Discovered Apollo Target
Collective Mining Drills 207.15 Metres @ 2.68 AuEq at its Newly
Discovered Apollo Target
• APC-2 intersected a broad zone of high-grade breccia mineralization with overprinting
carbonate base metal veins beginning at 100 metres below surface returning:
o 207.15 metres @ 2.68 g/t gold equivalent
• APC-1W also intersected the main breccia structure with overprinting veining but was
stopped short of the final target depth in a post mineral dyke due to rig capacity limits
yet still yielded:
o 89.40 metres @ 2.46 g/t gold equivalent
• Drilled dimensions of the Apollo target now measure 300 metres along strike by up to
100 metres across by 400 metres vertical and remains open in all directions
• Assay results for drill holes APC-3 and APC-5 are expected in the near term. Both
holes cut more than 200 metres of continuous mineralization in the main breccia body
Toronto, Ontario, August 10, 2022 – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF)
(“Collective” or the “Company”) is pleased to announce assay results from two additional holes
completed at the Apollo target (“Apollo”) at the Company’s Guayabales project located in Cal das,
Colombia. Apollo is a newly discovered high-grade copper-gold-silver porphyry-related breccia and is
one of eight porphyry-related targets situated within a three-by-four-kilometre cluster area generated
by the Company through grassroots exploration at the project. As part of its fully funded 20,000+
metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target
with an additional rig being mobilized to site to begin the Phase II program at the Olympus targe t in
August 2022.
“With assay results in hand for three drill holes and visual observations from additional holes either
recently completed or underway, it is becoming abundantly clear that we are dealing with a large
mineralized system. Importantly, Apollo appears to be blessed with multiple pulses of fluids depositing
metal into the system resulting in high-grade bulk drilling intervals. Our reconnaissance work in and
around Apollo suggests we may only be on the tip of the iceberg in terms of understanding this system
as our technical team believes that the main breccia discovery at Apollo may be the first in a series of
porphyry and breccia discoveries in this area,” commented Ari Sussman, Executive Chairman.
A short video presented by Richard Tosdal and David Reading discussing the assay results and
related drill core can be seen by clicking here.
Details (See Table 1 and Figures 1 – 4)
Three diamond drill holes with accompanying assay results confirm that the Apollo target has the
potential to evolve into a significant high-grade, bulk tonnage mineralized system. New assay results
for holes APC-2 and APC-1W are reported herein as follows:
• APC-2:
207.15 metres @ 2.68 g/t AuEq from 154.5 metres down hole (100m vertical) including
17.40 metres @ 7.33 g/t AuEq from 192.5 metres down hole and
20.95 metres @ 5.21 g/t AuEq from 270.6 metres down hole.
APC-2 is the first hole drilled from a newly constructed pad located approximately 200 metres to the
southeast of the initial pad from which drill holes APC-1 and APC-1W were drilled. APC-2 was drilled
orthogonal to APC-1 and APC-1W and intersected bulk mineralization hosted within porphyry related
breccia with overprinting carbonate base metal veins (“CBM”).
• APC-1W:
89.40 metres @ 2.46 g/t AuEq from 293 metres down hole (175m vertical) including
19.35 metres @ 3.87 g/t AuEq from 93.8 metres down hole and
15.30 metres @ 2.31 g/t AuEq from 164.36 metres down hole.
APC-1W was drilled as a wedge hole from discovery hole APC -1 to the east and at a steeper
inclination. The hole was stopped short of the target depth in a post-mineral dyke due to rig capacity
issues. The hole was expected to re-enter the main mineralized breccia after clearing the dyke and
extend the zone further to the south. Future drilling will test the area south of APC-1W to determine if
mineralization extends beyond the post-mineral dyke in this location.
• Mineralization is remarkably continuous along the axis of both intercepts and is hosted within
an angular breccia with a sulphide matrix consisting of chalcopyrite (Cu), pyrite and pyrrhotite.
