Collective Mining Reports High Concentrate Grades from Metallurgical Work on Apollo of 30.5% Copper, 1,280 g/t Silver and 28.7 g/t Gold
Collective Mining Reports High Concentrate Grades from Metallurgical
Work on Apollo of 30.5% Copper, 1,280 g/t Silver and 28.7 g/t Gold
Toronto, Ontario, April 11, 2024 – Collective Mining Ltd. (TSX: CNL, OTCQX: CNLMF, FSE: GG1)
(“Collective” or the “Company”) is pleased to announce robust results from metallurgical flotation test
work on its Guayabales project’s Apollo porphyry system (“Apollo”) which was undertaken at ALS
Canada Ltd. in Kamloops, British Colombia (“ALS”). As a reminder, based on previous work completed
the Company envisions a conventional split circuit for processing material from Apollo with the copper
rich stream (more than 0.15% copper) being treated through a flotation circuit and the copper poor
stream (less than 0.15% copper) being treated through a precious metal focused cyanidation circuit
to produce doré (see press release dated October 17, 2023). The Company also now expects that a
gravity circuit will be included after flotation for recovery of the high-grade tungsten mineralization.
Results reported below are from P hase 2 test work completed for the evaluation process for the
flotation circuit and initial gravity separation of Tungsten. Detailed metallurgical results highlighting
strong recovery rates for gold averaging 93.5% was previously announced on October 17, 2023, and
should be viewed in conjunction with this release.
Highlights (see Table 1-3)
• A detailed flotation test work program on a 86-kilogram, representative sulphide sample from
Apollo returned commercial concentrate grades of up to 30.5% copper, 1,280 g/t silver
and 28.7 g/t gold with low levels of deleterious elements (see Table 1: Locked cycle test
results).
• The flotation metallurgical work demonstrates that Apollo sulphide ore with great er
than 0.15% in situ copper grade is very amenable to flotation. A comprehensive series of
flotation tests were undertaken under a wide range of conditions resulting in the development
of commercial copper, silver and gold concentrate grades as outlined in the final locked cycle
tests presented in this release.
• The lock cycle tests achieved recoveries of up to 95.3% for copper, 83.6% for silver and
79.4% for gold. There are opportunities to increase the overall gold recoveries through
cyanidation of the cleaner tail residue and generation of a slightly lower copper
concentrate grade. Further work will be undertaken in this regard.
• Detailed mineralogical studies of the Apollo system highlight a relatively simple copper
sulphide assemblage hosting predominately chalcopyrite with lesser chalcocite, both
of which are very amenable to flotation.
• Previous drilling has demonstrated a shallow zone of high -grade tungsten mineralization at
Apollo hosted within scheelite ( see press release dated November 7, 2023) . Preliminary
gravity test work on a 25 kg sample grading 0.44% tungsten returned a 74% recovery
rate for t ungsten to a concentrate of 63.6% scheelite. Additional test work will be
undertaken to further upgrade the overall recovery rate for tungsten.
John Wells, metallurgical consultant to Collective Mining commented: “ Apollo flotation results are
exceptional by world standards and demonstrate excellent recoveries and very commercial
concentrate grades encompassed within a small volume of conc entrate material . This work and
the previous bottle roll cyanidation results highlight that Apollo has simple metallurgy which will
enable straightforward process plant design. Finally, the gravity work on the scheelite concentrate
has also demonstrated that tungsten can be easily recovered from a simple gravity separation
process.”
Details
Table 1: Flotation Locked Cycle Test Results for Apollo
Composite 1 weighed 86.1 kilogram with a head grade of 0.62% for copper, 0.73 g/t for gold and 37.19
g/t for silver and is a representative grade profile of Apollo mineralization.
