Collective Mining’s Expansion Drilling Cuts 451.40 Metres at 2.67 g/t Gold Equivalent and 593.65 Metres at 1.69 g/t Gold Equivalent from Surface at the Guayabales Project’s Apollo System
Collective Mining’s Expansion Drilling Cuts 451.40 Metres at 2.67 g/t
Gold Equivalent and 593.65 Metres at 1.69 g/t Gold Equivalent from Surface
at the Guayabales Project’s Apollo System
• APC-64 intersected 451.40 metres grading 2.67 g/t gold equivalent from near surface,
including 98.50 metres @ 3.36 g/t gold equivalent in the sheeted CBM vein zone located
above and contiguous to the Apollo porphyry system . On a gram x metre basis, APC-64
returned 1,206 g/t gold equivalent , which represents the second largest grade accumulation
drilled to date at Apollo . The hole bottomed in mineralization with the final 10 metres
grading 0.76 g/t AuEq.
• APC-63 intersected 593.65 metres grading 1.69 g/t gold equivalent including 353.10 metres
@ 1.39 g/t gold equivalent from surface in the same sheeted CBM vein zone before
transitioning into the brecciated porphyry system. The hole bottomed in mineralization with
the final 11.85 metres grading 0.75 g/t AuEq.
• As a result of hole APC -63 and APC -64, the overall maximum known area of outcropping
mineralization (combined brecciated porphyry and sheeted CBM vein zones ) has expanded
to 320 metres by 220 metres (previously 260 metres by 220 metres) and remains open for
expansion to the north. New drill pads are nearing completion and are designed to test for
extensions to the shallow mineralization , with drilling set to commence before the end of
September 2023.
• Drill hole APC-67 was designed to test Target 2 to the northeast of the Apollo system and
cut significant shallow mineralization grading 53.55 metres @ 1.31 g/t gold equivalent from
109.25 metres down hole. Based on new modelling, the Company believes that this
intercept i s an extension to the Apollo system and as a result the maximum known strike
length of the system has been increased by 65 metres and now measures 520 metres in
strike (previously 455 metres) by 395 metres width by 915 metres vertical . Apollo remains
open for further expansion in various directions.
• Eleven new holes have been completed in the Apollo system with assays pending including
APC-65 and APC-72, which cut long mineralized and continuous zones of the sheeted CBM
vein system and the brecciated porphyry.
Ari Sussman, Executive Chairman commente d: “ The Apollo system continues to shine with the
system continuing to expand. Our corporate strategy for the Guayabales project for the balance of
2023 and into 2024 is to focus on growth through the drill bit by looking to grow the sheeted vein
and brecciated porphyry systems at Apollo and testing the six targets which surround it. In fact, we
have already discovered new mineralization through reconnaissance drilling at Targets 1 and 2
with assay results outstanding for hole APC -68, which tested Target 3. Over the next few days, we
will begin testing Target 6 for the first time and are excited about its potential given we have
sampled oxidized mineralized sheeted CBM veins within a brecciated porphyry body at surface.
Lastly, we have completed the initial two holes at the Plutus system ’s northern corridor with a third
hole about to s tart. It is a busy and exciting time for the Company with five drill rigs now operating
at site. ”
Toronto, Ontario, September 7, 2023 - Collective Mining Ltd. (TSX: CNL, OTCQX:
CNLMF) (“Collective” or the “Company”) is pleased to announce a ssay results for four holes
drilled at the Apollo area, which is part of the Guayabales project located in Caldas, Colombia.
Apollo already hosts an outcropping high-grade, bulk tonnage copper-silver-gold porphyry system
and six newly generated targets surrounding it. The porphyry system at Apollo owes its excellent
metal endowment to an older copper -silver and gold porphyry system being overprint ed by
younger precious metal rich, carbonate base metal vein s (intermediate sulphidation porphyry
veins) within a magmatic, hydrothermal inter-mineral breccia and diorite porphyry bodies currently
measuring 520 metres x 395 metres x 915 metres and open for expansion .
Details (See Table 1 and Figures 1-4)
This press release outlines results from four holes testing the Apollo system. Step out holes APC-63
and APC-64 were drilled northeastwards to test an upper zone of sheeted CBM veining and continued,
directly below, within depth extensions to the main brecciated porphyry body. Exploratory holes APC-
66 and APC-67 were drilled to test potential extensions to the Apollo system in previously undrilled
areas in the northwest and at exploration Target 2 in the northeast.
