Collective Mining’s Induced Polarization Survey at San Antonio Project is Advancing on Schedule
Collective Mining’s Induced Polarization Survey at San Antonio Project is Advancing on
Schedule
Toronto, Ontario, February 23, 2 022 – Collective Mining Ltd. (T SXV: CNL) (“Collective” or the
“Company”) is pleased to announce that the high resolution and deep penetrating Induced Polarization
(“IP”) survey over the previously announced (October 27, 2021, press release) grassroot discovery at
the Pound target (“Pound”) within its San Antonio project, Colombia is advancing on schedule and is
expected to be completed in March 2022.
Highlights (Figures 1 and 2)
The primary objective of the su rvey is to define the size and shape of the pyrite bearing,
mineralised breccia body at Pound. The target has been mapped over a strike length of 1.3
kilometres and is open in all directions.
Previous reconnaissance drilling fr om two holes returned broad intercepts as follows:
o 710 metres at 0.53 g/t gold equivalent from surface including 133 metres at 0.92
g/t gold equivalent from 470 metre depth (SAC-8); and
o 750 metres at 0.41 g/t gold equivalent from surface including 187 metres at 0.59
g/t gold equivalent from 60 metre depth (SAC-6).
(Please refer to the press release dated October 27, 2021 for further details including how the
AuEq calculation was estimated).
The IP survey will cover two blocks totalling an area of 2.4 km2 and will also include the COP
and Dollar targets. Previous drilling at Dollar returned an int ercept 74 metres at 0.62 g/t gold
equivalent from 547 metre downhole within a porphyry hosting a stockwork of quartz-magnetite
veins which can be drill tested starting at elevations of 600 m etres below the previous hole
from a valley floor at the base of a mountain slope.
The COP target has not yet been drilled and is defined by high ly anomalous molybdenum (8
ppm to 108 ppm) and gold (up to 2.74 g/t) in soils in associati on with altered diorite porphyry
and quartz veinlets.
The deep penetrating IP survey will generate 3D chargeability and resistivity data for minimum
vertical depths of 800 metres and has been designed to search f or disseminated sulphide,
porphyry and breccia systems. This IP system has previously bee n successful in delineating
large, mineralized porphyry al teration systems and high-grade v eins at the Olympus target
within the Guayabales project wher e three diamond drill rigs ar e currently operating with first
assay results anticipated in March 2022.
“Our San Antonio project has the potential to yield multiple mineralized porphyry and breccia systems.
Following on from the exciting grassroots discovery at Pound, w e are focused on defining the
morphology of this sulphide rich b reccia body and other potenti al porphyry systems. Once the IP
results have been interpreted and incorporated with all newly g enerated data, the Company will
provide details on t he next phase of drilling for the project i n 2022,” commented Ari Sussman,
Executive Chairman.
Reconnaissance Drilling at the Box Target, Guayabales Project
The Company recently completed a small reconnaissance drilling program (three holes totaling 1,011
metres) at the Box target, which is located on the western portion of the Guayabales project. The Box
target is hosted within multiple porphyritic diorites which intrude into carbonaceous schist and siltstone
country rocks. Surface mapping, rock and soil sampling had outl ined soil anomalies associated with
polymetallic carbonate base-metal v eins (“CBM”) in diorite porp hyries and at the contact with schist
country rocks. Field work was f ollowed up with a hi-resolution and deep penetrating IP survey which
outlined three shallow chargeabilit y anomalies referred to as c entral, west and east. Drilling tested
each anomaly with a reconnaissance hole with results as follows:
BOC001 was drilled northwards int o the central chargeability anomaly and intersected a broad
sericite-pyrite zone with occasi onal CBM veins in hydrothermal breccia and diorite porphyry
returning an intercept of 93 metres grading 0.3 g/t gold, 4 g/t silver and 20 ppm of molybdenum
from 127 metres downhole. Further downhole, a CBM vein was inte rsected at 307 metres
depth with a 1.2 metre intersection length yielding 8.7 g/t gol d, 47 g/t silver, 7.1% zinc and
5.7% lead.
