Collective Mining Expands the Dimensions of the High-Grade Shallow Zone of Mineralization at the Apollo Porphyry System and Intersects Significant Visual Mineralization Along the Newly Discovered Contact Zone
Collective Mining Expands the Dimensions of the High-Grade Shallow
Zone of Mineralization at the Apollo Porphyry System and Intersects
Significant Visual Mineralization Along the Newly Discovered Contact
Zone
Hole APC-46 was drilled westward from Pad 6 and intersected a long and continuous
interval of gold-silver-copper mineralization beginning at surface in oxide
mineralization and bottoming in mineralization with results as follows:
358.0 metres @ 1.52 g/t gold equivalent from 5.75 metres downhole (consisting
of 0.55 g/t gold, 31 g/t silver and 0.32% copper) including:
o 19.25 metres @ 3.01 g/t gold equivalent in oxides; and
o 60.55 metres @ 2.69 g/t gold equivalent from 153.05 metres downhole.
APC-46 extended the strike length of the shallow mineralization to the west with
the dimensions now measuring 160 metres x 130 metres (previously 150 metres
x 130 metres).
APC-46 bottomed in mineralization in quartz diorite porphyry with the final 7.1
metres averaging 0.88 g/t AuEq.
APC-44 was drilled to the northwest from Pad 6 and intercepted a long and continuous
zone of gold-silver-copper mineralization beginning at surface in oxide material and
bottoming in mineralization with results as follows:
428.2 metres @ 1.41 g/t gold equivalent from 2 metres downhole (consisting of
0.61 g/t gold, 29 g/t silver and 0.24% copper) including:
o 19.95 metres @ 3.07 g/t gold equivalent in oxides; and
o 18.25 metres @ 5.21 g/t gold equivalent from 144.25 metres downhole.
Detailed visual logging of drill hole APC-53, which was drilled to the northeast from
Pad 10, indicates that two potentially significant zones of mineralization were
encountered along the hole. APC-53 was designed to step-out along the recently
announced “Contact Zone” where drill hole APC-42 cut 104.8 metres from surface at
5.56 g/t AuEq (see press release dated April 25, 2023). The reader should take caution
until assay results are received from a third-party laboratory as visual results are
inherently unreliable in nature.
The first zone was intersected over approximately 150 metres from surface
and consisted of intense sheeted “CBM” veins hosted within mineralized
quartz diorite porphyry. This is the first time that the Company has observed
such an intense set of sheeted CBM veins hosted outside of breccia and
represents a potentially high-grade target for follow up drilling.
The second continuous zone of mineralization in APC-53 was logged
beginning at approximately 233 metres downhole and running for up to 280
metres in length. An abundance of sulphide mineralization within a breccia
matrix was observed and is comparable in intensity to the sulphide levels
logged in APC-42.
Assay results for this hole are expected in June 2023.
Eight additional holes have been completed at the Apollo system with assay results for
APC-45, APC-47 and APC-48 expected in the near term. All eight holes intersected
cumulative mineralization over varying yet significant downhole drill lengths. Three drill
rigs are operating on site with a fourth rig expected to begin operating prior to the end
of Q2, 2023. Once onsite, the fourth rig will focus on testing the six new exploration
targets directly surrounding the Apollo system (see press release dated April 18, 2023
for further details).
Ari Sussman, Executive Chairman commented: “The first part of our 2023 drilling program, which
was focused on outlining the near surface portion of the Apollo system is nearing completion. The
next phase of the program is already underway and will focus on growth by looking to expand the
Apollo system with step-out drilling and by testing satellite targets surrounding Apollo and other
targets on the greater Guayabales property. The visual observations from APC-53 are very
exciting as the Contact Zone hosts an intensity of sheeted CBM veins not observed yet elsewhere
at the project. We look forward to continuing drilling this new area as we look to unlock its high-
grade potential.”
