Collective Mining Intersects 384.7 Metres at 2.46 g/t Gold Equivalent Including 109.8 Metres grading 4.14 g/t Gold Equivalent from Surface at the Apollo Porphyry System
Collective Mining Intersects 384.7 Metres at 2.46 g/t Gold Equivalent
Including 109.8 Metres grading 4.14 g/t Gold Equivalent from Surface
at the Apollo Porphyry System
• Assay results for drill hole APC-31, which is the first hole to test the mineralized outcrop
of the Apollo porphyry system (*formerly known as the Main Breccia discovery ), has
intersected significant continuous high-grade copper-silver-gold mineralization from
surface as follows:
o 384.7 metres at 2.46 g/t gold equivalent (consisting of 1.17 g/t gold, 43 g/t silver
and 0.37% copper) , including 109.8 metres at 4.14 g/t gold equivalent from
surface.
o The intersection in APC-31 is the highest grade (grams X metres) hole drilled to
date at the Apollo porphyry system.
o APC-31 was terminated wh ile still in strong mineralization . Deeper drill ing is
planned as part of the 2023 phase II program.
• High-grade oxide mineralization was encountered over the initial 42.35 metres of the
drill hole averaging 5.08 g/t gold equivalent.
• Five additional drill holes have been completed in 2023 to date from drill Pads 6 and 7.
All five holes appear to have cut significant mineralization beginning at bedrock with
the three completed holes from Pad 6 intersecting more than 350 metres of continuous
mineralization and the two outstanding holes from Pad 7 intersecting more than 100
metres and 170 metres of continuous mineralization , respectively. Assay results f or
these holes are expected in the near term.
• Outcrop mapping and sampling in the south and central portions of the Apollo porphyry
system has outlined a 130 metres X 130 metres area of known surface mineralization
which is open in all directions . Two new pads (9 and 10) are under con struction and
once operational will provide more drilling options to test this expanding area of surface
and shallow mineralization.
Ari Sussman, Executive Chairman commented: “2023 is off to an excellent start to say the least. Not
only did drill hole APC-31 confirm for the first time that the high-grade copper-silver-gold mineralization
in the Apollo porphyry system comes right to surface, but also that there is a significant zone of high-
grade oxide mineralization. We have truly discovered a remarkable porphyry system at Apollo
characterized by unusually high-grades of combined gold, silver and copper. We are equally fortunate
that our Guayabales project is located in a mining camp contiguous to the multi -million-ounce
Marmato mine and are confident that our Apollo porphyry system will play a key role in Colombia’s
decarbonization strategy. Our plan in 2023 is to remain aggressive with both drilling and ESG so that
our “Collective” model for mining yields dividends for stakeholders and shareholders alike.”
Toronto, Ontario, February 23, 2023 - Collective Mining Ltd. (TSXV: CNL, OT CQX:
CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from the first
drill hole of 2023 as part of the Company’s phase II drill program at the Guayabales project located
in Caldas, Colombia. The aim of the phase II program is to test and define through drilling the
shallow portion of the Apollo porphyry system (*formerly known as the Main Breccia discovery) as
well as continue expanding the system through step -out drilling . The Apollo porphyry deposit is a
high-grade, bulk tonnage copper -silver-gold system, which owes its excellent metal endowment
to an older porphyry copper-silver and gold mineralization being overprint ed by younger precious
metal rich, carbonate base metal vein systems (low and intermediate sulphidation) within a
magmatic, hydrothermal intermineral breccia body currently measuring 395 metres x 385 metres
x 915 metres and open for expansion .
Details (See Table 1 and Figures 1-3)
Assay results for the first drill hole (APC-31) from the 2023 phase II program is announced in this
press release. The Phase II drilling program of 2023 is advancing on schedule with six holes completed
and a further three in progress. The aim of this program is to define the high-grade mineralization and
dimensions of the Apollo porphyry n ear surface while continuing to expand the size of the system
through step-out drilling.
To date, a total of 32 drill holes (approximately 15,400 metres) have been completed and assayed at
the Apollo target with the majority of the holes testing the Apollo porphyry system.
Assay results and geological observations of APC-31 are summarized below.
