Collective Mining Step-Out Drilling Confirms a Significant Southern Zone of Near Surface High-Grade Mineralization Including 32 Metres at 10.48 g/t Gold Equivalent
Collective Mining Step-Out Drilling Confirms a Significant Southern
Zone of Near Surface High-Grade Mineralization Including 32 Metres
at 10.48 g/t Gold Equivalent
• Drill hole APC -29 intercepted the highest grade near -surface copper -silver-gold
mineralization encountered to date at the Main Breccia system at the Apollo target
(“Apollo”) yielding 32 metres @ 10.48 g/t gold equivalent from 80 metres vertical. This
hole was designed to test directly below where the Main Breccia system daylights at
surface in the southern part of the system and to follow up on recently announced
results for hole APC-22, which intersected 47.25 metres @ 5.45 g/t gold equivalent (see
press release dated January 11, 2023). Further down -hole in APC-29, a broad zone of
mineralization was encountered averaging 214.4 metres @ 1.04 g/t gold equivalent. APC-
29 had to be abandoned short of target depth due to a fault while still in mineralization
with the final 0.5 metre sample assaying 1.72 g/t gold, 39 g/t silver and 0.1% copper.
• Drill hole APC-25 was designed as a step out hole along strike of the near surface high-
grade zone of mineralization and intersected 106.85 metres @ 2.31 g/t gold equivalent
starting at 65 m etres vertical below surface. As a result, APC -25 has confirmed a
shallow, westward expansion to the Main Breccia system and an apparent thickening
to the high-grade near surface mineralized zone as the system is traced to the west.
• Hole APC-26 was drilled to the northeast from Pad 4 and confirmed continuity of
mineralization in that direction returning 136.9 metres @ 1.51 g/t gold equivalent
contained within 311.2 metres at 1.04 g/t gold.
• The phase II drilling program is underway with three rigs currently operating focused
on testing near surface mineralization and expanding the dimensions of the Main
Breccia system. Assay results are expected in the near term for the final three holes of
the 2022 program, including westwards step-out hole APC-28, which cut more than 600
metres of continuous mineralization. Additionally, the first hole of the Phase II program
is now complete, and core has been dispatched to the lab for assaying.
Ari Sussman, Executive Chairman commented: “ N ot only is t he Main Breccia system at Apollo a
large, bulk tonnage deposit but it now appears to host an outcropping and shallow zone of high-
grade mineralization, which clearly enhance s the value of this exciting discovery . Based on
surface sampling, the system appears to daylight over an area measuring approximately 150
metres in diameter and remains open for expansion. The Main Breccia system is truly evolving
into a brand -new world-class discovery right in the heart of a prolific mining camp with continuous
precious metal production dating back more than 500 years. ”
Toronto, Ontario, January 31, 2023 - Collective Mining Ltd. (TSXV: CNL, OTCQX:
CNLMF) (“Collective” or the “Company”) is pleased to announce assay results fr om a further
three holes drilled into the Main Breccia discovery at the Apollo target (“Apollo”), which is part of
the Guayabales project located in Caldas, Colombia. The Main Breccia discovery is a high- grade,
bulk tonnage copper -silver-gold porphyry -related system, which owes its excellent metal
endowment to multiple phases of mineralization which includes older copper -silver-gold porphyry
mineralization and younger, overprinting, precious metal rich sheeted carbonate base metal vein
systems.
Details (See Table 1 and Figures 1–6)
Assay results for twenty-eight diamond drill holes have now been announced at Apollo with results for
additional holes expected in the near term. This press release announces results of three diamond
drill holes with results summarized below.
APC-25 was drilled to the northwest from Pad 3 to a maximum depth of 215.80 metres and intersected
a shallow, western extension to the Main Breccia discovery averaging:
• 106.85 metres @ 2.31 g/t gold equivalent consisting of 0.81 g/t Au, 30 g/t Ag, 0.62% Cu
and 30 ppm Mo beginning at 73 metres downhole (65 metres vertical).
The mineralized angular breccia of this intercept contains a sulphide matrix which includes 1.5% to
2.5% chalcopyrite and between 1% and 3% pyrite plus pyrrhotite. The breccia has been overprinted
by a zone of carbonate and base metal (sphalerite and galena) veins, which host higher gold grades
and returned an interval of 14 metres grading 3.65 g/t gold equivalent. APC-25 is the westernmost
hole drilled into the M ain Breccia discovery and demonstrates that the mineralization is open and is
thickening in this direction. Drill holes have been designed to continue to step-out to the west to expand
upon this high grade and near surface mineralization.
APC-26 was drilled northeast from pad 4 and confirms continuity within the Northern Extension Zone
of the Main Breccia system, as previously defined in holes APC-17 and APC-22. The hole was drilled
to a maximum downhole length of 813.7 metres and intercepted:
• 311.2 metres @ 1.04 g/t gold equivalent consisting of 0.74 g/t Au , 16 g/t Ag, 0.05% Cu
and 10 ppm Mo from 415 metres down hole.
