Collective Mining Expands its Recent Discovery at the Donut Target with Broad Intercepts
Collective Mining Expands its Recent Discovery at the Donut Target with Broad Intercepts
from Near Surface Including 108 Metres @ 1.13 g/t Gold Equivalent
Toronto, Ontario, April 5 , 2022 – Collective Mining Ltd. (TSXV: CNL) (“Collective” or the
“Company”) is pleased to announce assay results for the final five diamond drill holes completed in
late 2021 at the Donut Target (“Donut”) as part of its maiden drill program at the Guayabales project
(“Guayabales”), located in Caldas, Colombia. The Company presently has four diamond drill rigs
operating at Guayabales and plans to complete a minimum of 20,000 metres of drilling in 2022. The
2022 program will focus on expanding upon the recently announced Olympus Central
discovery hole of 302 metres @ 1.11 g/t gold equivalent while also testing for the first time a
suite of new targets including but not limited to Victory East, Victory West, Olympus South and
Apollo.
Highlights (See Table 1 and Figures 1 – 2)
• Five additional diamond drill holes have expanded Donut to the southwest , northeast and
northwest and continue to outline a drill defined mineralized zone that begins at surface and
extends vertically for at least 250 metres where it remains open for further expansion.
• All five drill holes being reported herein have intercepted broad and continuous mineralization
hosted predominately in breccia and consisting primarily of gold and silver with lesser amounts
of copper and molybdenum as follows:
o Drilled steeply to the north -north-east in an area with no prior drilling , DOC- 6
intercepted 151 metres @ 0.74 g/t gold equivalent from 58 metres depth including
30 metres @ 1 g/t gold equivalent from 58 metres down hole;
o Drilled steeply to the north-east in an area with no prior drilling, DOC-7 intercepted 142
metres @ 0.63 g/t gold equivalent from 13 metres depth;
o DOC-8 was drilled to the north to undercut DOC-2 (see press release dated October
18, 2021) and intercepted 108 metres @ 1.13 g/t gold equivalent from 18 metres
depth, including 2.5 metres @ 15 g/t gold equivalent from 28 metres depth;
o DOC-9 was drilled at a shallow angle to the southwest in an area with no prior drilling
and intercepted 69 metres @ 1.39 g/t gold equivalent from 5.4 metres depth; and
o DOC-10 was drilled steeply to the northwest between DOC -2 and DOC -1 and
intercepted 176 metres @ 0.84 g/t gold equivalent from 53 metres depth including
46 metres @ 1.10 g/t gold equivalent from 53 metres depth.
• Donut is located at the northeast end of a southwest trending zone of outcropping breccia
targets which, to date, have been traced to the southwest for 550 metres along strike and
remains open for further expansion to the southwest.
• As announced previously (see press release dated November 15, 2021), porphyry
mineralization was encountered in drill hole DOC -5 and given that banded quartz-
magnetite veins cutting diorite porphyry at depth and as common clasts in breccia at shallower
levels have been observed in drilling to date, the Company believes there is excellent potential
to discover a large porphyry system nearby to the Donut discovery. As a result, deep
penetrating geophysics are planned for the near term with follow up drilling to commence upon
interpretation of the results.
“Over the course of the past year, Collective has drilled five grassroots generated targets and
made three significant new discoveries, two of which are at the Guayabales project and one
at the San Antonio project. In my career, I have never been involved in projects as prospective
as our current portfolio. We plan on remaining aggressive for the balance of 2022 and will
focus on expanding the mineralization at Olympus Central , where we recently drilled the
discovery hole yielding 302 metres from near surface at 1.11 g/t gold equivalent. Additionally,
over the next two weeks we will begin drilling at the Apollo target, which is characterized by
coincidental copper and molybdenum soil anomalies blanketing outcropping porphyry related
veins and breccias. By the middle of Q2, 2022 maiden drill programs will begin at the Victory
East and Victory West targets, both of which are large scale copper and gold porphyry targets.
Finally, drill programs to test the high-grade vein system at Olympus South and the porphyry
potential at Donut will commence in early Q3, 2022, ” commented Ari Sussman, Executive
Chairman.
Table 1: Assay Results for drill holes DOC-6 – DOC-10
Hole ID From
(m) To (m) Intercept
(m)
Au (g/t)
Ag (g/t) Cu % Mo % AuEq
(g/t)*
DOC-6 58.0 209.1 151.1 0.54 11 0.03 0.002 0.74
Incl. 58.0 88.6 30.60 0.83 10 0.03 0.002 1.02
DOC-7 13.0 155.2 142.2 0.36 13 0.03 0.002 0.63
DOC-8 18.0 125.7 107.7 0.78 21 0.02 0.001 1.13
Incl. 27.9 30.4 2.50 15.62 6 0.03 0.001 14.99
DOC-9 5.4 74.3 68.9 0.97 24 0.03 0.002 1.39
DOC-10 53.5 229.7 176.2 0.44 22 0.03 0.002 0.84
Incl 53.5 99.6 46.10 0.44 34 0.04 0.002 1.06
* AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.017 x 0.95) + (Cu (%) x 2.06 x 0.95) + (Mo (%) x 6.86 x 0.95),
utilizing metal prices of Cu – US$4.50/lb, Mo – US$15.00/lb, Ag – $25/oz and Au – US$1,500/oz and recovery rates of 95% for Au,
Ag, Cu and Mo. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** A 0.1 g/t AuEq cut-off grade was employed with no more than 10% internal dilution. True widths are unknown, and grades are
uncut.
Figure 1: Plan View of the Guayabales Project Highlighting the Donut Target
Figure 2: Plan View of the Donut Target Area
About Collective Mining Ltd.
Click HERE to view our latest corporate presentation, or find it at www.collectivemining.com
Collective Mining is an exploration and development company focused on identifying and exploring
prospective mineral projects in South America. Founded by the team that developed and sold
Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the
Company is to repeat its past success in Colombia by making a significant new mineral discovery and
advancing the projection to production. Management, insiders and c lose family and friends own
approximately 40% of the outstanding shares of the Company and as a result are fully aligned with
shareholders. Collective currently holds an option to earn up to a 100% interest in two projects located
in Colombia. As a result of an aggressive exploration program on both the Guayabales and San
Antonio projects a total of twelve major targets have been defined. The Company is fortuitous to have
made significant grass root discoveries on both projects with near surface discovery holes at the
Guayabales project yielding 302 metres 1.11 g/t AuEq at the Olympus target and 104 metres @ 1.3
g/t AuEq at the Donut target. At the San Antonio project, the Company intersected from surface 710
metres @ 0.53 AuEq. (See press releases dated October 18th and 27th, 2021 and March 15, 2022 for
AuEq calculations.)
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.
Steve Gold, Vice President, Corporate Development and Investor Relations
Tel. (416) 648-4065
FORWARD-LOOKING STATEMENTS
This news release contains certain forward -looking statements, includ ing, 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 i n 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.