APC-31 was a shallow hole, drilled steeply to the northwest from Pad 6 to a maximum depth of 389.6
metres (370 metres vertical). The hole was designed to exclusively test the upper portion of the
porphyry system from a location where the system outcrops at surface . The hole intersected
continuous mineralization from surface down to its final depth where it was terminated while still
in strong mineralization. APC-31 is the highest -grade accumulation of mineralization reported from
drilling to date and averaged:
• 384.7 metres @ 2.46 g/t gold equivalent (consisting of 1.17 g/t gold, 43 g/t silver and
0.37% copper) and including;
o 320.80 metres @ 2.84 g/t gold equivalent from surface, which included,
o 109.80 metres @ 4.14 g/t gold equivalent from surface, which included,
o 42.35 metres @ 5.08 g/t gold equivalent from surface (in oxides).
The mineralized interval starts from surface to 30 metres depth with in saprolite material followed by
an additional 17.5 metres of saprock with iron oxides a nd sulphides to 47.25 metres before
transitioning into fresh rock consisting of chalcopyrite (0.5% to 1.5%), pyrite (1% to 2.5%) and some
pyrrhotite (~1%). The minerali zation is overpri nted by carbonate-base metal veins containing
sphalerite and galena and high grades of gold. Gold grades are significantly higher in the oxidi zed
portion of the intercept down to 47.25 metres, while copper and silver grades are reduced within the
same interval presumably due to weathering.
Outcrop mapping and sampling in the south and central portions of the system has outlined a 130
metre-by-130 metre area of known surface minerali zation, which is open in all directions . 2023 drill
Pads 6 and 7 have been designed to achieve the objective of understanding the styles and tenor of
the shallow, high -grade mineralization from surface down to depths of up to 400 metres . Visual
observations f rom five completed holes that are awaiting assay results in the near te rm indicate
continuous intercepts from surface over core lengths ranging from more than 100 metres to more than
350 metres. The Company presently has three diamond drill rigs operating at the project.
Two new drill pads, numbered 9 and 10, are under const ruction to provide further drilling options to
test and expand upon the area which the Apollo porphyry system outcrops at surface.
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 Au-Cu-Ag porphyry system . Mineralization styles include early-stage
porphyry veining, inter -mineral breccia mineralization and multiple zones of 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 find more outcrop areas with porphyry veining, breccia, and late stage,
sheeted, carbonate base metal veins.
Table 1: Assays Results for APC-31
Hole ID From
(m)
To
(m)
Intercept
(m)
Au
(g/t)
Ag
(g/t)
Cu
%
Mo
%
AuEq
(g/t)*
APC-31 4.90 389.60 384.70 1.17 43 0.37 0.02 2.46
Including 4.90 325.70 320.80 1.34 49 0.44 0.02 2.84
4.90 114.70 109.80 3.15 45 0.25 0.01 4.14
** 4.90 47.25 42.35 4.81 23 0.09 0.001 5.08
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.83 x 0.95)+ (Mo (%)*9.14
x 0.95) and CuEq (%) is calculated as follows: (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+
(Mo(%)x 3.75 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $24/oz Mo US$20.00/lb and Au – US$1,500/oz
and recovery rates of 95% for Au, Ag, Mo and Cu. Recovery rate assumptions are speculative as no 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
Figure 1: Plan View of the Apollo Porphyry System (formerly known as the Main Breccia
Discovery) Highlighting Drill Hole APC-31
Figure 2: Plan View of the Guayabales Project Highlighting the Apollo Target Area
Figure 3: Core Photo Highlights from Drill Hole APC-31
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 Mining is a copper, silver and gold
exploration company with projects in Caldas, Colombia. The Company has option s to acquir e
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 target, which hosts the
large-scale, bulk -tonnage and hi gh-grade copper -silver-gold Apollo p orphyry system. The
Company’s near -term objective is to drill the shallow portion of the porphyry system while
continuing to expansion the overall dimensions of the system, which remains open in all directions .
Management, insiders and close family and friends own nearly 52% of the outstanding shares of
the Company and as a result, are fully aligned with shareholders. The Company is listed on the
TSXV under the trading symbol "CNL" and on the OTCQX under the t rading symb ol “CNLMF”.
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 c ontained 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 Inf ormation
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. C rush 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 (@Ariski) and Collective Mining (@CollectiveMini1)
on Twitter
Investors and Media
Paul Begin , Chief Financial Officer
+1 (416) 451 -2727
FORWARD-LOOKING STATEMENTS
This news release contains certain forward -looking statements, including, 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”, “anticipat e”, “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 m anagement as at the date hereof.