Gold and silver mineralization relates to sulphides hosted within the angular breccia matrix including
pyrite (1% -3%), pyrrhotite (1% -2%) and chalcopyrite (0.5% -1%). A higher -grade sub -zone was
encountered within the mineralized intercept averaging 136.9 metres at 1.51 g/t gold equivalent and
is characterized by an increase in overprinting low and intermediate sulphidation, carbonate base
metal (“CBM”) vein material including visible sphalerite and galena.
APC-29 was drilled to the north -northeast f rom Pad 3 to a maximum depth of 644.8 metres and
intercepted three mineralized zones before the hole was abandoned short of target depth due to a
complicated faul t structure . The two shallow zones within this hole are located directly beneath
mineralized surface outcrops with the initial 32.0 metre intercept of mineralization beginning at 111.3
metres downhole (80 metres vertical), and the second 8.65 metre mineralized zone starting at 194.8
metres downhole (143 metres vertical). These high-grade gold, silver, and copper shallow zones of
mineralization are hosted within a matrix of angular quartz diorite breccia with the sulphide component
consisting of chalcopyrite (0.5%-2%), pyrite (0.5%-2%) and pyrrhotite (0.5-1%). Finally, the third zone,
which starts at 343.8 metres downhole (318 metres vertical) intersected more 301 metres of
continuous mineralization including a higher -grade subzone over 214.4 metres . The sulphide
mineralization within the breccia matrix of this intercept contained pyrrhotite (0.5%-2.5%), pyrite (1%-
3%) and multiple zones of sheeted CBM vein material, which are predominantly sphalerite rich with
minor galena. The following intercepts are summarized from APC-29:
o 32.00 metres @ 10.48 g/t gold equivalent consisting of 9.23 g/t Au, 60 g/t Ag,
0.44% Cu and 30 ppm Mo from 89.25 metres downhole (80 metres vertical depth).
o 8.65 metres @ 2.26 g/t gold equivalent consisting of 0.57 g/t Au, 82 g/t Ag, 0.27%
Cu and 10 ppm Mo from 194.80 metres downhole (143 metres vertical depth).
o 214.40 metres @ 1.04 gold equivalent consisting of 0.77 g/t Au, 14 g/t Ag, 0.05%
Cu and 10 ppm Mo from 3 43.80 metres downhole ( 318 metres vertical depth) ,
which includes 98.20 metres @ 1.26 g/t gold equivalent.
The Company’s Phase II, 2023 program is well underway with two rigs focused on drilling near surface,
high grade mineralization below mineralized outcrops in the southern and central areas of the Main
Breccia system while simultaneously targeting expansion to the overall dimensions of the system to
the west, northwest, north and northeast. Furthermore, a new drill pad (pad 8) has been constructed
150 south of the southernmost modelled boundary of the Main Breccia system at Apollo and
reconnaissance drilling is underway to test a recently discovered porphyry target.
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. The Apollo target area
hosts the Company’s Main Breccia discovery and multiple additional untested breccia, porphyry and
vein targets. The overall Apollo target area also remains open for further expansion.
Table 1: Apollo Target Assays Results for Holes APC-25, APC-26 and APC-29
HoleID From
(m)
To
(m)
Intercept
(m)
Au
(g/t)
Ag
(g/t)
Cu
%
Mo
%
AuEq
(g/t) *
CuEq
(%) *
APC-25 73.00 179.85 106.85 0.81 30 0.62 0.003 2.31 1.26
Incl. 111.00 125.00 14.00 2.00 35 0.75 0.005 3.65 2.00
APC-26 415.00 726.20 311.20 0.74 16 0.05 0.001 1.04
incl. 415.00 551.90 136.90 1.14 20 0.06 0.001 1.51
APC-29 111.30 143.30 32.00 9.23 60 0.44 0.003 10.48
and 194.80 203.45 8.65 0.57 82 0.27 0.001 2.26
and 343.80 644.80 301.00 0.63 14 0.05 0.001 0.90
Incl. 343.80 558.20 214.40 0.77 14 0.05 0.001 1.04
Incl. 460.00 558.20 98.20 1.26 15 0.04 0.001 1.51
* 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.
Figure 1: Plan View of the Main Breccia System at Apollo Highlighting Drill Holes APC-25,
APC-26 and APC-29
Figure 2: Up Close View of Drill Holes Intersecting the Shallow, High-Grade Southern Zone
Within the Main Breccia System at Apollo
Figure 3: Plan View of the Guayabales Project Highlighting the Apollo Target
Figure 4: Core Photo Highlights from Drill Hole APC-25:
Figure 5: Core Photo Highlights from Drill Hole APC-26:
Figure 6: Core Photo Highlights from Drill Hole APC-29:
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 based in Canada, with projects in Caldas, Colombia. The Company has
options to acquire 100% interests in two projects located directly within an es tablished 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 and gold Main Breccia discovery. The
Company’s near -term objective is to continue with expansion drilling of the Main Breccia discovery
while increasing confidence in the highest -grade portions of the system.
Management, insiders and close family and friends own nearly 35% of the outstanding s hares 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”.