BOC002 was drilled to test the western chargeability anomaly a nd intersected relatively
unaltered porphyritic diorite wi th disseminated sulphides and o ne quartz-carbonate vein
returning 3.1 g/t gold over 70 cm from a downhole depth of 99 metres.
BOC003 drill tested the easter n chargeability anomaly associat ed with a northerly trending
fault zone and intersected diorite porphyry in faulted contact with schist country rock.
The area North of BOC001 demonstrat es the best potential for follow up exploration. BOC001
is interpreted to represent the peripheral, phyllic alteration zone (pyrite-sericite-quartz) to a
gold bearing (grades of 0.5 to 2 g/t gold), fine grained, porphyry diorite located approximately
200 metres north of the hole intercept. This porphyry body is c oincident with a hi magnetic
anomaly and requires a follow up IP survey and drill testing.
European Investor Relations Consultant
The Company has retained Westlake Capital ("Westlake"), a sole proprietorship of Roland Eschle, to
provide investor relations servi ces. Westlake, based in Zurich, Switzerland, will provide investor
relations and business development services to increase the Com pany's profile within the European
investment community. In consideration for providing these services, Westlake is entitled to a monthly
fee of GBP 4,000 and 30,000 stock options (the "Options"). Westlake has been engaged for an initial
term of six months, which may be extended by mutual agreement, subject to earlier termination by
either party on 30 days’ written notice. Other than the options, Westlake does not hold any securities
of, or have any other interest in the Company, or currently has any right or intent to acquire such an
interest. The Options will be granted in accordance with the Co mpany’s stock option plan and the
policies of the TSX Venture Exchange and have an exercise price equal to tomorrow’s closing price,
be exercisable for a period of two years, and vest 25% each quarter over the initial 12-month period.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Q ualified Person for this new s 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 Fello w of the Institute of Materia ls, Minerals and Mining and of the
Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS la boratory 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 futu re assay verification. No capp ing has been applied to sample
composites. The Company utilizes a rigorous, industry-standard QA/QC program.
About Collective Mining Ltd.
Collective Mining is an explorat ion and development company foc used on identifying and exploring
prospective mineral projects in South America. Founded by the t eam that developed and sold
Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the
Company is to repeat its past success in Colombia by making a significant new mineral discovery and
advancing the projection to pro duction. Management, insiders an d close family and friends own
approximately 40% of the outstandi ng shares of the Company and as a result are fully aligned with
shareholders. Collective currently holds an option to earn up to a 100% interest in two projects located
in Colombia. As a result of an aggressive exploration program o n both the Guayabales and San
Antonio projects a total of eight major targets have been defin ed. The Company is fortuitous to have
made significant grass root discoveries on both projects with discovery holes of 104 metres @ 1.3 g/t
AuEq and 710 metres @ 0.53 AuEq at the Guayabales and San Anton io projects, respectively. ( See
press releases dated October 18th and 27th for AuEq calculation.)
Contact Information
Collective Mining Ltd.
Steve Gold, Vice President, Corporate Development and Investor Relations
Tel. (416) 648-4065
To schedule a one-on-one meeting with management please use the following link:
https://calendly.com/collectivemining/30min?month=2021-11
FORWARD-LOOKING STATEMENTS
This news release contains certa in 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”, “coul d”, “expect”, “plan”, “intend”,
“anticipate”, “believe”, “estimate”, “predict” or “potential” o r the negative or other variations of these
words, or similar words or phr ases, have been used to identify these forward-looking statements.
These statements reflect managemen t’s current beliefs and are b ased on information currently
available to management as at the date hereof.
Forward-looking statements involv e significant risk, uncertaint ies, and assumptions. Many factors
could cause actual r esults, performance, or achievements to dif fer materially from the results
discussed or implied in the forward-looking statements. These f actors should be
considered carefully, and readers should not place undue reliance on the forward-looking statements.
Although the forward-looking st atements contained in this news release are based upon what
management believes to be reasonable assumptions, Collective ca nnot 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.
Neither the TSXV nor its Regulati on Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Figure 1: Plan View of the Area Being Covered by IP at the San Antonio Project
Figure 2: Plan View of the Pound Target - 1.3 km of Strike and Open