Additionally, overprinting carbonate base metal porphyry veins flood the breccia matrix in various
locations along the mineralized interval yielding the higher-grade intercepts in both holes. The breccia
clasts are all quartz diorite and diorite in composition and this hydrothermal system is clearly linked to
a porphyry system.
• APC-2 was drilled perpendicular to APC-1W and has extended the minerali zed breccia at least 200
metres to the northeast and 100 metres to the southwest. Two further holes, APC-3 and APC-5 have
been completed with more than 200 metres of favorable mineralization intersected in both
holes. Assay results for APC-3 and APC-5 are anticipated the near term.
• Assay results and visual observation from all holes completed to date confirm that the main
mineralized breccia has a minimum strike length of 300 metres in a northeast-southwest
direction, is up to 100 metres thick and extends to at least 400 metres vertically below surface.
The target remains open in all directions for expansion.
• The Apollo target area, as defined to date by surface mapping, rock sampling and copper and
molybdenum soil geochemistry, covers an 800 metre X 700 metre area. The Apollo target area hosts
the Company’s new grassroots main breccia discovery plus additional yet untested breccia,
porphyry and vein targets. The Apollo target area also remains open for further expansion.
Table 1: Assays Results
HoleI D From
(m)
To
(m)
Intercept
(m)**
Au
(g/t)
Ag
(g/t)
Cu
%
Zn
%
Pb
%
Mo
%
AuEq
(g/t)*
APC1-W 293 382.4 89.40 0.89 58 0.39 0.07 0.06 0.001 2.46
Incl 296.6 315.9 19.35 1.04 128 0.53 0.13 0.12 0.001 3.87
367.1 382.4 15.30 1.90 16 0.14 0.01 0.00 0.001 2.31
APC-2 154.7 361.9 207.15 1.46 45 0.31 0.075 0.05 0.002 2.68
Incl 192.5 209.9 17.40 6.57 44 0.08 0.285 0.23 0.003 7.33
270.6 291.6 20.95 3.67 68 0.41 0.034 0.03 0.002 5.21
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) + (Cu (%) x 1.96 x 0.95) + (Mo (%) x 7.35
x 0.95)+(Zn(%)x 0.86 x 0.95)+ (Pb(%)x 0.44 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Mo – US$15.00/lb, Zn –
US$1.75/lb, Pb – US$0.9/lb, Ag – $20/oz and Au – US$1,400/oz and recovery rates of 95% for Au, Ag, Cu, Mo, Zn and
Mo. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** A 0.4 g/t AuEq cut-off grade was employed with no more than 10% internal dilution. True widths are unknown, and
grades are uncut.
Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target
Figure 2: Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets,
their Related Soil Anomalies and Drill Holes Completed or Currently Underway
Figure 3: Plan View With Drill Hole Traces of the Main Breccia Discovery Made at Apollo
Figure 4: Apollo Target Cross Section N-S with Core Photo Highlights for APC-2
About Collective Mining Ltd.
To see our latest corporate presentation, please visit www.collectivemining.com
Collective Mining is an exploration and development company focused on identifying and exploring
prospective mineral projects in South America. Founded by the team 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 significant new mineral discoveries and
advance the projects to production. 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 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 on both the Guayabales and San Antonio
projects, a total of eight major targets have been defined. The Company has made significant
grassroot discoveries at both projects with near-surface discovery holes at the Guayabales project
yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut
target and recently, at the Apollo target, 207.15 metres at 2.68 g/t AuEq, 89.4 metres at 2.46 g/t AuEg
and 87.8 metres at 2.49 g/t AuEg. At the San Antonio project, the Company intersected, from surface,
710 metres at 0.53 AuEq. (See related press releases on our website for AuEq calculations)
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 Fel low of the Institute of Materials, Minerals and Mining and of the
Society of Economic Geology (SEG).
Technical Information
Rock 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.
Contact Information
Collective Mining Ltd.
Steven Gold, Vice President, Corporate Development and Investor Relations
Tel. (416) 648-4065
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