Collective Mining Intercepts 632.25 Metres at 1.10 g/t Gold Equivalent in a 200 Metre Step-Out Hole to the South at Trap
Collective Mining Intercepts 632.25 Metres at 1.10 g/t Gold Equivalent
in a 200 Metre Step-Out Hole to the South at Trap
Toronto, Ontario, April 24, 2024 - Collective Mining Ltd. (TSX: CNL, OTCQX: CNLMF, FSE: GG1)
(“Collective” or the “Company”) is pleased to report assay results for four holes drilled at the Trap
Target (“Trap”), which is part of the Guayabales project located in Caldas, Colombia. The Company
has just added a fifth diamond drill rig as part of its 40,000 -metre drill program for 2024 with drilling
currently taking place at the Trap, Apollo, Olympus and Box (two rigs) targets respectively.
The assay results reported herein from Trap are from the initial follow- up drilling to the original
discovery holes announced on January 18, 2024, where the Company found a new precious metal
rich porphyry system located 3.5 kilometres to the northeast of its flagship Apollo system with previous
intercepts including 646 metres @ 0.81 g/t AuEq from 19.5 metres depth.
Trap is a precious metal dominant porphyry system host ed in an early quartz diorite body, which is
overprinted by at least two styles of late-stage porphyry related sheeted carbonate base metal (“CBM”)
veinlets. To date, all drill core within the mineralized zone at Trap has been strongly bleached
by white porphyry related phyllic alteration (muscovite) potentially indicating that drilling has
only encountered the top of the porphyry system and stronger mineralization might occur at
depth or in a different proximal location. The mineralized system, which approaches surface in the
northern most drilled point to date, is oriented in a west-northwest direction, plunging to the southeast,
and is dipping to the northeast at a steep angle.
Trap covers a large surface area geochemically, measuring approximately 2 kilometres by 2
kilometres. Drill testing to date has been executed from three drill pads and has intersected
mineralization in multiple directions. I ncluding the results of this release , the mineralized
envelope now covers an area measuring up to 600 metres along strike, 250 metres across and
915 metres vertical (previously 340 metres x 170 metres x 687 metres vertical). Trap remains
open in all directions except to the east.
Ari Sussman, Executive Chairman commented: “ By using both d own-hole acoustic televiewer and
ASD Terraspec technologies , we have been able to confirm a west -northwest trend to the
mineralization and that the phyllic alteration flooding the drill core is porphyry-related muscovite. Based
on this information, drill hole TRC-7A was oriented to drill at an orthogonal angle to the Trap system
resulting in an outstanding bulk intercept of mineralization. It is still early days for Trap and based on
core interpretation, we do not believe that we have found the center of the early porphyry intrusion
phase. We will remain aggressive with step-out drilling and in this regard, a new drill pad is planned in
a location situated well south of current drilling.”
Highlights (see Table 1 and Figures 1-4)
• Hole TRC-7A was drilled from TPad-3 to the southwest and was designed to cross Trap at an
orthogonal angle to the mineralization. The drill hole intersected a broad zone of remarkably
continuous mineralization with assays results as follows:
o 632.25 metres @ 1.10 g/t gold equivalent from 172.65 metres including:
51.50 metres @ 2.73 g/t gold equivalent from 311.30 metres, and;
46.35 metres @ 2.41 g/t gold equivalent from 393.00 metres
• Drill hole TRC-7A is the best intercept drilled by the Company to date at Trap averaging
695 g/t gold equivalent on a gram X metre basis . Hole TRC-7A is a redrill of originally
planned hole TRC -7, which ran into mechanical issues near the collar and had to be
abandoned.
