Collective Mining Expands the Initial High- Grade Sub-Zone at Apollo by Intersecting 114.50 Metres at 5.00 g/t AuEq Within 263.85 Metres at 3.10 g/t AuEq Drill hole APC104-D6 extended the first high-grade sub-zone drill tested by the Company
Collective Mining Expands the Initial High-
Grade Sub-Zone at Apollo by Intersecting
114.50 Metres at 5.00 g/t AuEq Within 263.85
Metres at 3.10 g/t AuEq
Drill hole APC104-D6 extended the first high-grade sub-zone drill tested by the Company
to date by up to 70 metres vertically by intersecting 114.50 metres @ 5.00 g/t gold
equivalent within 263.85 metres at 3.10 g/t gold equivalent. Hole APC104-D6 was drilled
below previously announced holes APC104-D2 and APC104-D5, which intercepted 181.35
metres @ 5.38 g/t AuEq** and 106.35 metres at 9.05 g/t AuEq**, respectively.
Drill hole APC104-D7A clipped the eastern edge of the same sub-zone, intercepting 30.25
metres @ 5.10 g/t gold equivalent within 137.70 metres @ 2.94 g/t gold equivalent.
Results to date from the new orthogonal drilling program into the first high grade sub-
zone have now outlined dimensions of 180 metres of strike, 70 metres in thickness and
over 70 metres vertical and is still open in most directions for future expansion.
The Company has modeled eleven high-grade sub-zones target areas within the top
1,000 vertical metres of Apollo and plans to drill test each of them over the course of
2025. The high-grade sub-zones have the potential to boost the overall grade and
mineral inventory of the Apollo system within the existing block model.
Mother hole APC-106D was drilled outside the Apollo system to the north and
intersected multiple, shallow and high-grade gold-silver veins with results including
1.65
metres @ 20.81 g/t gold equivalent and 1.90 metres @ 16.29 g/t gold equivalent. Drilling
of the Northern Gold-Silver Vein Zone to the north of Apollo has now outlined a 350-
metre-long zone of high-grade porphyry related veins ("CBM veins").
TORONTO
,
April 15, 2025
/CNW/ -
Collective Mining Ltd.
(NYSE: CNL) (TSX: CNL)
("Collective"
or the "Company")
is pleased to announce assay results for three holes drilled into the Apollo
system ("Apollo"). Two of the holes were designed to test the potential extension of the recently
discovered first high-grade sub-zone, while the third hole was drilled into the early-stage Northern
Gold-Silver Vein Zone located above and to the north of the brecciated Apollo system. Apollo is the
most advanced discovery made to date within the Company's multi-target Guayabales Project in
Caldas,
Colombia
.
The Company currently has eight drill rigs operating as part of its fully funded 70,000-metre drill
program for 2025 with five rigs drilling at Apollo, one at the Tower target and two rigs at the San
Antonio Project.
The 2025 objectives for the portion of the drilling program targeting the Apollo system are:
Drill test newly modeled high-grade sub-zone targets scattered throughout the top 1,000 vertical
metres from surface to improve the grade profile (and size) of the system.
Grow the overall dimensions of the system by expanding vertically and laterally the recently
discovered high-grade Ramp Zone.
Test the northern extension potential of Apollo at shallower elevations.
Expand and define the area of outcropping/shallow mineralization and test many drilling gaps
within the internal block model from surface to a depth of 150 metres.
Approximately 115,000 metres of diamond drilling has been completed to date at the Guayabales
Project, including 78,000 metres at Apollo. There are currently thirteen drill holes awaiting assays
with results for most of these holes expected prior to the end of Q2 2025.
Ari Sussman
, Executive Chairman commented: "Drilling continues to successfully intercept high-
grade gold in the first of eleven potential high-grade sub-zones modelled by our technical team within
the top 1,000 vertical metres of the Apollo system. The bonus of drilling the sub-zones is that if
successful in finding more gold than previous modeled, then it should raise the overall grade of the
system within the existing modelled envelope. If drilling continues to intersect high grades as new
sub-zone targets are tested, the impact on the block model grade and inventory could be materially
significant. Additionally, drilling at the poorly drilled Northern Gold-Silver Vein Zone has expanded
the system to 350 metres in an east-west direction and it remains open in all directions for growth.
Any metal defined in this zone is a bonus as it is additional to the main Apollo system."
To watch a video of
David Reading
, Special Advisor to the Company and QP under NI43-101 explain
today's results
please click on the link
here.
