Collective Mining Reports a New Precious Metal Discovery at its Guayabales Project by Drilling 136.45 Metres at 1.31 g/t Gold Equivalent at the Plutus Target
Collective Mining Reports a New Precious Metal Discovery at its
Guayabales Project by Drilling 136.45 Metres at 1.31 g/t Gold
Equivalent at the Plutus Target
• Drill hole PNC-2 was drilled in the western portion of the Plutus Northern Corridor
which forms part of the large Plutus porphyry centre. The hole was designed to pass
through the previously drilled Donut breccia (now part of the Plutus North Corridor)
in order to drill test below a newly discovered mineralized breccia outcrop.
• PNC-2 cut three mineralized intervals with the first and third intersecting new zones
of mineralization. Importantly, the third zone intersected 136.45 metres @ 1.31 g/t
gold equivalent in a new porphyry related breccia discovery with an abundance of
CBM vein sulphides flooding the matrix. The hole was terminated prematurely in an
area of complicated faulting.
• The geochemical signature of the mineralization encountered in PNC-2 i s
interpreted to be at the edge of a major new porphyry system in the Plutus target
area.
• Mineralization defined to date in the Plutus Northern Corridor measures 285 metres
in strike by 250 metres width by 375 metres vertical and remains open to the east,
south, southwest and at depth.
• Five drills are currently in operation at the Guayabales project with three rigs drilling
at the Apollo porphyry system, one rig drilling at the Plutus target and the final rig
drilling initial reconnaissance holes at the Marmato Extension target (“ME target”).
Additionally, drilling is expected to begin in Q4 2023 at the Trap target, which
displays similar mineralization styles as the Apollo porphyry system. Fourteen new
diamond drill holes have recently been completed with assays pending in the near
term.
Ari Sussman, Executive Chairman commented: “Making a new discovery in only the second hole
drilled in the Plutus Northern Corridor as part of the 2023 exploration program is a testament to
both the tenacity of our operating team on the ground and the robust geology of the intrusion
complex at the Gu ayabales project . We remain steadfast in our goal of being aggressive with
drilling to unlock as much value as we can in what we firmly believe is an emerging mining district .
The area in which we operate has all the earmarks of evolving into a series of important and
strategic deposits for Colombia and we are honored to help push this initiative forward for our
stakeholders and shareholders. ”
Toronto, Ontario, October 11 , 2023 - Collective Mining Ltd. (TSX: CNL, OTCQX: CNLMF)
(“Collective” or the “Company”) is pleased to announce assay results for two diamond holes drilled
into the Plutus Northern Corridor, which is one of a series of targets at the Guayabales Project located
in Caldas, Colombia. The Plutus Northern Corridor forms part of the la rger Plutus porphyry centre
(“Plutus”) and is located approximately 1,000 metres east of the Apollo porphyry system.
Plutus measures approximately 1,000 metres by 720 metres as outlined by a magnetic high which is
coincident with copper and molybdenum soil anomalies measuring greater than 300 ppm and 20 ppm
respectively. The Plutus Northern Corridor, situated within the northern portion of Plutus, hosts
brecciated porphyry and overprinting CBM vein mineralization within a NE-SW trending corridor. The
Plutus Northern Corridor target zone is coincident with the transitional area between a magnetic high
and a magnetic low as seen in magnetic susceptibility sections. It is worth noting that the Apollo
porphyry system, as well as the area currently being dr illed for the first time by the Company at the
ME target, are also located in the same magnetic transition zone.
Details (See Table 1 and Figures 1-3)
This press release outlines results from two holes designed to test below new recently defined
outcropping targets within the Plutus Northern Corridor.
PNC-2 was drilled southwest from a new pad, PPad 1, to a maximum downhole depth of 579.40
metres (450 meters vertical due to topography). The hole entered a 35.10 metre mineralized zone at
65.30 metres downhole and is hosted in diorite and quartz diorite porphyry rocks with multiple quartz,
magnetite, chalcopyrite, and molybdenum veinlets (up to 2% veinlet density) being observed. At a
downhole depth of 143.20 metres, the hole intercepted a continuous zone of hydrothermal breccia for
185.80 metres with the cement matrix hosting 0.1% chalcopyrite, 1% pyrite, 0.2% sphalerite, and 0.1%
pyrrhotite. At 369.35 metres downhole, the hole entered a new zone of mineralization located below a
recently identified outcrop and cut 136.45 metres of continuous hydrothermal breccia with overprinting
CBM veinlets. This new mineralized zone hosts a sulphide cement matrix of chalcopyrite (up to 0.3%),
pyrite (up to 1.5%), sphalerite (up to 0.6%), galena (up to 0.5%) and pyrrhotite (up to 0.7%) with assay
results as follows:
• 35.10 metres @ 0.41 g/t gold equivalent from 65.30 metres downhole (consisting of 0.20
g/t gold, 2 g/t silver and 0.10% copper) in mineralized porphyry;
• 185.80 metres @ 0.81 g/t gold equivalent from 143.20 metres downhole (consisting of
0.59 g/t gold, 13 g/t silver and 0.02% copper) in hydrothermal breccia, and;
• 136.45 metres @ 1.31 g/t gold equivalent from 369.35 metres downhole (consisting of
0.97 g/t gold, 20 g/t silver and 0.04% copper) in hydrothermal breccia including:
o 42.95 metres @ 2.39 g/t gold equivalent from 462.35 metres downhole in breccia
with overprinting sheeted CBM veinlets.
