APC70-D4 45.25 51.30 6.05 1.90 35 0.10 0.002 - 2.52
and 119.35 123.60 4.25 13.87 60 0.02 0.000 - 14.34
and 192.00 197.80 5.80 5.35 19 0.02 0.000 - 5.50
and 268.55 658.00 389.45 1.17 11 0.03 0.001 - 1.36
Incl 279.20 308.45 29.25 2.18 30 0.05 0.000 - 2.62
and Incl 456.25 540.50 84.25 1.64 16 0.03 0.001 - 1.88
and Incl 579.90 592.25 12.35 1.70 14 0.03 0.001 - 1.92
and Incl 636.20 658.00 21.80 4.40 8 0.02 0.000 - 4.41
**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) +
(WO3 (%)*6.54 x 0.50) utilizing metal prices of Cu – US$3.85/lb, Ag – US$24/oz Mo - US$25/lb, WO3 - US$31,000/t and Au –
US$1,475/oz and recovery rates of 97% for Au, 88% for Ag, 85% for Mo, 50% for WO3 and 90% for Cu. Recovery rate assumptions
for gold are based on metallurgical results announced on October 17, 2023. Recovery rates for copper, molybdenum, tungsten and
silver are speculative as limited metallurgical work has been completed to date on these metals. True widths are unknown, and grades
are uncut. All depths outlined in directional holes are from commencement of kick off point in the mother hole.
Figure 1: Plan View of APC-70, APC70-D1, APC70-D2, APC70-D3 and APC70-D4
Figure 2: Cross Section Highlighting Holes APC70-D3, APC70-D4 and APC70-D5