Sample
Concentrate
Grade
Cu (%)
Concentrate
Grade
Ag (g/t)
Concentrate
Grade
Au (g/t)
Recovery
Rate
Cu (%)
Recovery
Rate
Ag (%)
Recovery
Rate
Au (%)
Comp
1A 30.5 1,280.0 27.0 95.0 80.6 77.0
Comp
1B 24.6 1,084.0 28.7 95.3 83.6 79.4
1. Flotation test work was undertaken at the ALS Canada Ltd. laboratory in Kamloops, British Colombia, Canada. A
comprehensive testing program was carried out and focussed on investigating the main parameters for rougher flotation,
including the primary grind size, pulp pH, pulp slurry density, different reagents and reagent additions and flotation kineti cs.
The six rougher tests were followed by two cleaner flotation tests which demonstrated that concentrate grades more than
25% could be achieved and outlined the best conditions for the final locked cycle tests as presented in this table.
2. The mass pull of the lock cycle concentrates was between 2 % and 3% of the total weight of material.
Confirmatory Bottle Roll Cyanidation Test Results
Previous bottle roll cyanidation test work undertaken at SGS in Lima, Peru on eight samples of oxide,
transition and sulphide material at various head grades averaged a 93.5% recovery rate for gold (see
press release dated October 17, 2023) . Repeat bottle roll tests were undertaken on two of these
samples at the ALS facilities in Kamloops British Colombia and confirmed almost identical recovery
rates. This work confirms the suitability of Apollo mineralization for a cyanidation circuit when copper
grades are less than 0.15% and flotation is not applicable.
Table 2: Duplicate Samples for Bottle Roll Cyanidation Comparing Results Between SGS and
ALS
Sample Gold Head Grade
(g/t)
SGS Gold Dissolution
(%)
ALS Gold Dissolution
(%)
APBRT 03 4.92 92.5 91.6
APBRT 07 11.10 87.5 89.5
Lower Grade Bottle Roll Cyanidation Results
Cyanidation work was undertaken at ALS on three representative, lower grade samples from Apollo
(<0.9 g/t gold) and returned an average recovery rate of 9 1.2% (see Table 3). Silver dissolution is
generally in the range 50% to 60%, however , the bulk of the silver is associated with the copper
mineralization and will report at higher recovery rates in the flotation concentrate.
Table 3: Bottle Roll Cyanidation Results Undertaken at ALS for Low Grade Samples
Sample ID Gold Head Grade
(g/t)
Gold Dissolution
(%)
Silver Dissolution
(%)
COMP 5 0.49 91.5 54.4
APKFR 04 0.86 92.9 60.5
CIL 4 0.39 89.1 63.9
AVERAGE 0.58 91.2 59.6
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 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 2024 objectives is to expand the Apollo system, prove that the recent discoveries at the
Olympus and Trap targets evolve into large scale systems and make a new discovery at either the
Box, Tower, or X target.
Management, insiders and a strategic investor own nearly 50% 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”, on the OTCQX under the trading symbol “CNLMF” and on the FSE under
the trading symbol “GG1”.
To see our latest corporate presentation and related information, please
visit www.collectivemining.com.
Qualified Person (QP) and NI43-101 Disclosure
John Wells 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 Wells is a graduate of the Royal
School of Mines in the UK, has over 50 years of experience in mineral processing and is a Fellow of
the SAIMM (South African Institute of Mines and Metallurgy) and is a member of CIM (Canadian
Institute of Mining and Metallurgy).
Sample Preparation and QAQC
All samples were prepared and analyzed at ALS Canada Ltd.’s Kamloops facilities in British Colombia,
Canada. Composites were produced from the remaining half drill core taken over different lengths of
nine drillholes completed at Apollo. Some samples were analyzed using Bulk Mineral Analysis (BMA)
and Particle Mineralogical Analysis (PMA) techniques focused on detailed mineralogy, including
mineral assemblage, texture, and mineral liberation assessments. ALS conforms to the requirements
of ISO/IEC 17025 and is accredited by the Standards Council of Canada for the specific tests
undertaken.
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, estimates and projections as at the date of this
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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 r esults, performance, or
achievements of the Company to be materially different from any future results, performance or
achievements expressed or implied by 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 mineralizatio n, 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, precious 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 nature 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 form 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, future 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.