Toronto, Ontario, May 16, 2023 – Collective Mining Ltd. (TSXV: CNL, OTCQX: CNLMF)
(“Collective” or the “Company”) is pleased to announce assay results from a further two drill
holes completed within the Apollo porphyry system (“Apollo”) as well as visuals from a new
exploratory drill hole 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
older 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 body currently measuring 395 metres x 385 metres x 915
metres and open for expansion.
APC-44 and APC-46 Details (See Table 1 and Figures 1-4)
The Phase II drilling program of 2023 is advancing on schedule with fifteen holes completed and
results announced. A further eight holes have been drilled and await assay results from the lab. The
objectives of the 2023 program are to define the high-grade mineralization and 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 46 drill holes (approximately
20,700 metres) have been completed and assayed.
This press release outlines results from two exploratory holes drilled in westerly directions from Pad 6
and designed to understand and expand upon the shallow mineralization and the morphology of the
system on its western side. Assay results and geological observations for both holes are summarized
below:
APC-44 was drilled steeply to the northwest from surface at Pad 6 to a maximum downhole depth of
430.2 metres. The mineralized interval of oxidation commenced from surface to 37.55 metres and
consists of saprolite from 2 to 21.95 metres followed by a transition zone down to 39.55 metres. The
transition zone hosts iron oxides formed from the oxidation of the original sulphides hosted within the
matrix of the breccia and within veins. Below the zone of oxidation, the intercept passed into fresh rock
hosting mineralized breccia with a sulphide composition of 0.4% chalcopyrite, 1.0% pyrite and some
pyrrhotite (up to 0.3%). Mineralization continued until 430.2 metres (420 metres vertical) when drilling
was stopped while still in mineralization. At 148.25 metres downhole for approximately 18.5 metres, a
zone of sheeted carbonate and base metal vein (CBM) material flooding the breccia matrix was
encountered, containing 0.2% to 0.5% sphalerite and chalcopyrite associated with higher gold grades.
The following assay results are highlighted:
428.2 metres @ 1.41 g/t gold equivalent from 2 metres downhole (consisting of
0.61 g/t gold, 29 g/t silver and 0.24% copper) and including:
o 37.55 metres @ 2.13 g/t gold equivalent in oxide and transition zones
which includes 19.95 metres @ 3.07 g/t gold equivalent in saprolite; and
o 18.25 metres @ 5.21 g/t gold equivalent from 144.25 metres downhole.
APC-46 was drilled to the west from Pad 6 to a maximum downhole depth of 428.20 metres and was
targeted to test the westward extension of the Apollo system from surface. The drill hole intercepted
porphyry and breccia impregnated mineralization before bottoming while still in mineralization at the
end of the hole (400 metres vertical). The mineralized interval commenced directly below cover
material from 5.75 metres depth with saprolite followed by saprock and then continued into transition
material (oxidized sulphides) until a downhole depth of 28.25 metres. Below the oxide transition zone,
the intercept passed into fresh rock consisting of quartz diorite breccia with a matrix of chalcopyrite
(0.4%), pyrite (0.8%) and pyrrhotite (0.4%) before entering a post mineral dyke at 363.8 metres. At
418.45 metres, the hole exited the post mineral dyke and entered into quartz diorite porphyry until
being terminated within mineralization at 425.6 metres. Assay results for this hole are as follows:
358.0 metres @ 1.52 g/t gold equivalent from 5.75 metres downhole (consisting
of 0.55 g/t gold, 31 g/t silver and 0.32% copper) including:
o 28.25 metres @ 2.48 g/t gold equivalent from surface in oxide and
transition which includes 19.25 metres @ 3.01 gold equivalent in
saprolite; and
o 60.55 metres @ 2.69 g/t gold equivalent from 153.05 metres downhole;
and
o 7.10 metres @ 0.88 g/t gold equivalent from 418.25 metres downhole.