Details (see Table 1 and Figures 1-5)
APC104-D6, collared from mother hole APC-104D, was drilled in a westerly direction below
previously announced hole APC104-D2 and was designed to extend the first modelled, high-
grade sub-zone by 70 metres vertically. The hole intercepted continuous mineralization over
263.85 metres which included the high-grade sub-zone and multiple zones of high-grade CBM
veinlets with assay results as follows:
263.85 metres @ 3.10 g/t gold equivalent from 71.65 metres including:
114.50 metres @ 5.00 g/t gold equivalent from 82.00 metres
31.75 metres @ 3.10 g/t gold equivalent from 303.75 metres
21.95 metres @ 3.08 g/t gold equivalent from 373.55 metres
17.15 metres @ 2.60 g/t gold equivalent from 444.80 metres
APC104-D7A, which is the final hole collared from mother hole APC-104D, was also drilled in a
southwest direction on the edge of the Apollo system and clipped the eastern margin of the
high-grade sub-zone with assay results as follows:
137.70 metres @ 2.94 g/t gold equivalent from 160.90 metres including:
30.25 metres @ 5.10 g/t gold equivalent from 172.15 metres
The pilot drilling program designed to test the first modelled sub-zone has now defined an area of
180 metres of strike, by 70 metres in thickness and by 70 metres vertical with continuous high-grade
mineralization. This sub-zone is still open in almost all directions and will be expanded as part of the
current ongoing drill program. The Company also plans to drill at least eleven additional potential
sub-zone targets in 2025 identified throughout top 1,000 vertical metres of the Apollo system. As a
reminder, at a depth below 1,000 metres from surface, Apollo transitions in the Ramp Zone, which is
a different deposit and style of mineralization.
APC-106D was drilled to the south from newly constructed Pad19 located north and outside the
Apollo system. At 350 metres downhole, the alteration began to markedly increase and then the
hole cut a zone of east-west trending, high-grade CBM veins. These new intercepts are a
material extension to the high-grade Northern Gold-Silver Vein Zone, which now measures
approximately 350 metres in strike and remains open in all directions for expansion. Assay
results for hole APC-106D are as follows:
1.65 metres @ 20.81 g/t gold equivalent from 353.20 metres
1.90 metres @ 16.29 g/t gold equivalent from 388.30 metres
18.25 metres @ 2.10 g/t gold equivalent from 732.95 metres including:
5.85 metres @ 4.88 g/t gold equivalent from 732.95 metres
As a reminder, high-grade gold-silver veins intercepted previously in 2022 in the Northern
Gold-Silver Vein Zone assayed as follows:
10.30 metres @ 10.83 g/t gold equivalent (OLCC-4)**
1.30 metres @ 74.91 g/t gold equivalent (OLCC-3)**
1.30 metres @ 42.31 g/t gold equivalent (OLCC-3)**
The intersection of shallow CBM veins in the northern portion of the Apollo system has positive
implications for the presence of brecciated porphyry at depth as this zoning of mineralization is seen
further south at Apollo. Following completion of the mother hole, directional drilling is currently in
progress to test for a northern extension of the Apollo system at depth where the system remains
open for expansion.
Table 1: Assays Results for Drill Holes APC104-D6, APC104-D7A and APC-106D
Hole #
From
(m)
To
(m)
Length
(m)
Au
g/t
Ag
g/t
Cu
%
Zn
%
AuEq
g/t*
APC104-D6
71.65
335.50
263.85
2.52
37
0.09
0.15
3.10
Incl.
82.00
196.50
114.50
4.19
53
0.15
0.15
5.00
& Incl-
303.75
335.50
31.75
2.24
58
0.06
0.33
3.10
and
373.55
395.50
21.95
2.96
10
0.03
0.11
3.08
and
444.80
461.95
17.15
2.29
22
0.06
0.04
2.60
APC104-D7A
160.90
298.60
137.70
1.87
61
0.22
0.14
2.94
Incl.
172.15
202.40
30.25
4.28
50
0.14
0.32
5.10
APC-106D
353.20
354.85
1.65
19.78
122
0.03
0.06
20.81
and
388.30
390.20
1.90
8.66
600
0.05
0.44
16.29
and
732.95
751.20
18.25
1.92
12
0.03
0.13
2.10
Incl.
732.95
738.80
5.85
4.50
27
0.04
0.35
4.88
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.015 x 0.85) + (Cu (%) x 1.44 x 0.95) + (Zn (%) x 0.43 x 0.85) utilizing metal prices of Ag – US$30/oz, Zn –
US$1.25/lb, Cu – US$4.2/lb and Au – US$2,000/oz and recovery rates of 97% for Au, 85% for Ag, 95% for Cu and 85% for Zn. Recovery rate assumptions for metals are based on
metallurgical results announced on October 17, 2023, April 11, 2024, and October 3, 2024. The recovery rate assumption for zinc is speculative as limited metallurgical work
has been completed to date. True widths are unknown, and grades are uncut.