• Drill hole TRC-6 was drilled from TPad-2 and was designed to test the continuity of the system
at depth and to the southeast. Two broad zones of mineralization where intersected with assay
results are follows:
o 206.95 metres @ 1.02 g/t gold equivalent from 98.40 metres, and;
o 115.65 metres @ 1.00 g/t gold equivalent from 623.35 metres
• TRC-5 was drilled from TPad-2 to the south and cut three zones of mineralization in a favorable
early porphyry quartz diorite host unit. Unfortunately, the intercept is not continuous due to the
presence of remnant pendants of poorly mineralized country rock . Assays results for TRC-5
are as follows:
o 232.35 metres @ 0.60 g/t gold equivalent from 31.25 metres, and;
o 55.10 metres @ 1.09 g/t gold equivalent from 333.30 metres, and;
o 51.95 metres @ 0.61 g/t gold equivalent from 456.40 metres
Follow up surface mapping and sampling carried out to the west and northwest of TPad-2 have
confirmed the presence of the favorable early quartz diorite porphyry unit, indicating the
system is open for additional mineralization in these directions.
• TRC-4 was drilled due east from TPad-3 and confirmed the eastern boundary of the
mineralization in this direction. A narrow zone of CBM veins were intersected from 253.15
metres downhole averaging 1.35 g/t AuEq over 7.90 metres. No further work is warranted in
this area.
Table 1: Assays Results for TRC-4, TRC-5, TRC-6 and TRC-7A
Hole # From
(m)
To
(m)
Length
(m)
Au
g/t
Ag
g/t
Zn
%
Pb
%
AuEq
g/t*
TRC-4 253.15 261.05 7.90 0.83 20 0.51 0.31 1.35
TRC-5 31.25 263.60 232.35 0.54 4 0.04 - 0.60
Incl 69.30 82.15 12.85 0.87 10 0.08 - 1.00
and Incl 108.85 124.00 15.15 1.01 4 0.02 - 1.03
and Incl 177.45 185.80 8.35 0.92 8 0.03 0.01 1.12
and Incl 223.80 239.65 15.85 1.34 2 0.01 - 1.33
and 333.30 388.40 55.10 1.10 2 0.01 - 1.09
Incl 349.00 357.15 8.15 5.56 4 0.01 - 5.45
and Incl 377.20 385.35 8.15 1.07 1 0.01 - 1.06
and 456.40 508.35 51.95 0.59 2 0.01 0.01 0.61
Incl 456.40 464.40 8.00 1.21 7 0.01 - 1.26
and Incl 497.80 508.35 10.55 1.13 2 0.01 - 1.13
TRC-6 98.40 305.35 206.95 0.90 5 0.03 0.02 1.02
Incl 110.70 170.85 60.15 1.77 5 0.02 0.01 1.89
and 623.35 739.00 115.65 0.79 11 0.19 0.08 1.00
Incl 641.10 656.55 15.45 1.30 3 0.12 0.05 1.36
and Incl 725.50 739.00 13.50 1.37 8 0.16 0.09 1.51
TRC-7A 172.65 804.90 632.25 0.92 9 0.13 0.13 1.10
Incl 172.65 212.00 39.35 1.97 10 0.18 0.15 2.16
and incl 311.30 362.80 51.50 2.56 9 0.16 0.19 2.73
and incl 393.00 439.35 46.35 1.88 18 0.51 0.50 2.41
and incl 559.20 575.85 16.65 0.91 103 0.10 0.11 2.19
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.014 x 0.88) + (Zn (%) x 0.46 x 0.85) + (Pb
(%) x 0.41 x 0.85) + (Cu (%) x 1.47 x 0.90) utilizing metal prices of Ag – US$25/oz, Zn - US$1.25/lb, Pb -
US$1.10/lb, Cu – US$3.95/lb and Au – US$1,850/oz and recovery rates of 97% for Au, 88% for Ag, 85% for Zn,
85% for Pb and 90% for Cu. AuEq (g/t) calculation considers Cu value when Cu>0.05% for each intercept.
Recovery rate assumptions for metals are based on metallurgical results announced on October 17, 2023, and
April 11, 2024. Recovery rates for zinc and lead are speculative in nature as metallurgical work has not been
completed to date on these metals. True widths are unknown, and grades are uncut.
Figure 1: Long Section of the Guayabales Project Targets Highlighting Trap
Figure 2: Plan View of the Trap Target and Drill Holes Announced in this Release
Figure 3: Cross Section Highlighting Holes TRC-7A and TRC-6
Figure 4A: Drill Core Tray Photo Highlighting TRC-7A
Figure 4B: Drill Core Tray Photo Highlighting TRC-7A