APC-46 is notable for the fact it expanded the near surface mineralization to the
west and as a result, the overall dimensions have grown to 160 metres x 130
metres (previously 150 metres x 130 metres).
APC-53 Details (see Figure 3)
Detailed visual inspection of recently completed drill hole APC-53 has intersected two distinct zones
of mineralization. APC-53 was drilled to the northeast from Pad 10 and was expected to remain above
the known mineralized system until 230 metres downhole when it would enter mineralized breccia.
However, an intense zone of multiple sheeted CBM veins overprinting mineralized quartz diorite was
intersected from surface to a downhole depth of up to 150 metres. This newly discovered zone hosts
continuous sheeted CBM veinlets containing sphalerite, galena, chalcopyrite and pyrite which
overprint quartz diorite porphyry mineralization consisting of quartz vein stockwork hosting pyrite and
minor chalcopyrite. As the hole progressed, typical mineralized angular breccia was intercepted
downhole at 233 metres and continued for approximately 285 metres in length. Multiple zones of
sheeted CBM zones flooding the matrix were observed within the breccia. In particular, a zone
extremely enriched in CBM vein fluid was observed from 277 metres downhole to 334 metres
downhole with the breccia matrix hosting abundant sphalerite (0.2% to 3%) and galena (0.1% to 3%)
as well as chalcopyrite (0.3% to 2.0%). Assay results for APC-53 are expected in June 2023 and
additional drilling in this area is planned in the short term.
Apollo Drill Program
Eight additional holes have been completed at the Apollo system with assay results expected in the
near term. All holes intersected bulk tonnage mineralization over significant core lengths.
The Company presently has three diamond drill rigs operating at the Apollo project. A fourth drill rig is
being mobilized to the project and is expected to initiate testing of the new exploration targets identified
around Apollo (see press release dated April 18, 2023) in June 2023.
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 geologists have found multiple additional outcrop areas (see Collective
press release dated April 18, 2023) with porphyry veining, breccia, and late stage, sheeted, carbonate
base metal veins.
Table 1: Assay Results APC-44 and APC-46
Hole # From To Intercept Au Ag Cu Mo AuEq CuEq Zone (m) (m) Interval (m) (g/t) (g/t) % % (g/t)* (%)*
APC-44 2.00 430.20 428.20 0.61 29 0.24 0.002 1.41 0.75
Incl** 2.00 39.55 37.55 1.81 14 0.10 0.001 2.13 Oxidation +
Transition Zone
Incl 2.00 21.95 19.95 2.84 13 0.07 0.001 3.07 Oxidation Zone
and 148.25 166.50 18.25 3.02 83 0.65 0.002 5.21 CBM zone
APC-46 5.75 363.75 358.00 0.55 31 0.32 0.002 1.52 0.81
Incl** 5.75 34.00 28.25 2.06 22 0.10 0.001 2.48 Oxidation Zone +
Transition Zone
incl 5.75 25.00 19.25 2.65 24 0.05 0.001 3.01 Oxidation Zone
and 153.05 213.6 60.55 1.13 48 0.53 0.002 2.69
and 418.45 425.6 7.10 0.80 4 0.02 0.002 0.88 Porphyry Phase
*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 0.85) utilizing
metal prices of Cu – US$4.10/lb, Ag – $24/oz Mo - US$25.00/lb and Au – US$1,500/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 date.
A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.
(**) Zone of Oxidation + Transition Zone
Figure 1: Plan View of Drilling Highlighting Assay Results of APC-44 and APC-46 and the
location of new hole APC-53
Figure 2: SW - NE Cross section Highlighting APC-33, APC-43, APC-44 and APC-46
Figure 3: Core Photo Highlights of APC-53 Highlighting the Upper Zone of Sheeted CBM
Veins Overprinting Quartz Diorite Porphyry and the Lower Zone of Intermineral Breccia
Mineralization with Intense CBM Veining Overprinting Porphyry Mineralization