APC-63 was drilled northeastwards from Pad 10 to a maximum downhole depth of 593.65 metres (557
metres vertical due to topography). The hole commenced in grade within oxides from surface and was
drilled in continuous mineralization to the end of the hole . The first 353.10 metres downhole cut the
recently discovered outcropping sheeted CBM vein zone located above the main brecciated porphyry
body. The sheeted CBM vein zone hosts chalcopyrite, sphalerite, and galena up to 0.8% while the
brecciated porphyry zone below consisted of sulphides filling the cement matrix hosting 0.2%
chalcopyrite, 1.2% pyrite, 0.5% sphalerite, 0.3% galena and pyrrhotite (up to 0.7%). The hole bottomed
in mineralization with the final 11.85 metres averaging 0.75 g/t gold equivalent with assay results as
follows:
• 593.65 metres @ 1.69 g/t gold equivalent from surface (consisting of 1.46 g/t gold, 15 g/t
silver and 0.03% copper) including:
o 353.10 metres @ 1.39 g/t gold equivalent from surface in the outcropping zone
of sheeted CBM vein mineralization.
o 240.55 metres @ 2.12 g/t gold equivalent from 353.10 metres downhole in the
brecciated porphyry zone.
APC-64 was drilled to the east-northeast from Pad 9 to a maximum downhole depth of 484.8 metres
(435 metres vertical due to topography) and was designed to test the shallow , high grade, sheeted
CBM zone and the main brecciated porphyry zone contiguous and below it. The drill hole intercepted
451.40 metres of continuous mineralization beginning at 33.40 metres downhole within the upper
sheeted CBM vein zone for 98.50 metres with mineralization associated to sphalerite (up to 5%),
galena (up to 3%), pyr ite and chalcopyrite (up to 1%). Below this sheeted CBM zone, the hole
transitioned into the brecciated porphyry zone until the end of the hole at 4 84.80 metres. At 309.40
metres downhole, a high-grade 70.95 metres long zone of brecciated porphyry with a strong CBM vein
sulphide overprint was intercepted containing a sulphide cement matrix of chalcopyrite (0.5% to 1.5%),
pyrite (up to 2%), pyrrhotite (up to 0.6%) and sphalerite and galena (up to 1%). The hole bottomed in
mineralization with the final ten metres yielding 0.76 g/t gold equivalent. The following assay results
are highlighted:
• 451.40 metres @ 2.67 g/t gold equivalent from 33.40 metres downhole (consisting of
1.48 g/t gold, 57 g/t silver and 0.26% copper) including:
o 98.50 metres @ 3.36 g/t gold equivalent from 34.65 metres downhole in the upper
sheeted CBM zone.
o 70.95 metres @ 4.10 g/t gold equivalent from 309.40 metres downhole in
brecciated porphyry mineralization with a strong CBM vein overprint.
As a result of holes APC-63 and APC-64, the zone of outcropping mineralization (combined brecciated
porphyry and sheeted CBM vein zones), has expanded to 320 metres by 220 metres (previously
260 metres by 220 metres) and remains open for expansion to the north. New drill pads are
nearing completion with drilling designed to test for further expansions to the shallow
mineralization and scheduled to commence before the end of September 2023.
APC-66 was drilled steeply to the southwest from Pad 1 to a final downhole depth of 514.05 metres
(503 metres vertical due to topography) and intercepted a much shallower projection to the brecciated
porphyry zone in this area compared to what the model previously predicted. An upper zone at 245.20
metres downhole consists of 22.25 metres of CBM vein mineralization overprint ing quartz diorite
porphyry rock. A 101.05 metres zone of brecciated porphyry, commencing at 292.50 metres downhole,
contains a sulphide cement matrix of chalcopyrite (0.1% to 0.2%), pyrite (up to 1.5%), pyrrhotite (up
to 1.0%) and sphalerite (up to 0.3%). The following assay results are highlighted:
• 22.25 metres @ 0.51 g/t gold equivalent from 245.15 metres downhole (consisting of
0.28 g/t gold, 12 g/t silver and 0.04% copper), and
• 101.05 metres @ 0.87 g/t gold equivalent from 292.50 metres downhole (consisting of
0.62 g/t gold, 14 g/t silver and 0.04% copper) including:
o 14.15 metres @ 1.21 g/t gold equivalent from 348.10 metres downhole in
brecciated porphyry mineralization.
o 9.55 metres @ 2.96 g/t gold equivalent from 384.00 metres downhole in
brecciated porphyry mineralization.
