Collective Mining Reports a Major Discovery at Trap; Drills 646 Metres
Collective Mining Reports a Major Discovery at Trap; Drills 646 Metres
at 0.81 g/t AuEq, Including 301.5m @ 1.01 g/t AuEq From 19.5m Depth
Toronto, Ontario, January 18 , 2024 - Collective Mining Ltd. (TSX: CNL, OTCQX: CNLMF)
(“Collective” or the “Company”) is pleased to report the discovery of a significant new zone of precious
metal mineralization at the Trap target (“Trap”) as part of its Guayabales Project in Caldas, Colombia.
Today’s results from two diamond drill holes are interpreted to have intercepted the upper portions of
a porphyry system which is overprinted by late- stage carbonate base metal (“CBM”) sheet ed vein
zones. Trap is located approximately 3.5 kilometres along the molybdenum soil trend to the northeast
of the Apollo porphyry system and is now the second major porphyry discovery made at the
Guayabales Project.
Highlights (see Table 1 and Figures 1-4)
• Drill hole TRC-2, which was drilled from the northwest to the southeast, has intercepted
multiple mineralization styles while displaying excellent continuity over the entire interval as
follows:
o 646.0 metres @ 0.81 g/t gold equivalent from 19.5 metres depth including:
o 301.5 metres @ 1.01 g/t gold equivalent from 19.5 metres d ownhole (19.1
metres vertical depth)
o TRC-2 bottomed in mineralization with the final 11.05 metres averaging 0.98 g/t AuEq
• Drill hole TRC-3 was drilled from the east to the west from a separate pad to TRC-2. The hole
cut two intervals of continuous mineralization with a post mineral dyke in between that is
expected to be limited in dimensions based on surface mapping. Assay results for this hole
are as follows:
o 159.75 metres @ 1.04 g/t gold equivalent from 86.80 metres downhole (44 metres
vertical depth) including:
o 47 metres @ 2.25 g/t gold equivalent from 188 metres downhole (133 metres vertical
depth)
o 72.7 metres @ 0.77 g/t gold equivalent from 359.35 metres downhole ( 286 metres
vertical depth)
• The Trap porphyry target has been traced by rock and soil sampling over a large area
measuring 2 kilometres by 2 kilometres . Reconnaissance drilling to date has outlined
mineralization only over a small portion of the target area measuring 340 metres along strike
(in a SE-NW direction) by 170 metres across by up to 687 metres vertically and remains open
in all directions.
• Mineralization at Trap is hosted predominantly in a quartz diorite unit with two styles of late
stage CBM sheeted veins overprinting a gold-copper mineralized porphyry system (magnetite
and minor chalcopyrite). The core for both holes is heavily altered with sericite indicating that
drilling to date likely has only covered the shallow elevation of this porphyry system.
• Drilling at Trap is expected to resume in the coming days. The next hole will be drilled steeper
to test for continuity of mineralization at depth and see if the porphyry system alteration
transitions from the current sericitic phase to the potassic phase.
Ari Sussman, Executive Chairman commented: “When one steps back and thinks about the multiple
discoveries we have made at our Guayabales Project and the geological relationship to the multi -
million ounce Marmato mine next door, it is clear that we are onto a new emerging large-scale metals
district and must remain aggressive with exploration. It is not every day that a company drills such
significant intercepts from surface into a newly generated target. We are excited to resume drilling in
the coming days at Trap as we embark on a quest to understand the potential of the discovery.”
Figure 1: Long Section of the 4.5 Kilometre Porphyry Trend at the Guayabales Project,
Highlighting the Discovery Holes at Trap
Figure 2: Core Photo Highlights from Drill Hole TRC-2
Figure 3: Plan View of the Trap Target and Drill Holes Announced in This Release
Figure 4: Plan View of the Guayabales Project Highlighting the Trap Target Area
Table 1: Assay Results for TRC-2 and TRC-3
Hole # From
(m)
To
(m)
Length
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Mo
(%)
AuEq
(g/t*)
TRC-2 19.50 665.50 646.00 0.71 6 0.02 0.001 0.81
incl 19.50 321.00 301.50 0.84 7 0.04 0.003 1.01
and incl 385.60 477.30 91.70 0.96 4 - - 1.00
TRC-3 86.80 246.55 159.75 0.69 15 0.07 0.004 1.04
Incl 188.00 235.00 47.00 1.68 28 0.12 0.003 2.25
and 359.35 432.05 72.70 0.61 6 0.04 0.003 0.77
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.016 x 0.88) + (Cu (%) x 1.79 x 0.90)+ (Mo (%) x 11.62 x 0.85)
utilizing metal prices of Cu – US$3.85/lb, Ag – US$24/oz, Mo - US$25/lb and Au – US$1,475/oz and recovery rates of 97% for Au,
88% for Ag, 85% for Mo and 90% for Cu. Recovery rate assumptions for gold are based on metallurgical results announced on October
17, 2023. Recovery rates for copper, molybdenum and silver are speculative as limited metallurgical work has been completed to date
on these metals. True widths are unknown, and grades are uncut.
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, gold 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 copper -silver-gold-tungsten Apollo porphyry system.
The Company’s near -term objective is to drill the shallow portions of the Apollo system, continue
to expand the overall dimensions of the system, which remains open in most directions and test
newly generated grassroots targets.
Management, insiders and close family and friends own nearly 45% of the outstanding shares of
the Company and as a result, are fully aligned with shareholders. The Company is listed on the
TSX under the trading symbol "CNL" and on the OTCQX under the tradi ng symbol “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 contained herein is accurate and approves of the written di sclosure 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, soils and 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, i ndustry-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
Investors and Media
Paul Begin , Chief Financial Officer
+1 (416) 451 -2727
FORWARD-LOOKING STATEMENTS
This news release contains “forward- looking information” within the meaning of the applicable
Canadian securities legislation. All statements, other than statements of historical fact, are
forward-looking information and are based on expectations, estimate s 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 information. In this news release, forward -looking
information relate, among other things, to: 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 the direction of our business. Management
believes that these assumptions are reasonable. Forward -looking information involves 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 b y the forward -looking information. Such factors include,
among others: 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, p recious 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 natu re 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 fo rm of the Company dated April 7, 2022.
Forward-looking information 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, futu re events or results, except as may be required by applicable
securities laws. There can be no assurance that forward- looking information 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 information.