** See press release dated January 15, 2025, February 24, 2025, March 15, 2022 and May 9, 2022 for AuEq calculations.
Figure 1: Plan View of the Apollo System Highlighting Drill Holes in this Release (CNW
Group/Collective Mining Ltd.)
Figure 2: Apollo System: High-Grade Over 1,200 Metres from Surface (CNW Group/Collective
Mining Ltd.)
Figure 3: Section B – B’ Outlining the High-Grade Sub-Zone Intersected in Drill Hole APC104-D6
(CNW Group/Collective Mining Ltd.)
Figure 4: Drill Core Tray Photo Highlighting a Portion of APC104-D6 (CNW Group/Collective Mining
Ltd.)
Figure 5: Plan View of the Guayabales Project Highlighting the Apollo Target Area (CNW
Group/Collective Mining Ltd.)
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 is a gold, silver, copper and tungsten exploration company
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 the Apollo system, which hosts the
large-scale, bulk-tonnage and high-grade gold-silver-copper-tungsten Apollo system. The Company's
objectives are to improve the overall grade of the Apollo system by systematically drill testing newly
modeled potentially high-grade sub-zones, expand the Apollo system by stepping out along strike to
the north and expanding the newly discovered high-grade Ramp Zone along strike and to depth,
expand the Trap system and drill a series of newly generated targets including Tower and X.
Management and insiders own approximately 33.4% of the outstanding shares of the Company and
as a result, are fully aligned with shareholders. The Company is listed on the NYSE American and
TSX under the trading symbol "CNL" and on the FSE under the trading symbol "GG1".
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
Samples were cut by Company personnel at Collective Mining's core facility in Caldas,
Colombia
.
Diamond drill core was sawed and then sampled in maximum 2 metres intervals, stopping at
geological boundaries. Drill hole core diameter is a mix of PQ, HQ and NQ depending on the depth
of the drill hole.
Core samples have been prepared and analyzed at ALS 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.
Information Contact:
Follow Executive Chairman
Ari Sussman
(@Ariski73
)
on X
Follow Collective Mining (
@CollectiveMini1
) on X,
(Collective Mining)
on LinkedIn, and
(@collectivemining)
on Instagram
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" and "forward-looking information" within the
meaning of applicable securities legislation (collectively, "forward-looking statements"). All
statements, other than statements of historical fact, are forward-looking statements and are based
on expectations, estimates and projections as at the date of this news release. Any statement that
involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often, but not always using phrases such as "plans",
"expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) of such words and phrases, or state that
certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be
achieved) are not statements of historical fact and may be forward-looking statements. In this news
release, forward-looking statements relate, among other things, to: anticipated use of proceeds
from the Offering and the exercise of Warrants; the anticipated advancement of mineral properties
or programs; future operations; future recovery metal recovery rates; future growth potential of
Collective; and future development plans.
These forward-looking statements, and any assumptions upon which they are based, are made in
good faith and reflect our current judgment regarding future events including the direction of our
business. Management believes that these assumptions are reasonable. Forward-looking
statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by the forward-looking
statements. Such factors include, among others: planed use of proceeds from the Offering and the
exercise of the Warrants; risks related to the speculative nature of the Company's business; the
Company's formative stage of development; the Company's financial position; possible variations in
mineralization, grade or recovery rates; actual results of current exploration activities; conclusions of
future economic evaluations; fluctuations in general macroeconomic conditions; fluctuations in
securities markets; fluctuations in spot and forward prices of gold, precious and base metals or
certain other commodities; fluctuations in currency markets; change in national and local government,
legislation, taxation, controls regulations and political or economic developments; risks and hazards
associated with the business of mineral exploration, development and mining (including environmental
hazards, industrial accidents, unusual or unexpected formation pressures, cave-ins and flooding);
inability to obtain adequate insurance to cover risks and hazards; the presence of laws and
regulations that may impose restrictions on mining; employee relations; relationships with and claims
by local communities and indigenous populations; availability of increasing costs associated with
mining inputs and labour; the speculative nature of mineral exploration and development (including
the risks of obtaining necessary licenses, permits and approvals from government authorities); and
title to properties, as well as those risk factors discussed or referred to in the annual information
form of the Company dated
March 24, 2025
. Forward-looking statements contained herein are
made as of the date of this news release and the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information, future events or results, except
as may be required by applicable securities laws. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events could differ materially from
those anticipated in such statements and there may be other factors that cause results not to be
anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-
looking statements.
SOURCE
Collective Mining Ltd.
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For further information:
Investors and Media: Paul Begin, Chief Financial Officer,
[email protected], +1 (416) 451-2727
CO: Collective Mining Ltd.
CNW 16:01e 15-APR-25