Collective Mining Reports Encouraging Channel Sampling Results from the Northern Corridor of the Plutus Porphyry Target
Collective Mining Reports Encouraging Channel Sampling Results
from the Northern Corridor of the Plutus Porphyry Target
Channel sampling of limited oxidized and weathered outcrop exposures in the northern
corridor of the Plutus porphyry target have returned encouraging assay results
including:
o 10.25 metres @ 2.81 g/t gold,13 g/t silver and 186 ppm copper
o 23.71 metres @ 1.22 g/t gold, 16 g/t silver and 198 ppm copper
The Plutus northern corridor, which is part of the greater Plutus porphyry target area,
measures 600 metres along strike (open) by 250 metres wide and hosts mineralized
porphyry outcrops which include breccia and quartz vein stockwork.
The initial drill pad at the Plutus northern corridor (PPad1) is now complete and drilling
is expected to commence in the coming days. Additional drill pads are being
constructed throughout the entire Plutus target area in order to drill a series of holes
from multiple pads.
Four rigs are now operating at the Guayabales project with eleven holes completed at
the Apollo porphyry system which are currently in the lab for analysis. Additional assay
results are expected in the near term.
Ari Sussman, Executive Chairman commented: “The sheer scale of exploration occurring at the
Guayabales project is impressive and I would like to commend our team for their efforts. Plutus is
clearly a distinct second porphyry center with many similarities to the Apollo porphyry system,
including multiple stages of potentially overprinting styles of mineralization hosted in breccia and
porphyry rocks. We are excited to begin drilling Plutus for the first time and look forward to
providing updates as we receive addition analytical results.”
Toronto, Ontario, August 8, 2023 - Collective Mining Ltd. (TSXV: CNL, OTCQX:
CNLMF) (“Collective” or the “Company”) is pleased to announce assay results and field
observations from recent reconnaissance exploration work undertaken in the northern corridor of
the Plutus porphyry target. Plutus is located between 500 metres and 1,500 metres to the east of
the Apollo porphyry system and 1,500 metres to the north of the Marmato mine.
The Plutus porphyry target (“Plutus”) measures approximately 1,000 metres by 720 metres,
remains open for expansion and has been outlined by a coincidental magnetic high with copper
and molybdenum in soil anomalies measuring greater than 300 ppm and 20 ppm respectively. The
Plutus northern corridor, which is situated within the northern portion of Plutus, measures 600
metres in strike by 250 metres in width and remains open along strike for expansion.
Details (See Figures 1-4)
Observations from surface mapping of the Plutus northern corridor identified both porphyry and related
hydrothermal breccia with at least ten small outcrop exposures. The Company believes that outcrops
located to the west of the Donut breccia in the western portion of the Plutus northern corridor may
represent a new breccia body while the outcrops located directly east of the Donut breccia are likely
related to extensions of that breccia system.
Recent surface mapping of the new breccia outcrops outlines angular clasts of porphyritic quartz
diorite with a stockwork of overprinting quartz and magnetite veins hosting sulphides of pyrite and
chalcopyrite as well as molybdenite (see Figure 1 for the location of the channel sampling). Breccia
matrix cement is mainly iron oxides formed from weathering of sulfides. Despite the level of weathering
at surface there are significant grades encountered from the continuous rock channel sampling with
assay results as follows:
o 10.25 metres consisting of 2.81 g/t gold, 13 g/t silver and 0.02% copper (CH-3540)
o 23.71 metres consisting of 1.22 g/t gold, 16 g/t silver and 0.02% copper (CH-5155)
o 6.00 metres consisting of 1.06 g/t gold, 3 g/t silver and 0.02% copper (CH-1002)
o 9.70 metres consisting of 0.71 g/t gold, 7 g/t silver and 0.01% copper (CH-12078)
o 5.60 metres consisting of 0.70 g/t gold, 14 g/t silver and 0.03% copper (CH-3547)
o 7.0 metres consisting of 0.70 g/t gold, 15 g/t silver and 0.03% copper (CH-3554)
o 4.0 metres consisting of 0.54 g/t gold, 3 g/t silver and 0.02% copper (CH-8190)
o 7.60 metres consisting of 0.57 g/t gold, 32 g/t silver and 0.03% copper (CH-3553)
o 3.20 metres consisting of 0.53 g/t gold, 6 g/t silver and 0.06% copper (CH-3548)
In the eastern portion of the Plutus northern corridor, sparse outcrops highlight the presence of
porphyry-related mineralization, including magnetite veins as well as pyrite, chalcopyrite and
molybdenite and quartz in porphyry vein systems classified as A, B, EB, and D types. The quartz
diorite porphyry host rock exhibits both potassic and sericite alteration.
Recent reconnaissance exploration work in the eastern part of the Plutus northern corridor has
discovered a new outcrop of quartz diorite porphyry with a stockwork of quartz veinlets hosting iron
oxides derived from weathering of sulphides. Results are pending from a continuous forty-seven metre
long channel sample along exposed porphyry stockwork mineralization.
Drilling to test the Plutus northern corridor from newly constructed pad PPad1 is expected to
commence in the coming days. Additional drill pads are being constructed throughout the Plutus target
area ahead of additional planned drilling.
Figure 1: Continuous Channel Chip Sampling Results from Outcrops in the Plutus Northern
Corridor
Figure 2: Location of the Apollo and Plutus Porphyry Centres, Highlighting the Drill Ready,
Plutus Northern Corridor
Figure 3: High Grade Oxidized Angular Breccia Channel Sample
Figure 4: 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 copper, 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 through step out and direction drilling, which remains
open in most directions and drill test multiple new targets generated through grassroots exploration.
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
TSXV 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 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
Rock, soils 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. 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) 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”, “anticipate”, “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 management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors
could cause actual results, performance, or achievements to differ materially from the results
discussed or implied in the forward-looking statements. These factors should be
considered carefully, and readers should not place undue reliance on the forward-looking
statements. Although the forward-looking statements contained in this news release are based
upon what management believes to be reasonable assumptions, Collective cannot assure readers
that actual results will be consistent with these forward-looking statements. These forward-looking
statements are made as of the date of this news release, and Collective assumes no obligation to
update or revise them to reflect new events or circumstances, except as required by law.
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the TSXV) accepts responsibility for the adequacy or accuracy of this news release.