PNC-1 was drilled south-southwest from PPad 1 to a maximum downhole depth of 594.95 metres (490
meters vertical due to topography) and encountered diorites and quartz diorite porphyry rocks with
secondary biotite alteration and veinlets of quartz, magnetite, chalcopyrite, and molybdenum with
assay results as follows:
• 22.45 metres @ 0.32 g/t gold equivalent from surface (consisting of 0.19 g/t gold, 1 g/t
silver and 0.04% copper);
• 85.05 metres @ 0.31 g/t gold equivalent from 53.00 metres downhole (consisting of 0.18
g/t gold, 1 g/t silver and 0.06% copper);
• 39.35 metres @ 0.35 g/t gold equivalent from 169.75 metres downhole (consisting of
0.11 g/t gold, 4 g/t silver and 0.09% copper);
• 24.40 metres @ 0. 35 g/t gold equivalent from 254.90 metres downhole (consisting of
0.11 g/t gold, 5 g/t silver and 0.07% copper) and;
• 31.35 metres @ 0.5 3 g/t gold equivalent from 312.10 metres downhole (consisting of
0.25 g/t gold, 6 g/t silver and 0.09% copper).
Based on drilling, the known mineralized dimensions of the Plutus Northern Corridor measures 285
metres in strike by 250 metres width by 375 metres vertical and remains open in most directions for
expansion.
Exploration Drill Program and Assay Update
The 2023 Phase II drilling program is advancing on schedule with assay results reported for 41 holes
and an additional 14 holes awaiting assay results from the lab.
With f ive diamond drill rigs now operating at site, the Company is advancing with the following
objectives:
1. E xpanding the Apollo porphyry system both laterally and vertically. The Company is currently
advancing with directional drilling for the first time with the initial fan of four holes now complete.
Additionally, the Company is drilling a series of short holes from surface targeting extensions
to the sheeted CBM vein systems located above and peripheral to the Apollo brecciated
porphyry. Three drill rigs are actively drilling at Apollo.
2. Drill test the Marmato Extension (“ME”) porphyry centre for the first time in search of both a
high-grade sheeted CBM vein system at shallow elevations and a potential buried porphyry
system at depth. One drill rig is currently active at ME.
3. Drill test the Trap target in the northern portion on the Guayabales project. Three widely
spaced reconnaissance holes were completed at Trap in 2022 with the discovery hole, TRC-
1 assaying 102.2 metres @ 1.53 g/t gold equivalent and containing similar mineralization to
the Apollo porphyry system.
4. Fly airborne geophysics on the Plutus target ahead of first phase drilling of the large and
untested coincidental copper and molybdenum in soil anomaly covering the central and
southern portion of the target area.
Table 1: Assay Results for PNC-1 and PNC-2
Hole # From (m) To (m) Length (m) Au g/t Ag g/t Cu % Mo % AuEq g/t*
PNC-1 2.90 25.35 22.45 0.19 1 0.04 0.006 0.32
and 53.00 138.05 85.05 0.18 1 0.06 0.003 0.31
and 169.75 209.10 39.35 0.11 4 0.09 0.004 0.35
and 254.90 279.30 24.40 0.11 5 0.07 0.006 0.35
and 312.10 343.45 31.35 0.25 6 0.09 0.006 0.53
PNC-2 65.30 100.40 35.10 0.20 2 0.10 0.002 0.41
and 143.20 329.00 185.80 0.59 13 0.02 0.002 0.81
and 369.35 505.80 136.45 0.97 20 0.04 0.002 1.31
and incl 462.35 505.30 42.95 1.90 28 0.08 0.002 2.39
*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 (%)*11.62 x 0.85) utilizing
metal prices of Cu – US$3.85/lb, Ag – $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 are speculative as limited metallurgical work has been completed to date.
True widths are unknown, and grades are uncut.
Figure 1: Plan View of PNC-1 and PNC-2
Figure 2: Core Photo Highlights of PNC-2
Figure 3: Plan View of the Guayabales Project Highlighting the Plutus Target Area
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 cop per, silver, and gold
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 target, which hosts the
large-scale, bulk -tonnage and high -grade copper -silver-gold Apollo porphyry system. The
Company’s near -term objective is to drill the shallow portion of the porphyry 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 trading symbol “CNLMF”.
Qualified Person (QP) and NI43 -101 Disclosure
David J Reading is the designated Qualif ied 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
Rock, soils and core samples have been prepared and analyzed at ALS and 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. 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.
Social Media:
Follow Executive Chairman Ari Sussman (@Ariski73) 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 “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, 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 information. In this news release, forward -looking
information relate, among other things, to: anticipated advancement of mineral properties or
programs; future operations; 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 achi evements of the Company to be materially different from any future results, performance