APC-67 was drilled to the east from Pad 5 to test Target 2, located to the northeast of Apollo and
which is one of the six recently generated new targets within the Apollo area. The hole was drilled to
a downhole depth of 225.65 metres (149 metres vertical due to topography) and encountered 53.55
metres of mineralization from 109.25 metres downhole related to brecciated porphyry with its cement
matrix consisting of chalcopyrite traces, pyrite (1.2%), sphalerite (1.0%) and galena (0.5%). Based on
new interpretation by the Company, this intercept confirms an extension of the Apollo porphyry system
to the northeast with maximum known dimensions now measuring 520 metres x 395 metres x 915
metres (previously 455 metres x 395 metres x 915 metres). The system remains open for expansion
in the north, southeast and at depth with assay results as follows:
• 53.55 metres @ 1.31 g/t gold equivalent from 109.25 metres downhole (consisting of
1.13 g/t gold, 11 g/t silver and 0.02% copper) including:
o 24.65 metres @ 2.47 g/t gold equivalent from 112.20 metres downhole in
brecciated porphyry mineralization.
Apollo Drill Program and Assay Update
The 2023 Phase II drilling program is advancing on schedule with assay results reported for 36 holes
and an additional eleven holes awaiting assay results from the lab. Since the announcement of the
discovery hole at Apollo in June 2022, a total of 67 drill holes (approximately 29,109 metres) have
been completed and assayed.
With five diamond drill rigs now operating at site, the Company is focused on:
1. Expanding the Apollo porphyry system including depth extensions and high-grade sub-zones.
2. Further drill testing to expand the newly discovered, east -west trending, shallow and
outcropping, sheeted CBM vein zone.
3. Testing the remaining three of six newly generated targets surrounding the Apollo porphyry
system. Three targets have been drill tested to date with new mineralization being discovered
at Targets 1 and 2 with assay results pending for a hole which tested Target 3.
4. Testing Plutus, a new large-scale porphyry target located up to 1.5 kilometres east of Apollo.
5. Generating new exploration targets for future drilling.
The Apollo 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 and represents a large and unusually
high-grade copper -silver-gold porphyry system. Mineralization s tyles include early -stage porphyry
veins, inter -mineral brecciated porphyry mineralization and multiple zones of late stage, sheeted,
carbonate-base metal veins with high gold and silver grades. The Apollo area is still expanding as the
Company’s geologists have found multiple additional ou tcrop areas with porphyry veining, breccia,
and late stage, sheeted, carbonate base metal veins. (See press release dated April 18, 2023)
Results for holes outlined in this press release are summarized below:
Table 1: Assay Results for APC-63, APC-64, APC-66 and APC-67
Hole # From
(m) To (m) Length
(m) Au g/t Ag g/t Cu % Mo % AuEq g/t*
APC-63** - 593.65 593.65 1.46 15 0.03 0.001 1.69
Incl - 353.10 353.10 1.16 15 0.02 0.002 1.39
and incl 353.10 593.65 240.55 1.90 15 0.03 0.001 2.12
APC-64** 33.40 484.80 451.40 1.48 57 0.26 0.001 2.67
Incl 34.65 133.15 98.50 3.13 16 0.05 0.001 3.36
and incl 309.40 380.35 70.95 2.05 104 0.38 0.001 4.10
APC-66 245.15 267.40 22.25 0.28 12 0.04 - 0.51
And 292.50 393.55 101.05 0.62 14 0.04 0.001 0.87
Incl 348.10 362.25 14.15 0.89 19 0.04 0.001 1.21
and incl 384.00 393.55 9.55 2.27 39 0.10 0.005 2.96
APC-67 109.25 162.80 53.55 1.13 11 0.02 0.002 1.31
Incl 112.20 136.85 24.65 2.21 19 0.03 0.002 2.47
*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 dat e.
True widths are unknown, and grades are uncut.
** Hole bottomed in strong mineralization
Figure 1: Plan View of Drill Holes Announced in this Release Highlighting the New Extensions
of the Outcropping Zone of Sheeted CBM Vein Mineralization
Figure 2: Cross Section Highlighting Hole APC-63 and the Sheeted CBM Vein Zone Above
and Peripheral to the High-Grade Brecciated Porphyry
Figure 3: Core Photo Highlights of APC-63